NASSAU, BAHAMAS — Bahamas Power & Light (BPL) is in a “state of readiness” and awaits government authorization to go to market with its rate reduction bond (RRB), which it anticipates it will be able to close by December.
The company noted in its 2020-2025 strategic plan, which was seen by Eyewitness News: “We are at a state of readiness on the rate reduction bond. Once the government authorizes the action, we are ready to go out to the market immediately, and we anticipate — all things being equal — that we will be able to close the bond by December 2021.”
The company noted that the long-awaited RRB will allow the company to build an additional station that will add an additional 100MW of “new, high-efficiency, high-output, fuel-flexible generation to fleet”. This is expected to come on stream by spring 2022.
According to the electricity provider, the RRB will also allow it to launch advanced metering infrastructure (AMI) and replace manual meters with smart meter technology that allows for real-time metering capabilities.
The company is also looking to install 8.5MW of solar installations across Abaco and the Family Island by fall 2022.
According to the strategic plan, the company’s board of directors has determined that BPL must also demonstrate a turnaround in customer perception, particularly as relates to provision of customer service excellence; demonstrate marked improvement in reliability of electrical supply around the country; and complete the refinancing program surrounding the RRB.
“We believe that with the accomplishment of these important initiatives, BPL will catapult The Bahamas into the bright new future powered by Bahamians [and] energized by initiative,” the board noted.
Apart from improving service reliability and incorporating renewables into its generation mix, the plan noted that BPL’s long-term future hinges on better and more widespread energy conservation.
“Our focus on automation, which will put unprecedented control of energy consumption in our consumers’ hands, will go hand in hand with our message of conservation to create an energy-conscious society,” the plan noted.
“The fact is that energy efficiency is more cost-effective than building a new power plant, and it can help reduce costs in times of high electricity demand.”
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