NASSAU, BAHAMAS: Grand Bahama Power Company (GBPC) says businesses across Grand Bahama are now benefiting from a new electricity rate structure designed to create lower costs, greater transparency, and a more equitable billing system.
The company announced the completion of its equity rate adjustment across all customer classes, marking the transition to what it describes as a fairer and more affordable electricity rate structure for residential and commercial customers.
For commercial customers, one of the biggest changes is the elimination of tiered energy rates. Under the previous structure, businesses paid energy charges ranging from approximately 17 cents to more than 20 cents per kilowatt hour.
GBPC says commercial customers will now pay a single fixed base energy rate of 14.5 cents per kilowatt hour, regardless of monthly consumption. The company says customers will also no longer be subject to the KVA demand charge, resulting in immediate and ongoing reductions in electricity costs.
General Service Large and industrial customers have also transitioned into a new general service customer class. Under the revised structure, the first 900,000 kilowatt hours of monthly energy consumption will be billed at 10 cents per kilowatt hour, with additional consumption billed at 9 cents per kilowatt hour.
GBPC says these rates replace previous energy charges that ranged from 14 cents to 17 cents per kilowatt hour, creating significant reductions in base energy costs for those customers.
Grand Bahama Power Company Chief Operating Officer Nikita Mullings says the completion of the equity rate adjustment represents a major change in the company’s rate structure.
“The completion of the equity rate adjustment fulfills our commitment to creating a more equitable and affordable electricity rate structure for our customers,” Mullings said. “More than 98 percent of our commercial customers are now seeing immediate savings through the elimination of the KVA demand charge and the introduction of a lower fixed energy rate.”
Mullings added that general service customers are also benefiting from reduced energy charges, saying the changes simplify billing, improve transparency, and provide meaningful long-term savings for businesses across Grand Bahama.
GBPC says with the commercial rate changes now in effect, 98 percent of commercial and general service customers will see a credit reflected on their July electricity bills under the miscellaneous charges section.
The credit represents the difference between previous commercial rates and the newly approved rates, including applicable taxes, which took effect in June.
