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Wednesday, May 6, 2026
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FOCOL chief: ‘Full steam to make LNG happen’ in 2026 BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ELECTRICITY generation reforms for New Providence are moving “full steam ahead”, FOCOL Holdings’ top executive pledged yesterday, as it targets making the launch of cheaper liquefied natural gas (LNG) fuelled energy “happen this year”. Dexter Adderley, the BISX-listed firm’s president and chief executive, told Tribune Business that the firm and its Bahamas Utilities Holdings subsidiary are aiming to make LNG power “a reality as soon as possible” with 120 mega watts (MW) of generation capacity able to generate electricity using the fuel “today”. Speaking after the US Export-Import Bank (EXIM), the federal government arm that funds and underwrites credit
BISX-listed firm ‘ramping up’ for new 177 MW power plant Multiple phases moving as LNG terminal assets ‘on-site’ Wins US EXIM ‘Deal of Year’ but funding drops to $50m for American exporters, awarded FOCOL Holdings its Western Hemisphere Deal of the Year for the New Providence generation reforms, he added that the multi-phase project involving an investment of “several hundred million dollars” is progressing at “full scale”. Disclosing that FOCOL Holdings and its affiliates have added 70-80
DEXTER ADDERLEY
Pictured from L to R: Wendell Jones; Clinton Rolle; Tanya Petrova; and Dexter Adderley alongside EXIM officials. employees over the past two years, Mr Adderley told this newspaper that construction of the LNG regasification terminal at Clifton Pier is proceeding in
parallel with development of the 177 MW combined cycle generation plant at Blue Hills. The sites for both have been cleared, with major equipment already
on-site at Clifton Pier and “procurement ramping up” for the latter. Acknowledging that the New Providence generation reforms are “quite
an integrated project”, the FOCOL Holdings chief asserted that “we don’t anticipate any challenges” and the BISX-listed company has “total confidence in our ability” to execute and complete a project designed to deliver cheaper, more reliable and cleaner energy for Bahamian households and businesses. While referring Tribune Business to Bahamas Power & Light (BPL) and the Government when asked about the total savings consumers are likely to enjoy from the energy reforms, Mr Adderley said: “We are making significant progress. To-date, we have a total of four gas turbines ready to receive LNG now. That’s 120 MW of capacity ready today to receive LNG.
ENERGY - See Page B4
Business chiefs: Will taxpayers pay for GB Power’s rate slashes?
PM touts 37% postpurchase saving for GB Power clients
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BUSINESS executives yesterday challenged whether Bahamians across the archipelago will end up subsidising lower electricity rates for the island as taxpayers after the Government confirmed its acquisition of Grand Bahama Power Company. Dillon Knowles, the former Grand Bahama Chamber of Commerce president, in a message to Tribune Business questioned whether the Government’s plans to reduce GB Power’s rates to match Bahamas Power & Light’s (BPL) tariffs in the rest of the country will
Ex-Chamber head, licensees warn on subsidy rise Concern ‘nationalisation’ may not meet demand rise Greater transparency calls over ‘rushed acquisition’ result in the island’s power provider selling electricity below cost and incurring losses that have to be subsidised by taxpayers. “BPL’s rates/prices are subsidised by taxpayers,
as will GB Power’s rates/ prices if it is to be the national rate,” Mr Knowles wrote. “In the Family Islands, including Grand Bahama, [electricity] costs exceed the rates because of lack of scale. Nothing changes that except scale. “Taxpayers are now on the hook for $280m in mortgages and the lost revenue the national rate will bring, not to mention the capital cost to support a growing demand from a growing economy.” The $280m refers to the Government-guaranteed loan, from a consortium of lenders led by Standard Chartered and Scotiabank, that was recently approved by Parliament to finance
both GB Power’s acquisition ($200m) and a further $80m needed to finance capital upgrades for the island’s energy infrastructure. The recently-released pre-election economic and fiscal update reveals that the GB Power borrowing will more than double government guarantees issued on behalf of stateowned enterprises (SOEs), increasing these from $317.4m at end-December 2025 to $718.1m in the upcoming 2026-2027 fiscal year. Fears have already been voiced that the $280m GB Power acquisition financing will have to be subsidised by taxpayers
