Minister of Works and Utilities Alfred Sears. Photo: Donavan McIntosh/Tribune Staff
By EARYEL BOWLEG
Tribune Staff Reporter
ebowleg@tribunemedia.net
AMID concerns of soaring inflation and rising fuel prices, Works and Utilities Minister Alfred Sears said “there is always the possibility” of an increase in Bahamas Power and Light bills due to external factors.
However, Mr Sears said the Davis administration intends to maintain BPL’s fuel hedge strategy, which he said seeks to “minimise” the unpredictable international market.
Asked if he would be able to say if it’s possible that consumers can expect an increase in their BPL bills considering inflation and rising fuel prices, Mr Sears told reporters yesterday: “I think there’s always the possibility.”
He also said the government is focused on bringing renewable sources of energy to the market, adding that a “major project” for solar power in New Providence as well as initiatives in the Family Islands will be announced soon.
He added: “The government, as a matter of public policy, intends to maintain the hedge strategy and as you know the hedge strategy is intended to minimise, not eliminate, but to minimise the volatility of the fuel (price) in the global market.
“The support for the hedge remains, but I think that what is important is that as we deal with the short-term challenges that we begin to lay the foundation for a more sustainable future and that sustainable future means that we have to fulfil our commitment to go green in terms of more solar power generation and you will hear very shortly (of) a major project in New Providence for the generation of solar energy and also projects in many of our Family Islands as well as the commissioning of the solar micro-grid in Ragged Island.”
In early March, BPL announced in a press statement that electricity prices were set to increase due to rising fuel costs. About an hour later the press release was recalled.
The next day, Mr Sears said the government had not approved any rate increase for power, nor was it considering doing so.
Meanwhile, in recent weeks there have been complaints about frequent power cuts throughout New Providence.
When asked why these issues have been occurring, Mr Sears said the question would be best directed to BPL. However, he repeated the goal for renewable energy.
“All of us live in the Commonwealth of The Bahamas. All of us have been experiencing load shedding, so it isn’t a recent phenomenon,” he said yesterday. “What we have committed to is to incorporate more into the power generation so that this big $1 billion bill that we spend every year importing fuel, primarily crude fuel, would be eventually something of the past and the sun, which is abundant in The Bahamas, through solar and other forms of renewable energy would be part of the power generation.
“Currently, The Bahamas compared to its regional counterparts does not have a significant integration of renewable (energy) in its power generation infrastructure and in the Speech from the Throne, in the Blueprint for Change, we made a commitment that by 2030 there will be 30 percent of the power generated will be from renewable sources. That’s a very ambitious objective and therefore we have asked that BPL very aggressively pursue this energy policy objective and that process I know that they’re working, they’re reviewing. We also have Ragged Island which we will bring on within a matter of a month or so, a micro-grid based on solar generation power.”
Last month, the government signed a $9m non-reimbursable financing agreement with the European Union and Inter- Development Bank to assist with renewable energy reform in the country.
The signing ceremony was held at the Ministry of Finance and attended by Economic Affairs Minister Michael Halkitis along with IDB and EU representatives, Daniela Carrera-Marquis and Marianne Van Steen.
Speaking at the event, Ms Carrera-Marquis from the Inter-Development Bank (IDB) said the grant will allow for the construction of several solar energy projects throughout The Bahamas.
Comments
bahamianson 2 years ago
Thanks for the daily good news. All you ministers do is spread bad news. You are there to solve problems because at the end of it all, you want to be made National Heros. Solve problems and make life easier for the average Bahamian not report the obvious.
moncurcool 2 years ago
Sadly these ministers are brain dead. People who have never done anything before cannot be expected to perform and think fo solutions just because they get a position.
We need to put people in power who have a proven track record of performance before they come to political office.
ted4bz 2 years ago
No, it is opposite, they are there to make sure that they make problems, while they serve the money masters.
KapunkleUp 2 years ago
BPL raising fees again... what a surprise. If a whale took a crap in front of an oil tanker half way around the world, BPL would use that as an excuse to raise rates.
DDK 2 years ago
PBL's bills are already super inflated! Figure out how to curb costs and run the utility properly - lazy, greedy m.p's.
AlternateView 2 years ago
Less talk, more action! Nuff said!
John 2 years ago
Well an economist will tell you that the current inflation is just the first stage. And whilst the inflation of gas prices is blamed on the war, increasing prices of other items is due, not to shortages of goods, but the inability of the supply chain to get these goods to market in a timely manner. So either of two things will happen: Consumers will continue to buy goods at increasing prices because they need them. But because of the increasing prices, they will not be able to buy at the rates needed to sustain the current levels of production. So factories and manufacturers will have to cut back on production and there will be layoffs, and factory and store closings. Hence you have prices increasing during a recession or stagflation. And the other scenario is consumers instantly lose their confidence. They realize that prices are getting too high and they are losing purchasing power and cannot maintain their standard of living. So they virtually shut down on consumption. They curb their lifestyle and only buy mere essentials. The idea is to save for a rainy day or wait until prices come down. And so people get laid off , factories close down and everyone is happily miserable. Until someone decides b’eell let’s have a sale. In fact let’s have several sales. And they may manage to draw the consumer back out of his shell and get them back into the malls again. And back onto the ships and airplanes and into hotels and restaurants. The good thing now is consumer appetites are still high , got travel and vacation and social life. So they are spending despite inflation and hopefully prices will start to come down before this level of confidence and spending dries up.
ted4bz 2 years ago
When humidity and temperatures reach 90 degrees outside and above and we can no longer resist turning on the air conditioners that is when they will suck it to us. STOP LISTENING to these politicians, by now everyone should know the game these devils play.
tribanon 2 years ago
KABOOM!!!!
Cruel Davis and his very greedy crony Franky Wilson aka Snake get their 'intellectual' minion Sears to put us on notice that we can soon expect whopping increases in our monthy light bills, just in time for the unbearable heat of Summer. Only the very wealthy members of the corrupt and elitist political ruling class, like Davis, Snake and Sears, will feel absolutely no pain whatsoever from their significantly higher light bills.
John 2 years ago
Every homeowner should invest in a 200 amp solar panel. A deep cell battery and an inverter. When the sh!t hits the fan at least you want to have basic lights. Speaking of fans there are also some very efficient fans that can be recharged with electricity or solar. And can also be solar powered during daylight. The weather seems unstable this year and storms knock out power.
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