The Virgin Islands Water and Power Authority (WAPA) announces a rate decrease for the first six months of 2015. The new rate will be 39.19 cents per kilowatt hour, down from the current rate of 48.6 cents per kilowatt hour. The lower charge is due, in part, to WAPA’s ongoing propane conversion project, which will begin utilizing the more affordable fuel in the first quarter of 2015, as well as the reduction worldwide in fuel oil prices.
Since signing the initial contract in July 2013, WAPA and its partner and supplier for the project, Vitol, have implemented an aggressive schedule to deliver the benefits of the fuel switch to the Territory and its residents as swiftly as possible. WAPA plans to use propane as its primary fuel source by the Spring of 2015, which will mean a 20% decrease in greenhouse gas emissions and a 30% reduction in the cost of fuel. These fuel cost savings will directly lead to significantly lower power bills for WAPA customers, as we are already seeing with today’s announcement.
“We are pleased to pass along these initial cost savings to our customers and look forward to further rate decreases as our propane conversion project becomes fully implemented,” said WAPA Exec. Director Hugo V. Hodge Jr. “Delivering affordable and reliable power to our customers throughout the Territory remains our top priority and this rate reduction exemplifies why WAPA has spearheaded the fuel switch project.”