The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A “quick dash” of rate increases will not fix the longstanding issues plaguing the Bahamas’ energy monopoly, a former Chamber of Commerce chairman said yesterday.

Chester Cooper suggested that a rate increase would be more welcome if BEC’s successor, Bahamas Power & Light (BPL), outlined a plan to improve reliability and long-term rates for residents and businesses first.

Mr Cooper, BAF Financial’s chief executive and president, who was a guest speaker at the Rotary Club of South East Nassau, said: “The BEC legacy issues run deep and have persisted over many years.

“The fix to it is not a quick dash of rate increases in my opinion.”

His comments came after it was revealed that BPL had sought a rate increase from the Government, which was denied.

Mr Cooper said BPL needs to produce a strategic plan to ‘completely revamp’ the utility.

The company was scheduled to unveil its business plan last Thursday, but postponed the press conference to a later date.

“What we need to see is the strategic plan to completely revamp the organisation and provide comprehensive solutions to all of the issues that might be there,” Mr Cooper said.

“If we are rolling out a comprehensive strategy for the long-term reduction of the cost of electricity, I believe it might be a more palatable sell than simply raising rates.

“I believe if we see a 10-point plan to improve the reliability of the supply, and to reduce the long-term rates for residents and for businesses, I believe it would come with a great welcome.”