NASSAU, BAHAMAS- The Utilities Regulation and Competition Authority (URCA) has reaffirmed its position as the independent regulator for all public electricity suppliers in The Bahamas, as mandated by the Electricity Act, 2024, in response to the Grand Bahama Power Company’s application to the Grand Bahama Port Authority for a rate increase.

URCA noted the recent press release from the Grand Bahama Port Authority (GBPA) regarding a public consultation process for a proposed rate increase application submitted by the Grand Bahama Power Company (GBPC).

“In line with its statutory mandate, URCA remains committed to ensuring that all public electricity suppliers operate in compliance with the established regulatory framework. Pursuant to its statutory obligations to all stakeholders, URCA will use all avenues available under the law to enforce compliance with the Electricity Act and the Natural Gas Act, safeguarding the interests of electricity consumers and all stakeholders across The Bahamas,” URCA stated.

It added: “We urge all stakeholders, including public electricity suppliers, to engage with URCA on matters relating to electricity regulation and tariffs, to ensure transparency and adherence to the regulatory processes designed to protect consumers.”

The GBPA’s Regulatory Committee announced the launch of a 45-day public consultation to gather feedback from stakeholders on GBPC’s application, which was submitted on August 1 and proposes a rate plan for 2025 to 2027 that includes a base rate hike of 6.32 percent for all customers. The plan also features a fuel charge reduction and stabilization, as well as an adjustment to the storm recovery and stabilization costs associated with rebuilding after Hurricane Dorian, extending until 2026.

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