OUR to audit JPS
The Office of Utilities Regulation (OUR) is to carry out a management and operational audit of the Jamaica Public Service Company (JPS).
The OUR had signalled in its 2013 annual rate adjustment decision that it was contemplating the audit.
It says the decision comes against the background of continued complaints of high electricity bills by consumers and claims by the JPS of persistent financial under-performance.
The utilities regulator says it’s expected that the audit will provide a comprehensive view of JPS’ operation as well as specific insights into the strengths and weaknesses of its policies and practices ahead of the scheduled 2014 rate review.
JPS’ current five-year tariff price cap comes to an end in June.
The OUR says the audit will examine practices and processes in areas such as corporate governance, operations management and financial management.
It is also proposed to evaluate the extent to which the acquisition, management, deployment and financing of resources are done efficiently.
The OUR kick-started the process this week with advertisements inviting expressions of interest for a qualified, experienced and competent Auditor to undertake the audit.
Bidding for the Consulting Services will be conducted through an international competitive bidding process and is opened to all qualified bidders.
The JPS is the sole distributor of electricity in Jamaica.
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