The Tribune

By KHRISNA RUSSELL

Tribune Chief Reporter

krussell@tribunemedia.net

THE government has ordered a rapid assessment of Bahamas Power and Light’s operations in order to create a strategy for the way forward, according to Public Works and Utilities Minister Alfred Sears yesterday.

The 30-day assessment by Deloitte & Touche will also look into the $535m refinancing rate reduction bond and BPL’s fuel hedging strategy, which was introduced last year.

“To carry out the massive restructuring, there is a rate reduction bond to borrow about $523m. That matter came before the Cabinet in June of this year,” Mr Sears told Parliament yesterday.

“It was not approved and we are currently reviewing it and I would like to announce that the government will be engaging Deloitte & Touche to do a rapid assessment into the next 30 days of the rate reduction bond, the hedge strategy and the operations of BPL so that the government can get a very quick study in order to make decisions about the strategy going forward.”

Following his contribution in the House of Assembly, Mr Sears said he was unsure of the cost of the rapid assessment.

However, he said there was a need by the new Davis administration to take a “deep dive” by a forensic team to probe what had taken place before the September 2021 general election.

“So, in 30 days they will come back to us and say this is what our preliminary findings are with respect to the rate reduction bond, the hedging strategy and the general operations and based on their preliminary assessments we will make a determination whether to extend it for a more thorough and deeper review.”

Regarding the findings of an independent investigation commissioned by former Prime Minister Dr Hubert Minnis, Mr Sears said questions about that should be addressed to the Office of the Prime Minister.

Mr Sears also commended the work of BPL in restoring power to about 5,000 Abaco residents following Hurricane Dorian in 2019.

He said of the 9,000 customers on the island, 5,000 now have power.

The minister also revealed plans by public works officials to commence the Gladstone Road Improvement Project and a traffic study at 80 intersections in New Providence to address traffic issues.

There also will be a review of The Bahamas’ building code with a view to fall in line with trends sparked by climate change and worsening hurricanes, the minister said.