Bahamas Power and Light (BPL) could have a settlement completed with its insurance provider within the next month after a fire destroyed two of its engines at the Clifton Pier power plant, BPL Chairman Dr. Donovan Moxey said on Friday.
According to Moxey, talks with the insurance company in the run-up to a settlement are “moving forward positively”.
“We are still in the midst of working things out with the insurance company,” Moxey said.
“The first thing you’re gonna hear before we give you the report is that we’ve completed our settlement and our negotiations.”
Moxey said the report on the fire can be released for public consumption after everything has been completed with the insurance company.
The fire occurred on September 7 last year and caused damage to station C, which houses two of the company’s largest generators. That incident prompted BPL to begin massive load shedding throughout New Providence.
While the first fire destroyed a generator at the plant, BPL said the second and third fires were minor and no additional damage was caused as a result.
The damage sustained caused a spike in consumer bills, as the electricity company continued to grapple with generation issues.
Minister of Public Works Desmond Bannister said in January that the results of a probe into the fires would be tabled in the House of Assembly.
BPL is in the process of installing 132 megawatts of new power at the Clifton Pier power plant. Those tri-fuel engines are the beginning of more than 200 megawatts of new power that will eventually be run by Shell North America.
The next installation of new engines is expected to begin in 2021, and the development of a liquefied natural gas facility by the end of that year.