Bridgetown.
The cost of electricity in Barbados could increase due to the rising cost of oil on the world market.
Managing Director of the Barbados Light and Power Holdings Peter Williams, made this disclosure today at the opening o f the Caribbean Electricity Services Corporation forum on regulation hosted by the Caribbean Development Bank.
Williams said that a rate hike will depend on the level increase in oil prices on the world market. He stressed that Barbados must move away from its dependence on oil and embrace renewable energy.
According to Williams,
while the use of renewable engery will not result in a reduction in the cost of electricity immediately prices would be more stable.
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