Proposed Fuel Clause Relief to be Reviewed

Management of GEBE has received the proposal from its Supervisory Board of Directors for an increase in the fuel clause relief from the current 4.5 cents to 16.5 cents per kWh for the last three months of 2008.

GEBE Managing Director, William Brooks, was not in attendance in the Board Meeting on Sunday when this proposal was discussed. The managing director was off island attending a European Union conference in Brussels on securing European funds for sustainable energy for small island states.

Due to the absence of the managing director, management will review the proposal of the Supervisory Board of Directors to determine what the financial impact would be on the company.

Management of GEBE continues to look for a structural solution to the electricity rates in the form of a new tariff structure. GEBE has contracted KEMA, an internationally renowned engineering consultancy firm, to advise on the new structure. The study was commissioned in July 2008 and is expected to be completed by the end of October 2008.

Management is expected to take a final decision on the proposed fuel clause relief increase within the next few days. 

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