Fuel adjustment rates

The Energy Commission currently receives a monthly filing from the Bermuda Electric Light Company (BELCO) for the fuel adjustment rate. One of the duties of the Energy Commission is to approve or disallow a filing from a specified business for variations to the price or charge for electrical power submitted.

The fuel adjustment rate (cents per kilowatt hour) is calculated using the cost of fuel (which excludes a base cost of $30.00 per barrel of fuel) and projected usage. 

The cost of fuel is made up of the actual cost of the fuel purchased on the international oil markets, plus transportation costs, as well as a static Government of Bermuda Customs duty of $31.79 per barrel.

As the actual cost of fuel changes on the market, the fuel adjustment rate also changes. Market fuel prices can change due to demand as well as the impact of political, economic and other factors.

The Energy Commission assesses BELCO’s monthly FAR filing and then publishes its conclusion in a decision letter.

Fuel adjustment filings and decisions

2016 fuel adjustment rates

January Filing / Decision - $0.10

February Filing / Decision - $0.10

March Filing  / Decision  - $0.0975

April  Filing / Decision  - $0.09

May Filing  / Decision - $0.0765

June Filing / Decision - $0.0765

July Filing / BELCO-July-2016-Letter.pdf - $0.0905

August FilingDecision - $0.0875

September Filing / Decision - $0.1050

October Filing /  Decision - $0.1020

2015 fuel adjustment rates

January Filing / Decision - $0.12

February Filing / Decision - 0.12

March Filing / Decision- $0.125

April Filing / Decision - $0.125

May Filing / Decision - $0.115

June Filing / Decision - $0.115

July Filing / Decision - $0.13

August Filing / Decision - $0.13

September Filing / Decision - $0.13

October Filing / Decision - $0.125

November Filing / Decision - $0.12

December Filing / Decision- $0.1125

For filings, decisions and rates for 2011 to 2014 email;  energy@gov.bm  

Base rate filing

The Bermuda Electric Light Company Limited (BELCO) are also obliged under law to submit a base rate filing with the Energy Commission for any change to its rates for electricity service it provides.

A base rate filing consists of a proposal to vary the base rate which is the kilowatt hour (kWh) cost, and the tier-structured facilities charge to better reflect the actual cost of service in any given year.

Base rate filings and decisions