Bermuda's light and power company, Bermuda Electric Light Company Limited, has announced a significant increase in the rate of electricity.
The move took effect yesterday.
Opposition leader Jarion Richardson has described the increase as a punch to the gut, citing that the average resident is already struggling to cover basic necessities.
Belco President Wayne Caines said the cost of fuel is determined by the market, and the fuel adjustment rate is largely driven by the cost of the fuel used to generate electricity.
He maintains that the company is making no extra earnings from the increase.
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