NASSAU, BAHAMAS- The Government on Monday tabled two resolutions in the House of Assembly seeking parliamentary approval to guarantee borrowing totalling $280 million as it moves to acquire the Grand Bahama Power Company and strengthen the island’s energy infrastructure.
The first resolution requests approval for a $200 million government-backed acquisition of all ordinary voting shares of the Grand Bahama Power Company through Grand Bahama Energy Company Ltd., a special purpose vehicle wholly owned by the Government of The Bahamas. The second resolution seeks approval for an $80 million loan guarantee from Royal Bank Bahamas Limited to support capital expenditure and working capital needs.
Ginger Moxey, Minister for Grand Bahama, who tabled the resolutions, said the measures are critical to alleviating the energy burden on families and businesses and advancing the wider economic development of Grand Bahama.
“These resolutions come before this House because the people of Grand Bahama have carried an energy burden for far too long,” Minister Moxey said. “Families across the island face electricity bills that strain household budgets, small businesses absorb costs that limit growth and hiring, and investors must weigh a power structure that has often worked against the island’s potential.”
Moxey emphasized that the debate goes beyond financial arrangements and legal frameworks. It touches the cost of living, the cost of doing business, the pace of economic recovery, and the fair treatment of a major island whose residents have historically paid higher electricity rates than much of the rest of The Bahamas.
Grand Bahama, Minister Moxey said, holds immense promise due to its geography, industrial base, port facilities, commercial history, and human talent. Yet high electricity costs have been a persistent barrier to economic recovery and growth. “High power costs distort every calculation,” she said. “They affect whether a family can save, whether a shop owner can hire, whether a manufacturer can expand production, and whether a young person sees Grand Bahama as a place to build a stable future. That is why this issue must be part of a wider programme of economic renewal.”
Grand Bahama Energy Company Ltd., she explained, was formed specifically to acquire the ordinary voting shares of the Grand Bahama Power Company. The first resolution addresses the acquisition itself, while the second focuses on providing support for capital works and working capital. Together, the measures are designed to bring public interest closer to the centre of decision-making in the island’s energy sector according to Moxey.
“There’s a wider principle at stake here,” Moxey said. “Where the public burden grows too heavy, the Government has a duty to use lawful tools to bring relief, restore confidence, and create better conditions for growth. That is what these resolutions seek to do.”
The resolutions, she added, are also about aligning energy policy with the needs of the people and the economic future of Grand Bahama. They aim to support stronger oversight, better planning, and a clearer public purpose in an area that affects every home, enterprise, and investment decision on the island.
Affordable and dependable power, she noted, is central to modern life and commerce. On Grand Bahama, this carries particular weight. A stronger energy framework could reduce pressure on families, improve the climate for enterprise, and strengthen the island’s attractiveness to investors. It could also support growth in tourism, logistics, light industry, fine chemicals, and the broader service economy.
“This is about far more than a corporate transaction,” Minister Moxey said. “It is about creating the conditions for Grand Bahama to move forward with greater confidence and fairness.”
The minister also stressed the importance of transparency and parliamentary oversight. Under Section 43 of the Public Debt Management Act, 2021, financial guarantees require prior approval by resolution of the House of Assembly. This ensures accountability and public confidence, and the tabling of the resolutions reflects adherence to legal and financial order, as well as respect for parliamentary authority.
Moxey said the people of Grand Bahama deserve a government that recognizes their burden and acts with purpose. “Electricity rates in Grand Bahama have long been a matter of fairness as much as economics. These resolutions show a commitment to move beyond commentary and take responsibility for building a better framework,” she said.
She also highlighted the broader significance of confidence in public policy. When the government addresses structural barriers to growth, stands with families and businesses under pressure, and brings challenging matters to Parliament for open debate, confidence grows. “These resolutions speak to the kind of country we aspire to be—one prepared to confront hard issues with clarity, discipline, and public purpose,” she said.
