T&TEC
projects $121m loss
By Roxanne Stapleton
Trinidad Express
Port
Spain
Petroleumworldtt.com
01 21 07
THE TRINIDAD and Tobago Electricity Commission's
deficit for 2007 is projected at $121 million.
This
is in spite of recent electricity rate hikes for
commercial and industrial customers.
Explaining
the massive shortfall yesterday, T&TEC's general
manager, Indarjit Singh, said: "I mentioned
that the RIC (Regulated Industries Commission) awarded
a rate increase for all classes of customers, but
the Government looked at it and instructed us to
apply it only to commercial and industrial customers.
"The
residential customers are still at the old rates
and that is where we have a shortfall in revenue
and that will account for close to $150 million
a year."
He
said it is T&TEC's hope that Government will
make up for the shortfall but added that in "fairness
to the Government, we have been funded in the past".
Speaking
of the shortfall in power generation capacity back
in December, Singh said T&TEC had identified
very early the need for additional capacity.
"Steps
were taken by the commission to secure new capacity.
The position now is in a month's time, we expect
the first of two new 104 mega watts simple cycle
gas turbine units to be commissioned by PowerGen
at its Pt Lisas power station and the second unit
will be commissioned four weeks later," Singh
said.
T&TEC,
he noted, is close to awarding contracts for five
high voltage transmission lines and four large switching
stations, as they extend the high voltage grid east
to Wallerfield and south to La Brea at an estimated
cost of $300 million.
Tenders
are being assessed for the advanced metering infrastructure
system, which, when commissioned, will allow for
remote meter reading and the flagging of meter tampering.
On
the sale of Mirant's stake in PowerGen, Singh admitted
he was aware that "some companies are doing
due diligence towards that exercise".
Trinidad
Express
Wednesday,
January 10th 2007
Copyright
©2006 Trinidad Express. All Rights Reserved.
