The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

STANDING in front of the closed Butler’s Food World, members of the Coalition of Concerned Citizens said that businesses continue to fall prey to high electricity rates and are opposing any further rate increase on Grand Bahama.

Coalition president, Pastor Eddie Victor said the closure of the supermarket on West Atlantic Drive is an example of yet another “casualty of the high electricity rates” by the Grand Bahama Power Company (GBPC).

The organisation first launched its “Lower the Cost of Power Campaign” back in September 2013 following the closure of the multi-million dollar Fenestration Glass Company, which closed its doors due to the high cost of electricity.

Pastor Victor believes that the high electricity rate is still a hurdle for the operation of businesses on Grand Bahama, where several more businesses have closed in recent months.

“Thousands of people still live in darkness and businesses continue to close,” he said.

“In recent months businesses like the International Sewing Centrer, which was in existence for more than 40 years, has closed; Animale, a clothing store in Port Lucaya also recently closed; and many businesses continue to scale back operations and potential investors are turned away from Grand Bahama due to excessive electricity cost.”

Pastor Victor stressed that while the Grand Bahama economy continues to face challenges, the Grand Bahama Power Company/Emera has submitted a number of studies and statistics to the Regulatory Committee of the Grand Bahama Port Authority to justify increasing electricity rates.

He noted that globally oil prices have plummeted to the lowest prices in over six years and is predicted to go as low as $30 a barrel.

Despite a lower global oil price environment, Pastor Victor claimed that the island has yet to feel the full effect of this decrease.

“There should be no further increase in electricity rates, but, in fact, what is needed is an immediate reduction in rates to fall in line with global trends,” he said.

Pastor Victor said based on global oil prices, “it is clear that Grand Bahama is not receiving the benefits of a lower oil market.” He compared a 58 per cent decrease in crude oil prices from July 2014 to September 2015 ($110 per barrel to $46.05); a 31 per cent decrease in bonded gasoline prices per gallon over the same period ($4.44 to $3.08); and the 13 per cent drop in GBPC fuel surcharge from 14.41 cents per kilowatt hour to 12.51 from July, 2014, to August, 2015.

He stressed that the power company and the petroleum distributor for Grand Bahama have the responsibility to pass on these lower global costs to all their customers. He said that the monopoly on electricity must come to end in Grand Bahama.

“We need a new power company, a deregulated environment with competition in the petroleum sector and solar energy with net metering so that Grand Bahamians can receive economic relief,” he said.

Pastor Victor said that the Coalition of Concerned Citizens, which represent people and businesses, has requested a meeting with the Regulatory Committee of the Grand Bahama Port Authority to present a case for lower rates.

“Our government has shared the vision of bringing down the cost of electricity across the country. It is our belief that the regulators should be the defenders of the power company customers, diligently working on how to bring down the cost of power on this island.”

“We, the people and businesses, on Grand Bahama say ‘no’ to any increase in (the) electricity rate. We encourage citizens and all stakeholders to write, phone, fax and email the regulator and let them hear your voice saying a resounding ‘no’ to increasing rates.”