STATEMENT: The Ministry of Energy and Transport has written to the Utilities Regulation and Competition Authority (URCA) expressing its unequivocal objection to the recent action taken by the Grand Bahama Port Authority (GBPA), which claimed sole regulatory authority over electricity tariffs following the sale of the Grand Bahama Power Company (GBPC) to a private entity.
The letter, issued by Hon. JoBeth Coleby Davis, Minister Energy and Transport to Mr. Randol Dorsette, URCA Chairman, and Mr. J. Carlton Smith, Chief Executive Officer,
details the significant regulatory irregularity the GBPA’s actions have introduced.
The GBPA’s stance is in direct contravention of the Electricity Acts of 2015 and 2024, which clearly designate URCA as the regulatory body responsible for overseeing the energy sector throughout The Bahamas.
This unilateral decision by the GBPA to approve a rate increase application from GBPC, without the oversight or consent of URCA, is particularly troubling. It not only breaches our established legal framework, but also threatens the Government’s ongoing efforts to reduce energy costs for all Bahamians.
The Ministry has called on URCA to enforce stringent compliance with the Electricity Act and to halt any rate increases that have not undergone proper regulatory review.
The Government of The Bahamas is committed to ensuring that our energy sector remains affordable, reliable, and resilient and will not tolerate any actions that compromise these objectives or the legal governance of our energy infrastructure.
As we continue to work towards reducing the cost of energy and improving its reliability across The Bahamas, it is imperative that all stakeholders adhere to the laws that have been set to safeguard the interests of the Bahamian people.
We trust that URCA will take swift and decisive action to address this issue and uphold the rule of law within our energy sector.
7th August 2024
Ministry of Energy and Transport
Commonwealth of The Bahamas
