Government officials signed an agreement for the development of liquefied natural gas (LNG) terminal, pipelines and regasification facility with New Providence Gas, a subsidiary of Focol Holdings. A LNG supply agreement was also signed with Shell Global.
The signing was held at the Office of the Prime Minister on Thursday. During his remarks Prime Minister, the Hon. Philip Davis said, “when this administration first announced its plans to tackle energy reform head on for some people it may have sounded like we were aiming too high, dreaming too big or maybe casting our vision too far, I don’t blame them. You see the cost of electricity has been so high for so long that many people accepted it as part of daily life in The Bahamas. Added to the high cost we’re the decades of constant failures of BPL’s main generators, the inefficiency of the Wartsila engines and other failed would be solutions.”
Also in attendance was Minister of Transport and Energy, the Hon. Jobeth Coleby-Davis. She said Bahamians want reliable and affordable electricity. “For the Davis administration this needs are national aspirations that our country needs to grow and every Bahamian deserves,” she said.
Attorney General, Sen. Hon. Ryan Pinder predicted approximately $180 million in annual savings when the agreements reach phase four. He said, “just imagine the economic opportunities of an extra $180 million a year in the economy of Nassau being able to be reinvested, being able to create additional opportunities, small businesses being able to have extra disposal income to grow.”
