NASSAU, BAHAMAS — The Utilities Regulation and Competition Authority (URCA) will see its regulatory ambit expand to encompass natural gas activities, with the government tabling the Natural Gas Bill 2024 yesterday.
The Natural Gas Bill 2024 aims to establish a comprehensive regulatory framework governing the importation, regasification, storage, transport, and retail distribution of natural gas in The Bahamas. Under this legislation, the Utilities Regulation and Competition Authority (URCA), the energy and communications regulator, has been designated as the regulatory body for natural gas activities.
The legislation, tabled by Energy and Transport Minister JoBeth Coleby-Davis, sets forth a legal framework to regulate the importation, regasification, shipping, transportation, and retailing of natural gas to ensure these activities are conducted safely, efficiently, economically, and environmentally responsibly. Its objectives include promoting affordable and safe access to natural gas while enhancing fuel efficiency to lower costs for consumers.
URCA is empowered to issue licenses, collect fees, provide notices, consult with government departments and local and international regulatory authorities, and oversee and monitor all activities related to natural gas under the Act.
The Bill also mandates the licensing of the natural gas sector and requires licenses for natural gas service workers.
