PRESS STATEMENT: SEPTEMBER CREDIT TO HELP OFFSET HIGHER AUGUST ELECTRICITY BILLS

Tortola, British Virgin Islands, August 21, 2026 — The BVI Electricity Corporation (BVIEC) wishes to advise customers that electricity bills received in August are significantly higher than usual, and to confirm that a credit will be applied to customers’ September bills to help ease the financial impact.

The higher August bills reflect electricity consumed during July 2026, when BVIEC experienced the highest fuel cost in its recorded history.

During July, continued disruption to global fuel markets and shipping through the Strait of Hormuz, linked to the ongoing US-Iran conflict, contributed to a sharp increase in fuel prices. BVIEC’s fuel cost rose to $3.9609 per gallon, resulting in total fuel expenditure of approximately $6.07 million for the month.

Even after BVIEC absorbed over 1 million dollars in fuel costs on behalf of customers, the resulting net fuel surcharge reached $0.27606 per kWh, the highest recorded by the Corporation and above levels experienced during the 2022 global fuel crisis.

BVIEC wishes to make one point especially clear to customers:

The increase reflected on August bills is not connected to the recently approved targeted fuel subsidy adjustment for consumption above 1,500 kWh. The higher bills are the direct result of the exceptional increase in the cost of fuel purchased during July 2026.

BVIEC fully recognises what this means for customers. Higher electricity bills place added pressure on household budgets and increase operating costs for businesses across the Territory.

The July fuel spike also occurred after the conclusion of the Government of the Virgin Islands’ three-month emergency fuel subsidy programme in May 2026.

In response to this fuel price spike in July, BVIEC engaged the Government of the Virgin Islands on measures to provide relief. Following initial discussions, BVIEC is pleased to confirm that a credit will be applied to customers’ September electricity bills. The credit is intended to help offset the impact of the unusually high July fuel costs reflected in August bills.

Details on how the credit will be calculated and applied will be communicated to customers before September billing.

BVIEC thanks customers for their patience and understanding during this period of extraordinary global fuel volatility. The Corporation also acknowledges the Government’s swift response in working to provide additional assistance.

BVIEC remains committed to being transparent with customers about the cost of producing electricity and to applying all available fuel subsidy support in accordance with approved policy.