(1) An annual tariff review shall be carried out annually by a service licensee within a triennial period between the ninth and the eleventh month in each 12 month period following the date of commencement of the service licence of that service licensee.
(2) In carrying out the annual tariff review the service licensee shall ensure that the value of the tariff is maintained in real terms, regardless of the evolution of the service licensee's own costs and using an index stipulated in the service licence.
(3) The service licensee shall submit to the Commission the new tariffs if any which it requires to be applied in accordance with the tariff scheme together with supporting information for approval and publication in accordance with subsection (4).
(4) The Commission—
(a) may amend the new tariffs required by the service licensee and submitted to it pursuant to subsection (3), if it considers that an error has been made in calculating the new tariffs; or
(b) shall, if it accepts the tariffs submitted to it pursuant to subsection (3), publish the new tariffs, the corresponding indices and the effective date in two newspapers in general and weekly circulation in Saint Lucia at least one month prior to the effective date.
(Amended by Act 13 of 2008)