Minister of Finance, the Hon. Michael Halkitis outlined how the government intends to lower electricity costs for Grand Bahamians while also investing in infrastructural upgrades during his budget communication presentation on Wednesday in the House of Assembly.
According to Halkitis Grand Bahama Power Company (GBPC) adopted the tariff structure of Bahamas Power and Light on May 12th. This is expected to reduce electricity costs for Grand Bahamians.
He said, “we are also taking decisive steps to modernize and diversify the energy sector, reducing costs, improving reliability and strengthening resilience.”
With the government’s acquisition of GBPC the average savings for the typical household is expected to be 37%. “This acquisition represents a major policy accomplishment that not only alleviates the financial burden on Grand Bahamians but also strengthens investor confidence and enhances Grand Bahama’s position as a more competitive and attractive destination for investment,” Minister Halkitis said.
The move is part of a broader strategy to lowering the cost of living, strengthen energy security and ensuring that economy progress translates into real benefits for Bahamian families.