ELECTRICAL - See Page B5
Governor’s Harbour urges PM: Don’t back $650m casino plan BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A GOVERNOR’S Harbour activist group is urging the Prime Minister and his Cabinet not to approve a $650m resort and casino project on the grounds that it will “fundamentally and irreversibly” alter the long-standing Eleuthera community’s character. The Governor’s Harbour Group, in an letter made public last night, called on Philip Davis KC,
as well as Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, as well as Clay Sweeting, minister of works and Family Island affairs as well as the area’s MP, to oppose the development being proposed by a US casino mogul over fears it will “erase the lived history of a community that has been there for nearly four centuries”. “We are writing because what is being proposed is not the right kind of development for Governor's
A RENDERING of J Resort’s pedestrian-friendly community pathway between the Caribbean Sea and the Atlantic Ocean’. Harbour, and because the people who live here have had no meaningful role in decisions that would define this community for generations,” the group asserted about the project being developed by Jeff Jacobs, chairman and
chief executive of Jacobs Investments. “We are Bahamians. We are residents, homeowners, business owners and families who have built our lives in this community. We
GAMBLE - See Page B6
Gasoline and diesel sense to go fishing just to Bahamians warned to brace for prices have jumped dra- buy fuel. “If I send my boat to go higher fish costs and supply cut matically in recent months. fishing now, and let's say [I] By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net BAHAMIANS were yesterday warned to brace for higher fish prices and/ or reduced supply as soaring fuel costs may force fishermen to keep their boats docked during the upcoming summer months. Keith Carroll, president of the National Fisheries Association
(NFA), warned that the increase in diesel fuel costs - driven by the global oil price spike caused by the Middle East conflict - will make fishing trips unprofitable. “I don’t think many people can do much fishing this summer because of the price of fuel,” Mr Carroll said. “You’d be going out there just working for fuel.”
Mr Carroll said fuel rose from about $4.80 per gallon in late February and mid-March to more than $7 today, with further increases expected. At those rates, he said, the economics of fishing no longer add up. “End of February, middle of March, we spent like $4.80 on a gallon of diesel,” Mr Carroll said.” Today, the diesel is $7.08 and they say it’s going up. So it doesn’t really make
order 2,000 gallons. That's $14,000 right there for fuel. That isn’t grocery and your other necessities. That’s the price for the boat to go out for two weeks. And you’re spending that money and don’t even know if you’re going to make it back.” While increasing the price of fish is an option, Mr Carroll said consumers might not want to pay higher prices. He added
SAILING - See Page B5
THE Prime Minister yesterday pledged that Grand Bahama’s households and businesses could enjoy electricity cost savings of an “average 37 percent” compared to current bills with the Government set to bring the island’s tariff rates in line with Bahamas Power & Light’s (BPL). Philip Davis, speaking at the announcement of the Government’s 100 percent acquisition of Grand Bahama Power Company, promised that the planned tariff reductions will “bring down the cost of living in Grand Bahama and make businesses more competitive” while praising its soon-to-be former owner, Canadian utility giant Emera, for “bearing the burden” of the multi-million dollar cost of restoring the island’s electricity supply in Hurricane Dorian’s aftermath. No timelines or specifics were provided on how the Government plans to lower GB Power’s rates to those currently charged by BPL,
PHILIP DAVIS FC while keeping Grand Bahama’s electricity supplier financially viable and sustainable (see other article on Page 1B), with the Prime Minister again selling the deal to residents and businesses via the promise of reduced bills and costs. “Grand Bahama Power Company will adopt the BPL tariff schedule for services provided to customers in Grand Bahama,” Mr Davis said. “You have heard that the adoption could result in savings, an average of 37 percent in savings of electricity costs.” He later reiterated that “all charges will be aligned with BPL”. This echoed earlier comments by Jobeth
REDUCE - See Page B4