Planning Minister Clarifies Business Electricity Surcharge Is Temporary, Not a Rate Increase
Minister of Planning, Economic Affairs and Development, Dr. Kennedy Swaratsingh, is clarifying that the additional charge on electricity for businesses announced in the 2025/2026 national budget is not an increase in rates but rather a temporary surcharge aimed at sustainability and fairness.
Speaking on TTT’s NOW Morning Show, the Minister said the surcharge applies to commercial and industrial users only, and forms part of the Government’s efforts to strengthen key institutions like the Trinidad and Tobago Electricity Commission and the BIR, while fostering greater investment confidence.
« It’s not a raise in the price, it’s a surcharge because the electricity rates are regulated by the Regulated Industry Commission. So it’s a surcharge on the gas. So it’s not an increase, it’s a surcharge. It’s a five cents per kilowatt on the gas. So it’s for commercial and industrial companies. »
Dr. Swaratsingh said the budget measures are designed to strengthen the country’s economic foundations and create a fairer system, where businesses also carry their share of responsibility. He said the focus remains on building institutional capacity and attracting investment through better management of State resources.
« We need to bring in foreign direct investment into the country. We are targeting upwards of $3 billion. And that’s why in the budget, the Minister of Finance would have talked about the ease of business, about fixing Customs, fixing BIR, fixing institutions, building capacity across the public service. We really have to create a better climate and a better environment for investment. We have to build capacity within BIR. We have to build capacity within the public sector. We have to fix our institutions to be able to tap adequately into those areas. »
