The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Opposition's leader yesterday charged that Bahamas Power and Light (BPL) is in "crisis" and "weighing down" businesses.

Michael Pintard, also the Marco City MP, told the House of Assembly that the state-owned utility is "saddling" Bahamian businesses with high electricity bills and questioned whether the Davis administration has the capability to resolve the problem

Speaking during the debate on the Inter-Parliamentary Union (IPU) resolution, he said: “As we look at the IPU objective of addressing the issue of climate change, one cannot help but think about how important utility companies are…and in The Bahamas, we have one that is in crisis.

“We have one that is under-resourced. We have one that's presided over by a minister that's lost the moral authority to continue to preside over its affairs. We have one that is saddling Bahamian residents and businesses with exceptionally high costs of electricity.”

Mr Pintard said it was vital that The Bahamas liaise with other countries to help resolve BPL's financial issues after its previously-proposed $535m rate reduction bond (RRB) refinancing has now been shelved for the foreseeable future.

He said: “In the course of our participation in the IPU, it is important for us to talk with other jurisdictions to see how they are dealing with retiring legacy debt that BPL has, raising some $535m or thereabout.

“As we join the IPU, we join with you in having conversations with our colleagues around the world to find out how they are coping with this albatross that is around the necks of Bahamian businesses and residents, and these costs that are weighing us down. “

The Opposition leader said that in addition to addressing BPL’s legacy debt, the utility must also tackle the infrastructure woes that have caused frequent power outages.

Mr Pintard again criticised the Davis administration for not preparing a strategic plan to lower to cost of electricity as it had promised to do within its first 100 days.

He said: “Alas, we are trapped with a government that promised that within the first 100 days it would pay attention and review all systems at the utility company, and come up with a strategic plan on how to lower electricity. We have gone in the opposite direction and businesses are being weighed down.”