KINGSTON, Jamaica — The Office of Utilities Regulation (OUR) says it is reviewing the submission by the Jamaica Public Service (JPS) for the energy company’s annual tariff adjustment for 2016.

The request for tariff review was made on May 4 and the OUR, in a release Thursday afternoon, said that it is expected to complete its review and issue its determination by July 3.

JPS’ submission asks that its annual revenue target be increased to J$45.07 billion up from a base year target of J$40.6 billion, an increase of 9.53 per cent. This increase includes fluctuations in the value of the Jamaican dollar against the United States dollar and the inflation in the cost of providing electricity products and services.

The adjustment will be the first under the provisions of the new Electricity Licence, 2016, the OUR said.

On January 27, 2016 the Government of Jamaica issued a modified licence to JPS.

The provisions of the new licence fundamentally change the regulatory framework and the methodology for the calculation of the tariff, the OUR added.