Business

URCA requiring power utilities to report performance data

The Utilities Regulation and Competition Authority (URCA) will now require power utilities to report performance data including financial and reports of outages, URCA’s Public Electricity Supply Licensees Reporting Obligations Procedures and Guidelines document reveals.

According to the document, Bahamas Power and Light (BPL) and any other electric utility under the purview of URCA, will be required to provide audited financial statements to the regulator, as well as information regarding any business it plans to undertake with any other entity.

URCA also requires that BPL and other power providers provide information relating to any power outage within 24 hours of that outage.

“The licensee shall provide a major outage report to URCA within 24 hours of a major outage detailing, to the extent possible, (i) the cause of outage; (ii) the geographic area affected by the outage; (iii) the number of customers affected by the outage; (iv) steps taken to restore service to the affected area; and (v) time taken for restoration of service,” URCA stated.

“The licensee shall submit its audited financial statements, with certificate of the external auditors, for the licensed business and the accompanying annual report (which shall provide together with the current year at least ten years of operating and financial statistics) to URCA as required by URCA having regard to the licensee’s requirements for its annual report and audited financial statements.

“The licensee shall furnish to URCA without undue delay such information, documents and details related to the licensed business that have or is likely to have a significant impact on its functions assigned to it by or under the licence and the act.”

URCA also now requires that the electric utility provide a five-year forecast of projected demand and generation requirements annually, as wells as its capital investment plan and updated five-year capital investment plan.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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