GEBE Reduces Fuel Clause by 28%

GEBE Managing Director ir. William Brooks announced that the fuel clause for the month of November will be reduced by a whopping 28% compared to October as the price of oil continues to decline. "Our clients feel the bite right away when the prices increase but also benefit instantly from price decrease as is evident this month".

The price of oil has continued a downward trend the past couple of months after reaching a peak of $147 in July 2008. The current price per barrel is hovering around $68. The price reduction has resulted in an average decrease of 31% over the last 3 months on electricity bills excluding the extra fuel clause relief provided by GEBE. When the latter is taken into account the total reduction jumps to 43% between September and November. It must be noted though that the price of crude oil is dropping faster than the price of heavy fuel oil which GEBE uses for the generation of electrcity. 

online casino

Although the prices are continuing to decrease, GEBE encourages its customers to conserve energy which not only saves money but also the environment. "We should not become complacent with the current decrease in oil prices, but continue to practice conservation to maximize the money you can save," GEBE Managing Director, ir. William Brooks, stated.

"There are a number of things you can do to save energy without affecting your lifestyle, such as switching off lights when you leave the room, using energy efficient appliances & lightbulbs and putting your airco on a timer or using a ceiling fan instead. We have published a electricity and water saving guide with even more tips to Save Some Green. The brochures are available at our main office on the Pond Fill or the Simpson Bay branch office," Brooks added.

GEBE will also continue to search for sustainable energy sources that will help to reduce the cost to the consumer and limit our dependence on oil.

The fuel clause is used by utility companies around the world to adjust electrcity rates with the constantly fluctuating prices of oil. The calculation of the GEBE fuel clause was stipulated by the Governor of the Netherlands Antilles in the electricity concession that was given in 1960 when the price ber barrel of oil was $2.61. The base rate of Naf 0.17 per kWh was established then and has remained unchanged for 48 years.

GEBE has commisioned a tariff study by KEMA with the aim of realigning the base rate and fuel clause, with the objective to arrive at a more balanced tariff structure.