NASSAU, BAHAMAS — Opposition leader Michael Pintard is calling on the government to immediately give a full accounting of the government’s subvention to Bahamas Power and Light (BPL) and how those funds will be treated.
In a letter addressed to Prime Minister Philip Davis, Pintard noted that the government has indicated that it has agreed to address some $90 million in fuel arrears owned by BPL in monthly installment payments of $10 million over nine months.
“Previously, you have indicated that the government had been subsidizing BPL with “millions of dollars” to delay a rise in the fuel surcharge. To date, the Bahamian public has yet to receive a full accounting of public funds submitted to BPL and how these funds will be treated,” said Pintard.
He inquired about the total sum of monies provided to BPL from the government since September 2021 and the specific reasons for those subventions. Pintard is also questioning what portion of the funds spent and committed by the government – if any – are reimbursable advances or loans to BPL and under what statutory provisions were the advances made.
The opposition leader’s list of queries includes the details of the loans to BPL, the interest rates charged as well as the related intervals and timelines for the repayment of the loans, and what proportions of the indicated new surcharge rates are to cover repayment of advances or loans made by the central government to BPL.
“In addition to providing ourselves with the answers we are requiring, we maintain that the Prime Minister or Minister responsible for BPL must provide a statement in Parliament outlining the information above.
“It is beyond unreasonable to expect that a $90 million payment arrears arrangement and a seemingly related spike in their surcharge of up to 163 percent for some customers can be put forward without a full and proper explanation and accounting for the elements of this undertaking,” Pintard said.
Electricity bills are set to increase this month and in quarterly increments over the next 18 months as Bahamas Power and Light has been approved to increase its monthly fuel charge by just over four cents.
Customers using less than 800kWh will see an increase of two cents p/kWh, and those using more power will see an increase of 4.3 cents p/kWh in four increments, peaking in September 2023.
The increases will take effect: October 1 to November 30, 2022; December 1, 2022 to February 28, 2023; March 1 to May 31, 2023; June 1 to August 31, 2023.
The price p/kWh is then slated to decrease at the same rate in two phases: September 1 to November 30, 2023; and December 1, 2023 to February 28, 2024.
