Business

BPL and Shell miss March signing window

Bahamas Power and Light (BPL) and Shell North America missed the hoped-for signing timeline of March for definitive agreements between the two because of the coronavirus (COVID-19).

BPL Chairman Dr. Donovan Moxey said that discussions between the entities, though, have continued virtually, which has presented its own challenges for the negotiations.

“Obviously that’s been affected…COVID has affected the world,” Moxey said.

“That’s delaying everybody in terms of what they’re trying to do because you’ve had to change now how you do certain things, how you approach certain things, obviously there is a time factor involved with getting everything done.

“Now you can’t do things face to face, you have to do things virtually and that brings with it its own set of challenges in terms of what you can and can’t do.

“There is an effect. I don’t have a way of quantifying it, but I do know things actually take a little longer than you want them to.”

Despite the setbacks caused by COVID-19, Moxey said the negotiations with Shell continue to move forward “positively”.

“That is a very important deal for us when you look at the grand scheme,” he said.

Shell and BPL signed a memorandum of understanding to formalize the negotiation process in November 2018.

When all is said and done, Shell will purchase the majority stake in Power Co. – which will include BPL’s stations A and D at BPL’s Clifton Pier Power Station – and own the majority share of Terminal Co., a liquefied natural gas (LNG) terminal that will be built at Clifton Pier near BPL’s power plant.

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