2024 CARILEC Survey ranks Belize’s electricity rates as one of the lowest in the Caribbean

On Wednesday, July 24th, the Caribbean Association of Electric Utilities (CARILEC) released the results of its 2024 study on the rates charged by electric utilities in the Caribbean. The study showed that out of 22 regional utilities, Belize Electricity Limited (BEL) ranked fourth for the lowest charge rate compared to other regional utilities. Currently, only three regional utilities have lower prices than BEL and receive subsidies from their respective governments. 18 of the 22 utilities have higher monthly bills compared to BEL customers. Belize is proud that BEL continues offering beneficial rates for industrial and residential customers, ensuring more affordable options for consumers than other Caribbean providers.
When comparing BEL to other utilities, BEL stands out in several positive ways, especially with its total monthly bill and average unit price for residential customers using 100 kWh per month. BEL’s average unit price is impressively low at US$0.178 per kWh, which sets it apart from other regional utilities. For example, Antigua Public Utilities Authority’s (APUA) average unit price is US$0.3312, Aqualectra NV’s is US$0.3552, Bermuda Electric Light Company’s (BELCO) is US$0.5473, BVI EC’s is US$0.4400, and Caribbean Utilities Company’s (CUC) is US$0.4357.
According to the report, at a rate of US$0.178 per kilowatt-hour (kWh), BEL offers competitive electricity rates, making it a cost-effective choice for consumers compared to other providers with higher rates. “One of the key advantages of using BEL is the absence of hidden charges, which simplifies the billing process and provides greater transparency. In contrast, other utility providers often have multiple additional charges, making the billing structure more complicated and increasing the overall cost for consumers,” stated the report.
Additionally, BEL does not include a fuel surcharge, highlighting its cost-effectiveness. In conclusion, BEL emerges as a competitive and consumer-friendly utility provider, offering one of the lowest monthly bills and average unit prices, with no hidden charges or fuel surcharges.
BEL also stands out for its overall affordability, as its total average monthly household bill of US$89.72 is one of the lowest in the data. Despite having a higher base rate than some utilities, BEL balances this with moderate levies and the absence of additional charges, which helps keep the overall costs lower. “In summary, BEL is performing competitively by keeping the total monthly bill and average unit price relatively low despite its higher base rate. These findings and conclusions also apply to commercial and industrial customers using 5,000 kWh of energy per month.”
BEL offers a competitive monthly cost for industrial customers at US$2,391.01, making it one of the region’s most cost-effective options among utilities. BEL’s average unit price of US$0.239 per kWh is remarkably competitive, and the company also imposes minimal levies and taxes, further enhancing its cost-effectiveness. Additionally, BEL’s fixed charges of US$75.00 are significantly lower than those of many other utilities, and it does not apply a fuel surcharge, making it attractive to industrial customers due to the absence of extra costs that can inflate the overall expense. This analysis and conclusion hold for commercial and industrial customers consuming 100,000 kWh of energy per month.
“BEL emerges as a highly competitive and consumer-friendly utility provider with one of the lowest total monthly bills and average unit prices, free from additional hidden charges and fuel surcharges. This positions BEL favorably against its counterparts, providing substantial economic benefits to its customers,” the report stated.
While BEL plans to continue offering the lowest rates in the Caribbean, this competitive positioning is a testament to its ongoing effort to provide reliable and affordable energy to customers while maintaining high operational standards. “This analysis will help stakeholders to put BEL’s electricity rates into perspective within the region. As you’ll see from the data, BEL continues to offer some of the lowest average electricity rates in the Caribbean. This competitive positioning is a testament to our ongoing efforts to provide reliable and affordable energy to our customers while maintaining high operational standards,” said BEL in a press statement.
To learn more about BEL and the services they offer, visit https://bel.com.bz/.
The article’s information was derived from the Summary and Comparative Analysis between BEL and various electric utilities that are part of the Caribbean Electric Utility Services Corporation (CARILEC). CARILEC produces comprehensive reports that offer valuable insights into the financial, technical, and operational aspects of BEL and other regional counterparts. These insights are compiled through CARILEC’s benchmark platform.