The Utilities Regulation and Competition Authority (URCA) is reviewing the last rate increase at Bahamas Power and Light (BPL).

In October 2022 BPL announced its intention to raise its fuel charges amid debt for fuel purchases and the rising cost of fuel at the time. URCA Acting Electricity Sector Director, Jonathan Hudson said, “what actually happened with the BPL glide path is the way the fuel charge increased it was at its peak in the summer months and the way a consumers consumption increases it’s at a peak in the summer months as well. So those two things came together and caused real stress on the customers which wasn’t anticipated ahead of time.” BPL was expected to cover its debts by March 2024.

URCA Corporate and Consumer Relations Manager, Juan McCartney spoke with ZNS News about the impact of the new Electricity Act on URCA’s ability to regulate electricity tariffs rates. McCartney said, “there’s no longer a rate holiday. There’s a rate transition period. So as of June 1st whatever the rates were for the public electricity suppliers and authorized electricity suppliers those are locked in for a period of time to give them a chance to review their rates and submit to URCA for approval what they want their rates to be. So the rates aren’t just going to be set willy nilly by the suppliers now. The rates you have now, they’re locked in for three years.”

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