Deputy Prime Minister Desmond Bannister, who is also the minister with responsibility for the country’s electricity provider, told Guardian Business yesterday that the government will bring amendments to the Electricity Act to Parliament very soon, especially given that the placement of Bahamas Power and Light’s (BPL) rate reduction bond hinges on those legislative changes.
BPL’s development of Station D, as part of its new base load generation at the Clifton Pier power plant, hinges on the successful placement of the bond.
Meanwhile, BPL has invested in new rental generation that will stand in until Station D is completed.
Bannister said several law firms have been working on the legislative amendments and the sticking points have been worked out, though he did not say what they were.
“There are a number of law firms involved and we anticipate that very soon we are going to have the go ahead to bring it to Parliament,” said Bannister.
“All the points that were challenges have been worked out. The only thing I will say is that BPL Chairman Dr. Donovan Moxey and his team have done a fantastic job.
“I am very convinced that we are going to be able to move ahead with the amendments very soon.”
Moxey told this paper recently that while BPL wanted to post the bond by the end of this month, the wait for the amendments will likely push that bond placement into early February.
BPL noted in a statement on Monday that the four new rental engines were secured through a tender process won by Sun Oil and “they are necessary to shore up generation until the new plant, Station D, is completed and pumping power to the grid”.
BPL added that the new units will burn propane fuel, making them more environmentally friendly. It added that they will be more fuel efficient than the rental units BPL currently uses.