The Energy Market Authority (EMA) has revised the formula for setting the electricity tariff for households after consulting key stakeholders in the energy industry and members of the public. The revised formula will be used to set the electricity tariff from July 2009 onwards.
With the new approach, the electricity tariff for the third quarter of 2009 (July to September 2009) will be based on the average of fuel oil prices in the preceding three months1. Specifically, the fuel oil price data from April 2009 to the middle of June 2009 will be used to calculate the fuel component of the tariff for the third quarter of the year. SP Services will then seek EMA’s approval of the tariff before announcing it by the end of June 2009. [Read more…]