The Tribune

The Grand Bahama Power Company (GBPC) has signed a ‘Regulatory Framework’ agreement with the Grand Bahama Port Authority (GBPA) to govern how it will be supervised, with the former’s majority shareholder set to base its Caribbean regional headquarters in Freeport.

The ‘Regulatory Framework and Operating Protocol’ between two creates a protocol for the regulation of GBPC’s activities. The two sides said it provided transparency on timelines, process review, rate-setting, reliability and efficiency at GBPC, while securing an environment that encourages investments in electricity infrastructure.

It will also allow the GBPA to establish critical performance and customer service standards against which Grand Bahama’s monopoly electricity supplier will be measured.

Ian Fair, the GBPA’s chairman, said: “The new framework establishes a process for transparency and consultation with all stakeholder groups.

“Emera’s performance in Grand Bahama will be measured against benchmark standards within the Caribbean. Therefore, we will have a constant read on how we’re doing, with a goal of remaining within the lowest possible cost bracket in the region.”

Reiterating Mr Fair’s comments, Sarah St. George, the GBPA’s vice-chairman, said the agreement was “truly proactive”. She added: “This leading utility industry regulation has been thoroughly prepared and put together over the course of more than a year to really ensure best international standards.

“This is really taking a great leap into the future because this document has been drafted in such a way that it will be valid for decades to come.”

“Being an international utility, Emera is accustomed to regulations, and therefore it was a very natural step to operate in this environment to the same standard that they would operate elsewhere,” added Mr Fair.

“This is part of an overall exercise to improve the service in the utility area in Grand Bahama, and not only provide a very efficient, reliable service but at a more competitive cost.”

The GBPA welcomed the announcement that Emera Caribbean will be operating from Grand Bahama. “This truly demonstrates their confidence in the jurisdiction and commitment to Grand Bahama. Factors such as location, infrastructure, stable economic and political environments, as well as preferential market access for trade, are all critical in determining where investors choose to invest,” Mr Fair said.

The GBPA said the ‘Regulatory Framework and Operating Protocol’, which it branded as the first of its kind to be implemented in the Bahamas, will be available for viewing at its head office.

Ms St George added: “This framework memorialises Emera’s commitment to the future well-being of Grand Bahama. A tremendous amount of time, effort, innovation and investment is being focused on improving the generation, transmission and distribution of electricity, which is heralding a very bright new future here.

“As we go forward and constantly strive towards the highest quality service, we should see a positive correlation between capital investment and lowered costs to customers with increased efficiency and reliability, therefore positioning us for future growth, new economic development and investment opportunities.”