The board of directors of Bahamas Power and Light (BPL) is not only eyeing stable power generation in the next two years, but an economic turnaround for the country thanks to predictable, reliable power and power costs, the board’s Chairman Dr. Donovan Moxey said Friday.
Moxey, who was a speaker at the Rotary Club of East Nassau’s regular meeting, said fixing BPL’s power production woes will mean growth for the Bahamas economy thanks to stable costs.
“You will have an economic game changer in The Bahamas,” he said.
“Anyone who wants to invest here will know that their electricity bill will be X not only today, but five years from now, 20 years from now, 30 years from now and a very normal glide path that you would expect when it comes to inflationary forces, as opposed to the spikes that go up and down three or four times a year.
“We know that if we bring certainty in cost of electricity to The Bahamas, we will attract not only local investments in the Family Islands, in New Providence, but also international foreign direct investments.
“That’s what is at stake here for us to have a stable, structured and growing economy.”
Moxey said when the new BPL board began one year ago, there was no strategic plan in place for the company and no growth plan. He said those two things have now been provided. According to Moxey, the company’s growth plan focuses on metrics and key performance indicators.
He also contended that with the company’s Chief Executive Officer Whitney Heastie at the helm, there is sure to be the same kind of improvements he was able to achieve at Grand Bahama Power Company during his tenure there.