COMMONWEALTH Utilities Corporation Executive Director Kevin Watson said Friday that the newly approved Fuel Adjustment Charge — increasing from 24.5¢ to 44.489¢ per kWh — will “slow the bleeding” but will not resolve the utility’s financial crisis.
The Commonwealth Public Utilities Commission approved the increase to reflect April’s global diesel prices, which doubled from March levels.
Watson said CUC still faces a calculated May FAC of 60.481¢ per kWh, although the utility has not yet filed a petition for that rate.
“This is just a band-aid,” he said. “We all will feel the impact.”
More details to follow.
