National

Government Tables Bill To “Save” BPL Amidst Privatization Speculation

NASSAU, BAHAMAS – Prime Minister Philip Davis hinting at a potential shake-up at BPL that could split the company into three distinct entities.

Published

2 years ago

April 27, 2024

Joshua Williams

NASSAU, BAHAMAS – Prime Minister Philip Davis hinting at a potential shake-up at BPL that could split the company into three distinct entities.

The news comes after Energy Minister Jobeth Coleby-Davis tabled a new energy bill in the House of Assembly this week, as government seeks to pull BPL out of a 1 billion dollar hole.

For decades, BPL has struggled to manage and maintain its assets. The Davis administration says it hopes the legislation will put the power provider on a path to efficiency and profitability.

The new bill also seeks to repeal and replace the existing Electricity Act 2015, modernizing and consolidating the law for electrical supply through different means.

This adjustment also expected to give the Utilities Regulation and Competition Authority regulatory oversight of the renewable energy industry.

Back in March, Davis admitting BPL is “in dire straits”.

This coupled with pressure from consumers and the Bahamas Electrical Workers Union over the power company’s future, pushing government to act. But, concerns over its privatization remain.

Another possibility causing concern for consumers on Grand Bahama is s regulatory oversight currently held by Grand Bahama Port Authority being reassigned to URCA through the new legislation.

The opposition has not been quiet on government’s handling of BPL operations, offering solutions it believes can help remedy the problems. Opposition Leader Michael Pintard says the position has not changed.