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Last Updated: Jun 17, 2017 - 1:07:49 AM |
Freeport, Bahamas - (Statement) The Economy of Grand Bahama continues to struggle and has been in crisis for some time. This crisis has become more evident in the aftermath of Hurricane Matthew. Since that time the job market has further retracted and unemployment has increased on the Island. There is a need for immediate action to revitalize and transform the Grand Bahama economy. The Coalition of Concerned Citizens (CCC) believes that one of the primary factors needed to revolutionize this economy and the energy sector is to lower the cost of electricity.
In 2015 the Grand Bahama Power Company submitted a rate application to the Regulatory Committee of the Grand Bahama Port Authority. The application requested an increase in the base rate of electricity at a time when the price of oil was plundering in global markets. Our Coalition mounted an aggressive opposition to stop the further injustice of higher electricity rates placed upon the people and businesses of Grand Bahama. We were able to get hundreds of citizens to write letters and emails to the Regulatory Committee of the Grand Bahama Port Authority opposing the suggested rate increase. Also, joining in opposition to any proposed increase in the electricity base rate was the Grand Bahama Chamber of Commerce, hotels, and businesses. Despite all our efforts and the overwhelming voices from the private and business sector opposing any rate increase, the Regulatory Committee approved the increase in the base rate of electricity.
Before the rate application approval, our research of electricity rates throughout the nation showed that Grand Bahama is paying the highest electricity base rates in the Bahamas. The negative fallout from high electricity rates is evident with hundreds of people living without power, businesses losing profits, business closures and a major impediment to potential investors.
Further, the Coalition’s team of leaders had three (3) meetings with the Regulatory Committee. Included on our team was a consultant who is an engineer and an expert in power generation and transmission & distribution. Again, despite our best efforts, the rate application was approved.
The Coalition is calling on the Government to intervene in the energy sector of Grand Bahama by doing the following:
1) Establishing an Independent Regulatory Committee under the oversight of The Utilities Regulation and Competition Authority (URCA). The present regulatory regime is not protecting the customers of the Power Company.
2) Do not renew the East End Agreement and West End Agreement between The Grand Bahama Power Company and The Government of the Bahamas. These agreements are due to expire in 2018. We believe that this represents a critical point to introduce new and additional energy companies to stimulate competition and more efficiency for consumers on Grand Bahama Island.
3) End the monopoly of the Grand Bahama Power Company and allow another Power Company to provide electricity in Freeport including West and East Grand Bahama; or find a buyer for the existing Power Company who will partner with the government to provide lower affordable electricity rates.
We firmly believe that the government acting decisively to reduce the cost of electricity will help to stimulate and transform the economy of Grand Bahama.
© Copyright 2017 by thebahamasweekly.com
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