New BPL Board Announced

NASSAU, BAHAMAS – Bahamas Power and Light now has a new board in place with businessman and Exuma Chamber of Commerce President Pedro Rolle taking the helm.

During a press conference today works Minister Alfred Sears said they hope to achieve the goal of 30 percent renewable energy by 2030.

The goal of having 30 percent of power generation comprising of renewable energy is a top priority, according to Sears as he announced the new Board of Directors for Bahamas Power and Light (BPL).

Another goal is, BPL’s fuel hedge strategy, which is set to expire shortly.

According to Sears, professional services firm Deloitte will begin a rapid assessment of BPL’s rate reduction bond and hedge strategy this week to determine the way forward.

The company’s legacy debt of nearly $300 million remains a major concern.

As for negotiations with Shell North America, which have been ongoing for years now, Sears says the foreign company recently met with the Prime Minister.

BPL’s new chairman says while there are a number of issues to be dealt with in a timely manner, he’s up to the challenge.