Lowest Surcharge Rate since May 2007

The Grand Bahama Power Company is pleased to announce that the fuel surcharge for January 2009 has dropped to 5.4 cents per kWh, the fourth consecutive monthly decline and has now reached its lowest rate since 5.9 cents per kWh in May 2007.

This is attributed to the dramatic drop in fuel oil prices in the worldwide market late last year. The current rate reflects prices of fuel purchased in November 2008.

This dramatic decline in the surcharge started right after the September peak of 24.5 cents per kWh noted Tony Lopez, Vice President of Finance, for Grand Bahamas Power Company. "This decline represents a 78% reduction from the September peak and also represents a savings of $114 for the average customer using 600kWh per month."

Despite this great news for consumers, the Grand Bahama Power Company encourages customers to continue to practice energy conservation given the uncertainty of future oil prices.