The St. Vincent Electricity Services (VINLEC) has announced that it will be cushioning the cost of the increased fuel surcharge which resulted from the reduction in its capacity to generate Hydro Electricity
The announcement is was made by Chief Executive Officer at VINLEC Thornley Myers, during a News Conference yesterday.
Mr. Myers explained that the Company’s Hydro Electricity Plants were severely damaged during the passing of the trough system on Christmas Eve.
He said the disaster resulted in the loss of Hydro power, but the company was able last Friday to restore operations at one of the five hydro plants.
Mr. Myers said because of the reduced capacity in relation to hydro power, VINLEC now has to use more fuel to generate electricity, and this is likely to result in an increase in the fuel surcharge.
He said VINLEC’s Board of Directors met yesterday and it was agreed that the company will absorb the cost of the increase in the fuel surcharge, to soften the impact on consumers.
Mr. Myers said VINLEC sustained some 14-million dollars in damage to facilities and equipment, during the Christmas Eve natural disaster.
He however made it clear that VINLEC cannot and will not use money collected from the fuel surcharge to repair its damaged facilities.
