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GOV’T SUBSIDISES $1M MONTHLY TO SHIELD CUSTOMERS FROM RISING FUEL COSTS
Tortola, British Virgin Islands, April 16, 2026 — The BVI Electricity Corporation (BVIEC) welcomes the decisive action taken by the Government of the Virgin Islands to subsidise electricity costs for customers across the Territory, as part of ongoing collaborative efforts to cushion residents and businesses from the impact of rising global fuel prices.
Premier of the Virgin Islands, Honourable Dr. Natalio Wheatley, announced that the Government will be subsidising Virgin Islands electricity customers by one million dollars per month for a three-month period, effective immediately. The Premier noted that without government intervention, customers could have seen significant increases in their electricity bills on average.
The subsidy is designed to lower electricity costs for both households and businesses right away, helping families manage expenses and reducing operational costs for businesses during a period of heightened global fuel price volatility.
“The General Manager informed me that without government intervention, customers would see increases on their electricity bills as high as fifty percent on average. In addition to this subsidy, we encourage households to conserve energy as much as possible and to sign up for the STEP programme, which will greatly reduce electricity bills through accessing solar energy and feeding into our national electricity grid,” Premier Wheatley stated.
This announcement follows recent geopolitical tensions in the Middle East, which have introduced volatility into international oil markets due to the region’s strategic role in global oil production and shipping routes such as the Strait of Hormuz.
General Manager of BVIEC, Dr. Neil Smith, welcomed the Government’s intervention and reaffirmed the Corporation’s commitment to working closely with its partners to protect customers from global fuel price volatility.
“Energy markets can react quickly to geopolitical developments, particularly when tensions arise in regions that play such a critical role in global oil supply,” Dr. Smith explained. “The Government’s subsidy provides meaningful and immediate relief for our customers. BVIEC remains actively engaged with our stakeholders to identify further responsible measures that help protect customers from the full exposure of these increases wherever possible.”
Dr. Smith also reminded customers that in addition to the Government’s subsidy, BVIEC continues to absorb a portion of fuel costs each month through the Corporation’s fuel subsidy.
“The Corporation continues to absorb significant fuel costs on behalf of customers through the fuel subsidy, which, together with the Government’s intervention, will help significantly reduce the level of impact that global fuel price movements would otherwise have on electricity bills.”
In addition to the subsidy, the Premier encouraged households to conserve energy as much as possible and to take advantage of the Solar Technology Energy Programme (S.T.E.P.), which provides an opportunity for customers to greatly reduce their electricity bills by accessing solar energy and feeding into the national electricity grid.
Through the S.T.E.P. programme, customers can install solar energy systems with financing support that allows the cost to be repaid gradually through electricity bills, making renewable energy more accessible.
“Renewable energy remains the most reliable way to navigate the volatility of global fuel markets,” Dr. Smith added. “The S.T.E.P. programme provides an opportunity for customers to transition toward solar energy while creating long-term savings and reducing their exposure to fluctuating fuel prices.”
Customers interested in learning more about the programme can visit: https://bvielectricity.com/step/
BVIEC will continue to monitor global developments closely and keep the public informed through its Fuel Data transparency initiative, which provides regular insight into the cost of fuel used to generate electricity and the factors influencing electricity generation in the Territory.
About BVIEC
The BVI Electricity Corporation (BVIEC) is committed to providing reliable, affordable, and sustainable electricity services to the people of the Virgin Islands. Through innovative projects such as the Solar Technology Energy Programme (S.T.E.P.), BVIEC is driving the Territory’s transition toward renewable energy.
