JPS to respond to OUR's $973-million refund directive Friday
The Jamaica Public Service Company Limited (JPS) says it will on Friday respond to the latest directive by the Office of Utilities Regulations (OUR) for it to refund more than $973-million to customers.
According to the OUR, the almost $1 billion was unilaterally imposed as foreign exchange adjustments on fuel supplied by Petrojam Limited from March to December 2013.
However, the JPS says it appears, once again, that it and the OUR have a fundamental difference on what prudently incurred costs include.
President and CEO of the JPS, Kelly Tomblin says Legitimate Cost Recovery is one of the regulatory principles on which the JPS is asking an independent tribunal to arbitrate in its Appeal of the recent OUR Rate Determination.
She says the JPS believes it should be allowed to recover the actual cost of doing business.
JPS says it experienced an under-recovery of its fuel cost amounting to US$42 million in 2013 and $18 million in 2014.
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