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MONDAY, MARCH 24, 2025
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BPL’s near$1bn loss on illadvised rate cut BAHAMAS Power & Light (BPL) and its predecessor lost almost $1bn in revenues during the 18 years to end-2021 due to the first Christie administration’s decision to cut electricity base rates below cost. An internal BPL document, prepared by its then-Board and management shortly before leaving office after the Davis administration’s September 2021 general election victory, reveals that the roots of the stateowned electricity provider’s
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‘Political gimmickry’ blast over Govt’s LNG reforms
BAHAMAS POWER & LIGHT (BPL) HEADQUARTERS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
multi-million dollar financial woes lay in the 2003 decision to slash electricity tariffs to a level where they would be unable to cover production costs. The consequences of this move, which was made when the late Bradley Roberts and the late Al Jarett were, respectively, the minister responsible for the then-Bahamas Electricity Corporation (BEC) and its chairman, were worsened by the failure “to streamline operations” and align costs with the reduced income. The October 2021 paper, also compiled with help
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FOCOL Holdings chairman has accused the Opposition’s leader of “political gimmickry” and “petty foolishness” over his demands for greater disclosure and transparency on the Government’s energy reforms. Sir Franklyn Wilson told Tribune Business that Michael Pintard had said “nothing of substance” in his call for the Davis administration to provide more and better details, including pricing and terms, for its liquefied natural gas (LNG) supply and regasification deal with BISXlisted FOCOL and Shell. And, accusing the Macro City MP of engaging in “the same old immaturity” with his concerns and criticisms, Sir Franklyn asserted that the $180m fuel cost savings that the Government’s energy reforms will achieve “in the fullness of time” are very “real”. Arguing that it was unrealistic to expect the Government to disclose all relevant information on
t 4JS 'SBOLMZO TMBNT 1JOUBSE GPS AJNNBUVSJUZ AQFUUZ GPPMJTIOFTT t N TBWJOHT ASFBM CVU '/. ANBLJOH DBTF GPS UIF QFPQMF t 0QQPTJUJPO #SPBE PXOFSTIJQ EVNQFE GPS AOBSSPX JOUFSFTUT the same day the deal was signed, the FOCOL chief voiced optimism that all energy-related reforms will ultimately be tabled in Parliament when they are concluded. He also suggested Mr Pintard had exposed himself to scrutiny on why the Minnis administration, of which he was part, failed to execute such itself. Mr Pintard, though, yesterday countered that he and the Opposition are “making the case for the Bahamian people” and standing up for the public’s interest over the Davis
SIR FRANKLYN WILSON
MICHAEL PINTARD
administration’s reforms. In particular, he argued that the Government - while using “the same template” left behind by the Minnis administration - has dropped plans to establish “a shareholder society” in favour of a “narrow” group of private sector interests. He, and other former Minnis administration sources speaking on condition of anonymity, confirmed that its own energy reforms had planned to create two companies initially named ‘PowerCo’ and ‘TerminalCo’. The former would have owned New Providence’s proposed
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‘Let your feet do talking’ over bank fee concerns By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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BAHAMIANS must “let your feet do the talking” if they feel they are being poorly treated or overcharged, a senior banker is arguing, with the latest data dispelling any fears of price-fixing on fees. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that consumers must use the freedom to choose where they bank and switch institutions if they believe they are being exploited by excessive fees, poor customer service or other shoddy banks instead of always demanding
GOWON BOWE regulatory or government action. Speaking after the Central Bank unveiled its latest report on commercial bank fees for the six months to end-December 2024, he acknowledged that - while
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Gov’t missed pledge to cut top Water Corp supplier $28m debt By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE supplier that provides all the Water & Sewerage Corporation’s Nassau customers with their water has revealed the Government failed to meet pledges to “substantially” cut the $28.4m owed to it by end-2024. Consolidated Water, the BISX-listed operator of the Blue Hills and Windsor reverse osmosis plants that supply New Providence, warned investors and the global capital markets that it “cannot provide assurances” on when the Government will make good on its promises
to drastically pay down the sums due to it from the Water & Sewerage Corporation. However, these liabilities were slashed by almost $6m or nearly 21 percent during the first two months of 2025, the company’s 10-K annual filing with the Securities & Exchange Commission (SEC) revealed, cutting the outstanding debt to $22.5m. Sum 77 percent, or more than three-quarters of this amount, is “delinquent” or more than 90 days past due - a slight improvement on the 84 percent delinquency as at year-end 2024. “Consolidated Water (Bahamas) accounts
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