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Local customers can expect to see a nearly 11% reduction in what they pay for electricity this month.
The announcement which was made by LUCELEC today also informs that the fuel surcharge applied to bills being distributed in November will result in a reduction of 13.7 cents per unit.  This reflects the lower average price the company paid for fuel in October as a result of lower fuel price hedges that the Company has in place for the last quarter of the year.
LUCELEC’s Managing Director Trevor Louisy says that the Company had indicated earlier this year in discussions with various stakeholder groups that these reductions could be expected in the latter part of this year.
Mr. Louisy notes that the fuel surcharge is calculated on a monthly basis and that the price of fuel is a pass through cost to customers, and the company makes no profit on fuel.  He says LUCELEC has been engaged in a fuel price hedging programme since 2009 to minimise large fluctuations in the fuel surcharge.
Meanwhile Lucelec’s Corporate Communications Manager is seeking to clear the air on a particular impression created regarding its pricing and hedging scheme on electricity.

A call was made by the leader of the political opposition for a review of the pricing scheme in light of falling fuel prices in the international and local markets.
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