Prime Minister, the Hon. Philip Davis led debate on resolutions to acquire the Grand Bahama Power Company in the House of Assembly on Wednesday.
Mr. Davis said the acquisition means that Grand Bahama’s electricity will be in the same national system as the rest of The Bahamas. He said, “…we signed a memorandum of understanding with the Grand Bahama Power Company to explore a transaction to which the government would acquire Emera’s shares in the company. Why are we doing this? We’re doing it because Grand Bahama deserves a path towards fairer electricity rates.”
Leader of the Opposition, Michael Pintard also made his contribution on Wednesday questioning the details of the deal. He said, “the only question that matters today is whether the deal before us is the right deal for Grand Bahama. Whether the numbers add up. Whether the risks have been disclosed. Whether the plan is sound and whether this government has done the basic work that a transaction of this size and magnitude demands before asking Parliament to put the full faith and credit of the Bahamian people and treasury behind it.
The Prime Minister responded saying, “if he opposes this resolution then he should look the people of Grand Bahama in the eye and say plainly that he’s prepared to leave them in that position.
Pintard also queried how the government would deliver lower energy costs. Minister of Energy and Transport, the Hon. Jobeth Coleby-Davis responded saying, “the entire Bahamas, except Grand Bahama, is paying the base rate, verified and approved by URCA (Utilities Regulation and Competition Authority) that you see as a tariff rate implemented at BPL. When the government concludes the entire GB Power tariff rate will be transitioned to the uniformed tariff rate that’s being used throughout the rest of The Bahamas. We have a levelized cost of energy throughout the entire Bahamas except Grand Bahama.”
