Minister for Grand Bahama, the Hon. Ginger Moxey seconded resolutions to acquire and operate the Grand Bahama Power Company in the House Of Assembly on Wednesday.
During her presentation Moxey took the position that energy reform is economic reform. She said, “the acquisition of the Grand Bahama Power Company represents a fundamental shift. It brings the island’s electricity infrastructure into the hands of the Bahamian people. It allows the government to bring relieve and move from a model driven primarily by private returns to one guided by national development, public interest and long term sustainability.”
The Grand Bahama minister said the planned acquisition is a transformation that would pave the way for infrastructural upgrades. “The stark reality is that for decades residents and businesses on Grand Bahama have endured an electricity system that is too expensive, too unreliable and too inconsistent to support modern life or economic expansion.”
Moxey also noted the disparity in electricity costs between Grand Bahama and other islands in the country. She said, “residential customers in New Providence using between 351 and 800 kWh are charged a base rate of $11.95 per kWh by BPL. In comparison the Grand Bahama Power Company charges a base rate of $22.87 per kWh, almost double for the same usage range. This disparity is not just a technical issue. It is a social and economic burden.”
The resolutions seeks agreement to borrow up to $280 million to acquire the power company through Grand Bahama Energy Company, a company formed by the government.
