NASSAU, BAHAMAS – The Utilities Regulation and Competition Authority (URCA) has finalized its Addendum to the 2024 Annual Plan, aligning with new legislative mandates and detailing revised objectives for the electricity and natural gas sectors.
The Electricity Act, 2024, and the Natural Gas Act, 2024, introduced significant regulatory changes, expanding URCA’s remit to include oversight of the natural gas sector. In response, the Addendum updates URCA’s strategic focus areas, operational priorities, and objectives to manage these new responsibilities effectively.
The document outlines a new work plan for the natural gas sector, including the development and implementation of a legislative and regulatory framework to support the safe, efficient, and environmentally sustainable integration of natural gas into The Bahamas’ energy mix. For the electricity sector, the Addendum refines objectives to enhance oversight and performance.
Key initiatives include licensing and operational codes for natural gas importation, transportation, and retailing, as well as infrastructure and safety standards to guide sector development. These measures aim to improve energy security, reduce greenhouse gas emissions, and establish a clear framework for industry participants.
URCA has also updated its monitoring and evaluation framework, refining key performance indicators (KPIs) and operational performance indices (OPIs) to ensure transparency and accountability in its regulatory activities.
The Addendum reflects URCA’s commitment to stakeholder engagement and alignment with national energy policies and international best practices. Its preparation involved extensive collaboration with the government and key stakeholders to ensure the revised strategic objectives address the needs of The Bahamas’ evolving energy landscape.
The publication of this Addendum marks a milestone in URCA’s mission to drive innovation and sustainability in the utilities and energy sectors. By adapting to new legislative requirements and expanding its regulatory scope, URCA positions itself to lead The Bahamas toward a more resilient and sustainable energy future.
Loading ...
