In 2016, the Jamaica Public Service Company Ltd (JPS) served the highest net demand since 2009, the company indicates. Demand was 155GWh or five per cent higher than predicted.JPS notes in its annual report that the increased demand was the result of a cheaper product in 2016 (US$0.18) versus 2015 (US$0.38). The peak amount for 2016 was 656.8MW which was achieved in September with daily loads that were higher than normal for the entire year, fuelled by a slight temperature increase over the period and small customer growth, with some commercial customers returning to the grid.

Despite the spike in demand, revenues for JPS in 2016 were fairly flat.

JPS ended 2016 with a net profit of US$24.1 million due primarily to a decrease in fuel as compared to the US$26.5 million earned in 2015.

“It should be noted that on average, fuel prices in 2016 were below the average prices in 2015. Even though prices began to rise in the latter half of 2016, the overall average was still below 2015,” the company stated in its annual report.

The company earned operating revenues of US$712.5 million for the year, which represents a decline of US$47.3 million or six per cent relative to 2015, due primarily to the 17 per cent decrease in fuel costs recovered from customers – offset by a four per cent increase in energy sales (3,179 GWh in 2016 as opposed to 3,071 GWh in 2015).

It was noted that the removal of the Bogue Plant Reconfiguration Fund (BPRF) ($12.5 million – approved by the OUR for collection over a 12-month period, to facilitate the conversion of the Bogue 120 MW Power Plant to use natural gas) ended in January 2016,.

http://www.jamaicaobserver.com/business-observer/jamaicans-are-using-more-energy-8212-jps_97654