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Last Updated: Feb 13, 2017 - 1:45:37 AM |
 Freeport, Bahamas - Currently there is misinformation and misrepresentation in reference to GBPCs rate application that is presently before the Regulator. GBPC wishes to set the record straight in regard to the details of our application. We do not want the public to be misinformed by individuals that are communicating information that is not complete or is taken out of context to portray an inaccurate story. GBPC has committed to being open and transparent throughout this process as we strive to provide quality service to our customers at the lowest possible cost.
Since 2011, we have worked hard to reduce our operating costs and expenses including improvements with internal operational efficiencies, reliability and implementation of a fuel hedging program that, combined with the lower price of oil, has led to a decrease in the fuel charge by 25% compared to 2014. We expect to maintain this level of stability in our fuel charge for the next 3 years, making the cost of energy predictable for our customers.
The proposed rate structure for 2016-2018 does not propose an increase to the total cost of energy for eighty-five percent (85%) of our customers. Eighty-five percent (85%) of Residential customers will pay the same or less than they currently pay for energy, with 60% of our residential customers actual seeing a decrease of 4.5% in their monthly bills.
The overall price of electricity that customers pay is returning almost to 2008 levels; thereby, delivering significant, long-term price stability for our customers despite inflationary pressure.
GBPC has been focused on stabilizing rates for customers, improving the reliability of our service, and lessening our dependence on fossil fuels. Our rate filing outlines a number of initiatives that introduce renewables to our energy mix; one of which allows for the use solar PV by customers. Customers throughout Grand Bahama will have the opportunity to sell surplus energy back to the grid, with the development of GBPCs new Renewable Energy Rider. This rate makes provision for customers to own alternative energy sources, such as Solar PV, to generate energy for their consumption and sell any remaining energy back to GBPC.
Our long term goals are to meet the energy needs of our customers by deferring future oil based generation investment by introducing renewable energy, bio-fuel and storage technology. Together these help us to avoid future price increases and to become less dependent on fossil fuel. We plan to work with our customers by sharing ways to become more energy efficient and reduce their overall energy consumption. We understand that customers count on us for energy to power every moment of every day and we are committed to doing this with renewables being an integral part of our energy mix.
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