Will Natural Gas Bring the Cost of Electricity Down?

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NASSAU, BAHAMAS – The Natural Gas Bill 2024 looks to create a framework where liquified natural gas activities are “performed in a safe, efficient, effective, economic and environmental manner.”

Energy and Transport Minister JoBeth Coleby-Davis says they hope that the use of LNG will bring down electricity costs.

The use of LNG would be a significant step toward reducing the country’s carbon footprint, as it produces 30% less carbon dioxide than oil.

The new bill allows for a company established in natural gas operations to gain an expedited license approval from the Utilities Regulation and Competition Authority, so long as that company has been operating such activities “in a jurisdiction outside of The Bahamas for at least five years.”

It’s not clear yet who the suppliers and operators would be, but once the bill is passed,  companies interested in operating would have to apply within 12 months.