Victor: GBPA should not be allowed to regulate on Grand Bahama or anywhere
NASSAU, BAHAMAS — A Grand Bahama activist said last night that he will continue to press forward with “vigorous opposition” to the rate increase approved by the Grand Bahama Port Authority (GBPA) for the island’s power company, as he called for an independent regulator for the island.
Pastor Eddie Victor, head of the Coalition for Concerned Citizens, told Eyewitness News: “The coalition’s position is that when it came to the consideration of increasing electricity rates on Grand Bahama, there was only one decision to be made and that was for no increase.
We need, and very quickly, a new regulator for Freeport, West and East Grand Bahama.
– Pastor Eddie Victor
“When you look at the fact that the government said it wasn’t supporting any increase, the overwhelming opposition from residential consumers, business customers and those in the tourism sector, the decision of the regulator is incomprehensible.
“As regulator, they should have [been] regulating for what’s best on behalf of the customers.
“With them making this decision, it reveals to us that they should not be allowed to regulate on Grand Bahama or anywhere.”
He added: “We need, and very quickly, a new regulator for Freeport, West and East Grand Bahama — URCA (Utilities Regulation and Competition Authority) or an approved government regulator that will regulate on behalf of the customers is needed immediately.
“Our coalition will continue to press forward with vicious opposition to this decision.”
The GBPA said in a statement yesterday that, having completed its review of the Grand Bahama Power Company’s (GBPC) rate case application 2022-2024, it had approved a rate increase.
The GBPA noted that the power company had originally requested an average base rate increase of 6.3 percent.
Based on the GBPC’s filing, the main factors contributing to the increase were hurricane insurance expense and amortization of regulatory assets deferred due to hurricanes Matthew and Dorian.
GBPA worked diligently with its utility expert consultant and GBPC, which resulted in a revision of the original application.
– The Grand Bahama Port Authority
“The GBPA Regulatory Committee reviewed the application, taking into consideration the concerns expressed by residents and stakeholders during the consultation process, and have actively adjusted the original filing following intensive discussions with GBPC,” the GBPA said.
“GBPA worked diligently with its utility expert consultant and GBPC, which resulted in a revision of the original application.
“We are pleased to say the final filing has resulted in notably decreased numbers, with a reduction to 53 percent of the original filing.”
It added: “On January 14, GBPA communicated its approval to GBPC of the revised application and reduced base rate increase to 3.3 percent.
“Furthermore, the implementation of any increase has been deferred to April 1, 2022, to ease the rollout impact for customers.
“GBPC, in its projected five-year plan, has committed to 15 percent of its generation from renewable sources by 2026 and proposes to invest over $80 million in capital improvements, which include a 5MW solar plant and battery storage, as well as other improvements in generation and transmission and distribution.”
