NASSAU, BAHAMAS — West Grand Bahama and Bimini MP Kingsley Smith has stated emphatically that he does not support “in any way whatsoever” a rate increase by the Grand Bahama Power Company.
In a statement, Smith said: “I want to make it absolutely clear that I do not support, in any way whatsoever, a rate increase by the Grand Bahama Power Company. It is my understanding that this company sees an annual profit. Notwithstanding this fact, GBPC seems to be the only company adamant about not taking a loss in any way, shape, form, or fashion; and all losses are placed on the backs of Grand Bahamians to bear. This cannot be, and as an island community, we can no longer stand for it.”
Smith expressed his support for the people of West Grand Bahama and Grand Bahamians in general. “This status quo can no longer be allowed to continue,” said Smith.
The Utilities Regulation and Competition Authority (URCA) reiterated yesterday that, in accordance with the Electricity Act, 2024, no electricity rate changes can be implemented in the Bahamas without its explicit approval.
URCA made this statement following the Grand Bahama Power Company’s (GBPC) announcement of its intention to adjust rates, pending approval from the Grand Bahama Port Authority (GBPA). The regulatory body clarified that GBPC has not yet submitted the required tariff rate application for review, as mandated by the Electricity Act, 2024. The Act designates URCA as the sole regulatory authority over electricity services throughout The Bahamas, with no exceptions. URCA stressed that it does not acknowledge the authority of any other entity, including the GBPA, to regulate electricity within the country. It also warned that it would take legal action against any party that attempts to contravene the established regulations.
Smith noted that in 2020, GBPC was granted approval to impose a Storm Recovery Charge over a five-year period. “It is 2024. We are still in that time period. Since then, they have gotten additional approval for increases on the base rate. None of these should have happened.”
