In accordance with section 35 of the Electricity Act 2016 (“EA”), the Regulatory Authority of Bermuda (the “Authority”) shall determine the retail tariff in accordance with the methodology set by general determination and in accordance with the principles set out in this section.
The tariff shall seek to enable the TD&R Licensee to generate a total revenue that recovers reasonable costs of service incurred in achieving the service standards and, in particular, the reasonable costs in respect of the following expenses efficiently incurred—
a) operating expenses;
b) fuel procured for generation;
c) generation procured;
d) other expenses including—
– the Government authorisation fees and the Regulatory Authority fee; and
– other statutory fees.
The Authority is currently consulting on the methodology and will update this section of the website once the Authority issues a general determination setting the methodology.