Costa Rica’s Public Services Regulatory Authority (ARESEP) on Monday proposed a decrease in monthly electricity rates ranging from 5.9-16.6 percent.
The request was filed after calculating the projected cost of electricity generation with fuel through the end of the year.
Every three months the agency sets rates using a calculation that takes into account the cost of purchasing oil for thermal plants, among other factors.
In the first few months of this year Costa Rica spent ₡62 billion ($125 million) on oil for thermal electricity generation. That figure nearly doubled ARESEP’s initial projections for that period, which were forecast at ₡36 billion ($71 million).
Now that Costa Rica’s rainy season has entered the most intense months (September-October), the agency believes less fuel will be needed for generating electricity.
ARESEP will receive public feedback on the proposal through Sept. 17. If approved, the new rates would apply on Oct. 1.
