The cost of electricity and natural gas will go up by 18.36%, the Public Utilities Regulatory Commission (PURC) has declared.
The Commission said the increase was to prevent power cuts that could affect people and businesses negatively. It explained that the review was to preserve the real value of the cost of providing utility services.
The Commission cited the fall of the Cedi against the US Dollar, high inflation, the mix of electricity generation sources, and the average cost of natural gas (WACOG) as the reasons for the increase.
It added that the Quarterly Tariff Review Mechanism was designed to monitor and adjust changes in key factors that determine natural gas and electricity tariffs.
“This review is essential to maintain the real value of the cost of supply of the utility services and to ensure that the utility companies do not under or over-recover costs,” part of the release said.
