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News : Grand Bahama Last Updated: Feb 13, 2017 - 1:45:37 AM


GB Power creates 5 year rate stability for customers
By Grand Bahama Power Company (GBPC)
Dec 20, 2016 - 12:49:17 AM

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Freeport, Bahamas - Grand Bahama Power Company (GBPC) customers can expect to see stability in their electricity costs for the next five years.

On December 9, GBPC filed with its regulator, the Grand Bahama Port Authority (GBPA), to recover costs associated with the restoration following Hurricane Matthew. Our Hurricane Damage Assessment Summary outlined a five-year plan to recover storm restoration costs from customers while resulting in no increase in the total cost of electricity when compared to 2016 costs.

Under the plan - which was approved by the GBPA on December 14 - restoration costs will be offset by savings that will be mined from fuel costs and operating expenses. The recovery of restoration costs will be spread over five years, as established by the GBPA in our Regulatory Framework, and will result in no increase to the total cost of electricity that customers pay today.

At GBPC we are customers too, and we know that any increase in the total cost of electricity would be concerning for residents. We also appreciate the influence that rising electricity costs can have on an economy. Barring another natural disaster similar to Matthew, it is projected that the restoration cost - which will be included in the ‘Fuel/Other Costs’ portion of customers’ bills starting in January 2017 - will be fully recovered by January 2022.

“With prudent operating cost management and fuel purchasing, we are confident we can generate sufficient savings in our business to offset the storm restoration costs. As a result, the total cost customers pay for power for the next five years will remain consistent with what they paid in 2016. We believe this is welcome news to the business community, to potential investors in Grand Bahama, and to residents who may be struggling to recover from the devastation of Hurricane Matthew,” stated Archie Collins, GBPC’s President & CEO.

“We want our customers to know that we are taking concrete steps toward long term rate stability, while improving service and strengthening our grid,” said Tony Lopez, CFO. “Over the past five years, we have worked hard to reduce our cost structure through operational efficiencies, implementation of a fuel hedging program and effective workforce planning. These efforts support the long term rate stability commitment we are making today.”

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