The Office of Utilities Regulation (OUR) has rejected an application by the Jamaica Public Service Company (JPS) for a rate increase.
The OUR has instead taken a decision to reduce electricity rates by an average of 2%.
JPS says it received official word from the OUR yesterday after months of deliberating on the application to increase the non-fuel rates payable by customers.
JPS CEO Kelly Tomblin says while the company is relieved that a decision has been made, it is disappointed with the decision taken by the OUR.
According to Tomblin the increase would have allowed the JPS to improve service delivery to customers.
Tomblin says it’s too early to say how the decision will impact the company’s operations.
Meanwhile, JPS customers are likely to continue benefiting lower energy bills owing to the downward trend in oil prices on the world market.