Several business chambers have expressed their discontent with the Regulated Industries Commission's (RIC) plan for higher electricity costs.
Tobago Business Chamber chairman, attorney Martin George, expressed his chamber's dissatisfaction with the rate hike, describing the increase as "palpable absurdity and patent stupidity" and a "slap in the face to the average Trinbagonian."
George said, "T&TEC is a proliferate waster of money. T&TEC has a history of wasting billions of dollars and yet still, you are going to impose a 15-64 per cent increase on domestic consumers."
He called on the government to intervene and prevent the RIC from implementing the increases.
On a similar note,president of the Couva Point Lisas Chamber Mukesh Ramsingh expressed concern about the rate hike's potential to drive up inflation. He warned it could result in a domino effect, affecting the cost of living and potentially causing some businesses to shut down.
He said, "The excuse of providing better service is not one we believe is taking place. Right now, the service they provide is excellent, it's a great service (at the old cost)."
Rajiv Diptee, president of the Supermarket Association, stressed that the electricity rate hike would affect the entire supply chain, from manufacturers to retailers and even distribution. He said this increase would force suppliers to reassess their operational costs, potentially leading to changes in pricing.
"Several distributors have cold-chain management, warehousing and storage, as well as fleet cold-chain transport. What will have to happen now is that each supplier will have to assess their cost of operation to see where increases can be absorbed."
President of the Greater San Fernando Chamber Kiran Singh said the rate hike would hit micro-entrepreneurs and small businesses the hardest. He urged the government to allow consumers some time before implementing the increases, especially considering the upcoming busy shopping seasons, including Divali, Christmas and Carnival. He called it "inflationary pressure."
The Trinidad and Tobago Chamber of Industry and Commerce also issued a statement, urging the government and state entities to carefully evaluate the impact of the recommendations. It called for a balanced approach that does not result in unnecessary hardships, particularly for lower-income sectors, or cause unnecessary economic constraints that could negatively affect local investment opportunities and the nation's economic stability.
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