National

PM Says He Saw No Hedging Recommendations

NASSAU, BAHAMAS – Back and forth over BPL’s hedging program continues as the PM maintains he had no knowledge of the proposal request.

Published

1 year ago

November 21, 2022

Berthony McDermott

NASSAU, BAHAMAS – The back and forth over the BPL Hedging Program continues as the prime minister maintains he had no knowledge of the proposal request, a clear contradiction from what the works minister told Parliament last week.

Days after Works Minister Alfred Sears admitted the finance minister, who happens to also be the prime minister, rejected recommendations to continue trades for BPL’s fuel hedging program, Prime Minister Philip Davis is saying something different.

Today, Davis maintains that prior to that weekend, he had no knowledge of this.

While he did say the Ministry of Finance had knowledge of the proposal, the works minister told parliamentarians something different.

The admission by Sears was a clear contradiction of what both he and the prime minister sought to deny for some time now.

However, the prime minister doubled down, making it clear he didn’t see the request.

Sears’ comments in parliament were after Opposition Leader Michael Pintard said the recent increase in power bills was due to the government’s to execute the trade.

The execution of trades would’ve made way for BPL to secure extra fuel volumes at below-market prices. This would’ve allowed BPL to keep its fuel charge in a relatively low range.

Pintard has slammed the government for its failure to execute the trades which he says would’ve saved Bahamians from an increase in power bills.

Davis says the views that were adopted were those of the financial secretary.