FREEPORT, Grand Bahama, October 19, 2021 — The Grand Bahama Port Authority, Limited (GBPA), as the regulatory authority with responsibility for the power sector in Grand Bahama and oversight of the Grand Bahama Power Company (GBPC), has received a tariff application on September 23, 2021. As per the regulatory framework agreement, the GBPC is required to submit a filing for a rate case application which should include a capital budget presentation, five-year capital budget forecast, comprehensive plans on major operations, depreciation and maintenance expenses.
As part of the consultation process, GBPA will provide public access to the rate plan proposal on our website and in local media. As regulator, the GBPA will execute due diligence and hold the utility to the highest level of accountability, in order to ensure fiscal responsibility and appropriate investment is balanced with world-class customer service standards and reliability. GBPA will also conduct a 45-day public consultation process on the application prior to its final decision being made.
We wish to explicitly state that submission of a rate case and GBPA’s initial review by no means indicates that the application has been approved, but is a necessary part of a clearly outlined regulatory process. As per the regulatory framework agreement requirements, GBPA will thoroughly review the application in detail and provide a decision to GBPC no later than December 1, 2021. We understand that reliability of energy supply is a key component to satisfying customers, and we also recognize the electric utility’s need to lessen the dependence on fossil fuel and diversify its energy profile by increasing energy efficiency through renewable energy source
