NASSAU, BAHAMAS- The Utilities Regulation and Competition Authority (URCA) has revealed a 15 percent increase in its operating budget for 2025, citing the need to support an expanding regulatory remit and several new strategic initiatives. The budget hike, which excludes depreciation, is outlined in URCA’s draft Annual Plan for 2025 and comes as the regulator assumes new responsibilities in the natural gas sector, in addition to its ongoing oversight of the electronic communications and electricity industries.
The plan highlights how URCA intends to address sectoral gaps, improve operational efficiency, and modernise its internal systems. According to the draft, URCA will continue prioritizing sustainability, regulatory transparency, and consumer protection, positioning itself as a more agile and forward-looking regulator.
A key feature of the 2025 outlook is URCA’s intent to strengthen leadership and enhance employee development, especially as it expands its regulatory presence both regionally and internationally. As part of this effort, URCA will maintain engagement with global forums to align its practices with international standards and encourage the adoption of innovative technologies. In the electricity sector, this includes exploring artificial intelligence as a means to optimise utility operations and improve customer experience.
Across the sectors it regulates, URCA has identified targeted priorities for the coming year. In electronic communications, it plans to implement a framework for 5G services, review universal service obligations, and enhance cybersecurity protocols for public communication networks. In electricity, it is focused on energy efficiency programmes, updates to renewable energy regulations, and alignment with the revised National Energy Policy (2025–2030). The natural gas sector—new to URCA’s oversight—will require foundational work, including the development of tariff guidelines and licensing requirements to ensure safety and compliance.
Internally, URCA noted is looking to modernise its operations. Planned improvements include enhancements in data governance, IT upgrades, and a stronger focus on performance monitoring. Its 2025 plan introduces a suite of Key Performance Indicators (KPIs) to help track progress in areas such as statutory compliance, financial management, and regulatory efficiency. URCA is also ramping up its public engagement efforts, with outreach initiatives, educational campaigns, and stakeholder forums, particularly targeting underserved areas such as the Family Islands.
