STELCO introduces equal payment plan

STELCO introduces Equal Payment Plan on February 16, 2021.

State Electric Company (STELCO) has introduced a new plan which will allow customers pay a fixed amount for electricity each month.

The Equal Payment Plan is available for general household customers, allowing them to pay a fixed amount for electricity each month – an average amount calculated based on their monthly electricity consumption history.

Speaking during the ceremony held to introduce the new plan on Tuesday morning, STELCO’s Managing Director Hassan Mughnee said the company introduced the plan after identifying the demand for such a plan based on two years of customer feedback.

Mughnee said that while such plans are available to customers in other countries, it marks the first time for a utility company to introduce such a plan in Maldives.

STELCO's Managing Director Hassan Mughnee at the ceremony to introduce Equal Payment Plan on February 16, 2021.

Enrollment in the Equal Payment Plan is open for home owners as well as tenants – as long as they have the consent of their landlords.

Once customers submit their applications to enroll in the plan, STELCO will sign an agreement with the customers for the provision of the service.

Only customers with no outstanding payments are eligible for the plan.

The monthly payment under the plan will be calculated based on two methods. If the electricity is already in use – the payment will be the average of the monthly payments for the last 12 months, and if the electricity is new – the payment will be calculated as an average based on the size of the unit, the load of the electric items, and consumption.

STELCO states that in light of the changes to electricity consumption due to the lockdown and changes to processing bills in light of COVID-19 subsidies in 2020, the average will be calculated based on consumption in 2019.

STELCO said they will monitor the electricity consumption of customers enrolled in the plan each month, and review the plan every six months.

A review can also be requested by customers themselves.

Customers enrolled in the plan need to give a 30-day notice if they wish to terminate the agreement.