In a decisive move to address the increasing needs of our rapidly growing islands, the Minister for Public Safety and Utilities has directed the Energy and Utilities Commissioner to initiate the consultation period for the Multisector Public Utility Regulatory Reform Policy. This announcement comes at a critical juncture, underscored by the recent application from FortisTCI for a 6 percent rate increase and the pressing water shortage issues announced by the Provo Water Company.
The Turks and Caicos Islands have witnessed unprecedented growth, bringing to the fore the urgent need for regulatory reform in our utility sector. The current challenges, including requests for rate increases and water shortages, underscore the limitations of our existing regulatory framework to effectively manage and mitigate such issues. As such, I have asked the Energy and Utilities Commissioner to begin a consultation period, signaling our commitment to overhaul the regulatory system that governs our essential services.
Starting from the 25th of March 2024 and concluding on the 24th of May 2024, this consultation period marks a pivotal step towards establishing a regulatory framework that is both inclusive and attuned to the diverse needs of our community. We invite service providers, consumer groups, industry experts, and the wider community to participate actively in shaping a regulatory environment that ensures affordability, reliability, competitiveness, innovation, and environmental sustainability.
The envisaged regulatory reforms will not only address the concerns highlighted by the applications from FortisTCI and the operational challenges faced by Provo Water Company but also lay the groundwork for a sustainable utility infrastructure that can accommodate the future growth of our islands. A unified Regulatory Commission, as proposed, will serve as the cornerstone of this new framework, offering comprehensive oversight and ensuring that utility services are aligned with the nation’s development goals and the well-being of our community.
We encourage all stakeholders to engage with this process by attending the scheduled sessions, providing feedback, and submitting comments on the draft policy. This collaborative approach is essential to crafting a regulatory framework that reflects the collective vision and priorities of the Turks and Caicos Islands.
For more information on the consultation process and to access the draft policy, please click here. You can send your comments/feedback to