LUMA Energy Requests Increase in Energy Bill to Puerto Rico Energy Bureau
LUMA Energy, the energy company in Puerto Rico, has presented its quarterly adjustments report to the Puerto Rico Energy Bureau (NEPR), requesting an increase of four cents per kilowatt hour in the energy bill. If approved, the increase will go into effect in October. Juan Saca, president of LUMA Energy, cited the global fuel price increase as the reason for the request.
During the past two months, the international price of oil has risen by over 28%, reaching $90 per barrel compared to $70 per barrel on July 1. Taking this into consideration, LUMA Energy estimates that the purchase of energy and fuel will result in an increase of approximately four cents per kilowatt hour. However, Saca emphasized that the decision to make adjustments to customer rates, as well as the extent of the change, is determined by the negotiated party and not LUMA.
LUMA Energy explained that the cost of fuel used by generation facilities in July and August was 20% higher than expected due to the global increase in fuel prices and higher energy demand during this quarter. Saca stated that these fuel prices are a global problem that affects utility customers not only in Puerto Rico but also in the United States. LUMA has no control over these fuel prices as they are established worldwide. While the company is not responsible for the increase in generation fuel costs, they remain committed to assisting their customers.
Saca further highlighted the continuous problem of rising fuel costs globally, referring to an 11% increase in gasoline prices in Puerto Rico over the last three months. The ultimate impact of the fuel cost adjustment on customer rates or bills will be determined by NEPR and not LUMA. To support customers who may be impacted by the increase, LUMA Energy will provide financial assistance programs.
LUMA Energy is collaborating with the government and the generation sector in Puerto Rico to develop energy solutions that reduce reliance on expensive fossil fuels in the future. The company remains dedicated to finding sustainable alternatives to ensure affordable energy for Puerto Rico residents.
As the NEPR reviews LUMA Energy’s request for an increase in the energy bill, the decision will have a significant impact on consumers in Puerto Rico.