NASSAU, BAHAMAS- The Bahamas Chamber of Commerce and Employers Confederation (BCCEC), while applauding the government’s initiative to address the country’s long-term energy infrastructure, has expressed serious concerns about the immediate ramifications of the policy shift.
The BCCEC in a statement expressed concern over what it noted appears to be a strategy to raise the cost of energy for consumers utilizing over 800 kWh per month. Such a move, they argue, will significantly impact businesses across the nation, potentially leading to a rise in the overall cost of operations.
The BCCEC noted that the government’s priority areas in its energy reform thrust are consistent with the concerns raised by its members during a recent survey, where the ease of doing business and the cost of energy along with a reliable supply, were among key expectations for immediate resolve.
“The Chamber is concerned though, over what appears to be a strategy to increase the cost of energy for certain consumers using in excess of 800kwh a month as this will impact most businesses in the country, leading to a further increase in the cost of doing business. This could lead to increases in prices for goods and services if these increases are significant and businesses have to pass them on, thereby offsetting some of the benefit provided by energy cuts to other consumers,” the BCCEC.
Energy and Transport Minister JoBeth Coleby Davis said on Monday that the government is amending the fuel charge by reducing the charge for the first 800kWh by 2.5cents and increasing the charge above 800kWh by 1.5 cents. She ntoed tht consumers who use less energy will enjoy a lower fuel charge. The new rates will be in effect until a comprehensive tariff review is completed, and new rates are approved by the government and URCA.
The BCCEC noted that to assist its members it has begun discussions with energy auditors to provide certified energy audits at reduced rates thereby offering viable recommendations for energy savings options to assist in the reduction of consumption and the cost of their monthly energy bill.
The BCCEC is urging the government to explore alternative renewable energy sources such as oceanic currents, wave energy, and wind power. The BCCEC noted that unlike solar energy, which is dependent on sunlight, these sources generate power consistently, presenting a more reliable energy solution.
The BCCEC emphasized the importance of conducting feasibility studies, particularly regarding the environmental impact of LNG and alternative energy sources, and underscored the necessity of involving competent Bahamian energy and environmental experts to ensure that implementation aligns with best practices.
“While we applaud the move to secure our energy infrastructure long term, we are very concerned with the short-term impact of the policy shift and welcome the opportunity to work closely with the government, BPL, and any proposed partners to ensure safe, secure, and successful implementation,” the BCCEC stated.
