The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Electricity costs have made the city of Freeport less competitive, according to the Grand Bahama Chamber of Commerce’s president, who applauded the Grand Bahama Power Company’s move to introduce an economic development rate (EDR).

The company announced the EDR last week, with the goal of attracting new investment and encouraging the expansion of existing industrial and commercial business in Grand Bahama.

“We applaud all efforts that encourage the growth of the Freeport economy. Any initiatives that reduce the cost of power and the cost of operations in the port area are welcomed,” said Barry Malcolm.

“The cost of power for a long time has been seen as a deterrent to growth of business. It’s driven down in a definitive way the capacity of companies to operate because of expenses.

“This effort is a good effort; we applaud it and certainly hope that it will have some impact in ensuring that there is growth in the development of Freeport’s economy.”

In order to qualify for the economic development rate (EDR), businesses must meet a minimum demand criterion of 500KVA, as well as a job creation and capital investment quota. Those that qualify will receive a discounted rate over a five-year period.

“Freeport has some advantages already in terms of the Hawksbill Creek Agreement, and it would be good if we can make advancements in some others areas, energy costs being one. The cost of power makes Freeport less competitive. I hope this is the start of things to come from the power company,” said Mr Malcolm.