A BPL truck out on the road.
PowerSecure and Bahamas Power and Light (BPL) agreed to ‘amicably’ sever their business relationship as of Monday, September 18.
Works Minister Desmond Bannister made the revelation to the business community this morning during a “Meet The Minister” Power Breakfast at the British Colonial Hilton.
“In the period ending July 25, 2017, BPL has spent some $9,198,738.68 with PowerSecure. We shall have much time to reflect on the value of this investment,” said Mr Bannister.
He added: “Whilst PowerSecure undoubtedly meant well, there is much to be said for cultural knowledge. Placing an otherwise successful entity in the midst of an alien culture generally operates to the detriment of both.
“There is also much to be said for familiarity with business norms, and for immunisation from local political influence. I have every confidence that this new board satisfies both of those tests in a manner that will enure to the benefit of BPL and the Bahamian populace.”
PowerSecure, now a part of Southern Company, had held a five-year operating agreement, which it signed in early 2016. That agreement provided provided for a maximum $25 million payout. It was signed in early 2016. Since taking the helm, PowerSecure’s efforts at restructuring the cash-strapped utility provider has been marred by island-wide power outages in the capital and on some Family Islands. Electricity bills have also increased under PowerSecure’s management.