NASSAU, BAHAMAS — The Grand Bahama Port Authority (GBPA) has announced that it has not yet approved the Grand Bahama Power Company’s (GBPC) request for a rate increase. The proposal is currently under detailed review, and a final decision is expected by December 1, 2024.
In a statement released today, GBPA emphasized the importance of understanding the varying impacts of the proposed rate changes on different customer classes. To ensure a comprehensive evaluation, the authority will conduct a 45-day consultation period, during which it will engage with key stakeholders. This consultation will help the regulatory team assess the potential effects of the proposal before any decisions are made.
Details of the rate increase application will reportedly be made available to the public via the GBPA website and local media outlets by September 15, 2024.
The GBPA also reaffirmed its regulatory authority under the Hawksbill Creek Agreement (HCA), asserting that it remains the sole licensor and regulator for utilities in the Port Area, including electrical supply through GBPC. The authority highlighted ongoing legal challenges related to the 2024 Electricity Act, which purportedly grants the Utilities Regulation and Competition Authority (URCA) oversight across The Bahamas, including the Port Area.
As the review process unfolds, the GBPA has pledged to consider the perspectives of all stakeholders and to ensure that the public’s voice is heard.
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