Minister of Finance and Treasury Harry Kuma this morning delivered the 2021 National Budget announcing a 22% reduction in electricity tariff for domestic customers effective by 1st May 2021.
Kuma said the government has completed an independent review of the electricity tariff and based on that all tariffs of SIEA will be reduced and effective as 1st of May.
Kuma said domestic or household customers are likely to see a reduction in 22%, commercial customers 27% reduction whilst industrial customers are going to see a fall in 5%.
He said the government expects an average overall reduction of 18% in tariffs.
Kuma said SIEA would provide the details of the reduced rates in the coming weeks before it comes into force.
The reduction comes as a good news to SIEA customers who are currently paying for one of the highest tariffs for electricity in the world.
The announcement also comes only weeks after a new CEO Donald Kiriau has taken the position. In congratulating Kiriau many had called on him to look at reducing the tariffs as one of his priorities.