NASSAU, BAHAMAS – The Utilities Regulation and Competition Authority (URCA) will not open its first regional satellite office in Grand Bahama this year as previously planned, according to its Chief Operating Officer (COO), Dr. Walden Russell, who noted that the regulator remains focused on finding ways to improve service quality and accessibility in underserved Family Islands.
The regulator, in its draft annual plan for 2025, had proposed a Northern Bahamas Office (NBO) to provide dedicated oversight for Grand Bahama, Abaco, Bimini, and the Berry Islands, and to serve as a pilot for future regional offices in the Central and Southeast Bahamas.
While addressing stakeholders on the regulator’s draft annual plan on Wednesday, Dr. Russell noted: “We considered establishing a Northern Bahamas office in Grand Bahama to enhance stakeholder engagement. But feedback from our stakeholders has prompted us to reconsider this decision. Therefore, the office will not launch in 2025 as initially planned. Nonetheless, URCA remains focused on finding effective ways to improve service quality and accessibility in underserved Family Islands.”
Dr. Russell noted that 2024 was defined by significant changes in laws and policies, including the revision of the Electricity Act, the enactment of a new Natural Gas Act, the gazetting of the Electronic Communications Sector Policy, and the launch of an initiative to draft the National Energy Policy. These changes have expanded the scope of URCA’s responsibilities, necessitating changes across the organization.
The regulator expects to finalize its 2025 annual plan by the end of April.
Dr. Russell noted that in its financial plan for 2025, URCA has proposed a budget that reflects a 17 percent increase from the previous year to support its expanding regulatory functions. The key allocations in the budget include professional services, consumer education and public relations, and infrastructure investments. Our finance manager will discuss the budget in more detail.
“Despite the increases, URCA is committed to maintaining fiscal responsibility and is actively seeking cost-saving measures while ensuring their effectiveness. For example, URCA is renovating its offices on Frederick Street. Once completed, these renovations will convert the upper two floors to rental spaces, which will help lower costs related to owning and maintaining the property,” said Dr. Russell.
He added: “To ensure regulatory excellence, URCA will refine the organizational performance indices for 2025. The key focus areas include improving consumer complaint resolution rates to provide timely and effective protection for consumers, increasing efficiency in licensing and compliance processes to reduce delays and streamline regulatory approvals, and enhancing metrics for industry and stakeholder engagement to foster collaboration, accountability, and transparency.”
