Record-Breaking Growth: Electricity Sales Soar by 9.5% in 2023; Highest in Two Decades
Spark of Success: Connecting Homes, Powering Industries
In 2023, electricity sales grew by 9.5%, reaching 659.3 GWh, up from 601.8 GWh in the preceding year, marking this as the highest annual growth rate recorded in two decades. The upsurge was driven by escalated demand within both the commercial and residential customer segments. Commercial demand was propelled by a flourishing tourism sector and an uptick in general business activity while, residential demand soared as BEL connected just over 1,800 new homes to the grid. Increased demand for residential power was also due to unprecedented heatwaves that led to 2023 being recognized as the hottest year on record globally. The 9.9% increase in revenues in 2023, compared to the prior year, corresponds directly with increased energy sales, as tariffs have remained fixed since 2021.
