PM Davis: Finally…a new era for energy in The Bahamas. Less expensive, more reliable energy is going to be a game-changer for our economy.
High electricity prices and unreliable power have burdened Bahamian families and businesses for too long, undermining our progress and prosperity.
We met in place a BPL with $500 million in debt, and an additional $100 million in unfunded pension liabilities. Then there was the state of our grid, key elements of which (transformers, substations, and generation engines) urgently needed replacement. An expensive, inefficient, and unreliable grid, incapable of generating or transmitting clean energy—in a country with growing energy demands. Then add the complexities of delivering energy solutions across an archipelago, where each Family Island has its own unique needs and challenges. All of this, amidst the fiscal crisis we inherited.
We decided to go big and take it all on. We got to work, researched technology developments, collaborated with experts, designed plans for each Family Island’s specific needs, and passed new legislation to support change and reform. The result is our country’s first nationwide, comprehensive energy reforms.
High electricity bills have acted as an obstacle to growth, development, and diversification – with high operating costs impacting investment decisions and the capacity of local businesses to expand and create new jobs.
When we decided to take on the whole sector – to leave behind the short-term fixes, to replace stopgap and band-aid solutions with innovative and comprehensive solutions – we did so because of our unshakeable belief that the Bahamian economy can be so much more – more competitive, more successful, more dynamic, and above all, more inclusive – with more paths to security and prosperity for more Bahamians.
