Grenada Electricity Services Ltd (Grenlec) is advising customers that rising global fuel prices are expected to further increase electricity costs in the coming months. Photo: Internet Source

Recent volatility in world energy markets, driven by ongoing global conflicts and supply disruptions, has pushed fuel prices even higher worldwide. These increases affect many small-island utilities that rely on imported fuel to generate electricity.

Chief Executive Officer Leroy A E Abraham said small-island utilities are particularly sensitive to fluctuations in global energy markets. “Like many countries across the Caribbean, we are not immune to global fluctuations in fuel prices and rely on imported fuel to generate a significant portion of the electricity used by homes and businesses. Conflicts in the world drive the price of goods and services up worldwide, including prices at the gas pump, world fuel prices and the cost of generating electricity,” he said.

He noted that the company recognises the impact that higher electricity costs can have on customers. “We understand and are sensitive to the fact that any increase in electricity costs places additional pressure on families and businesses. We do not take that impact on our customers lightly. Our focus remains on managing our operations as efficiently as possible while continuing to expand renewable energy and other initiatives that will help reduce our dependence on imported fuel over time.”

Grenlec will continue to provide information to help educate customers to better understand how global fuel prices influence electricity costs.

The company is encouraging customers to adopt simple energy-saving and conservation habits that can help them conserve electricity and reduce bills.