03072024 BUSINESS

THE Government must not allow Bahamas Power & Light’s (BPL) “dire” billion-dollar needs to trap it into an energy reform “rush job”, a former Chamber of Commerce head urged yesterday.

Robert Myers, the Windsor Lakes developer, told Tribune Business that “everybody wins” if the Davis administration gets its planned restructuring right as he called for Bahamian investors to gain up to 40 percent equity ownership in a privatised BPL via a stock market listing.

Arguing that the Government should “100 percent privatise it”, and that this is “definitely the way to go” to secure both BPL and the wider economy’s future,

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the prominent businessman said The Bahamas’ energy prices are “almost triple the costs” faced by most US states and have “unnecessarily” deprived households and businesses of “billions of dollars over the last three years”.

Mr Myers spoke out as JoBeth Coleby-Davis, minister of transport and energy, revealed to the House of Assembly that BPL’s financial needs total

$1bn evenly split between its legacy debts/liabilities and current capital investment needs.

“Mr deputy speaker, BPL has over $500m in debt. Yes, that’s right, over half-a-billion dollars and counting,” she confirmed. “It owes banks, it owes the Government and its employees’ pensions are underfunded by $120m. You heard me right. The employees’ pension [fund]

is underfunded by $120m. Big change is needed.”

Mrs Coleby-Davis did not break down the $500m, which appears to represent total liabilities and not just debt, beyond the $120m employee pension fund deficit. The reference to “owes the Government” likely means the $184m debt, disclosed in the latest quarterly debt statistical

SEE PAGE B7

PM’s ‘line in the sand’ on wealthy tax evaders

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Prime Minister yesterday doubled down on his pledge of no “new taxes that will directly impact Bahamian families” while asserting that the Government has “drawn a line in the sand” on tax evaders.

Philip Davis KC, leading off debate on the mid-year Budget in the House of Assembly, twice repeated his promise to “avoid new taxes that unnecessarily place additional strain on families” while training his fire on wealthy individuals and companies who he

claimed have evaded “their responsibilities for years”. Reiterating his belief that improved compliance and tax enforcement effort will enable the Government to hit annual revenues equal to 25 percent of economic output (GDP) by 20252026, the Prime Minister consistently targeted those businesses and homeowners who can afford to pay but simply fail to do soalthough he provided no examples.

“We will achieve this goal through the efficient collection of taxes, including the collection of

PM: ‘Fundamentals’ of BPL deal now agreed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Prime Minister last night said “the fundamentals of the deal” to outsource Bahamas Power & Light’s (BPL) management are agreed amid pledges the deal will take the utility to a “gold standard”.

Philip Davis KC, speaking in the House of Assembly during the midyear Budget debate, said the agreement’s details - including the financial, contractual and other obligations that the Government and chosen private sector partners will have to each other - are still being

worked out as he urged the Opposition, critics and the Bahamian people to “stay tuned”. “The fundamentals of the deal are in place, but the actual arrangements, the hardcore deal of the provisions - obligations on our part, obligations on the part of the other - they are still being worked out. You don’t go and tell the world what you’re trying to do. At the appropriate time it will be known what’s the full arrangement,” Mr Davis said, explaining why no further details have been provided. Based on what has been disclosed thus far, the

Pintard: Deficit ‘will be $400m or higher’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s leader yesterday predicted the Government’s full-year fiscal deficit will be “around $400m or higher” as the Prime Minister stuck to an original forecast that is less than one-third that amount.

Michael Pintard based his grim analysis on the fact that the $258.7m halfyear deficit, as unveiled in the mid-year Budget, was almost double that of the Government’s $131.1m forecast for the full 12 months. However, Prime Minister Philip Davis KC doubled down on his assertion that improved compliance and enforcement will bring the numbers back to target, adding: “This is not just wishful thinking.”

“For the remainder of this Budget cycle, our fiscal targets remain unchanged,” he said in leading-off the mid-year Budget debate. “The Government has not adjusted its revenue,

spending or deficit forecasts. We remain confident in our projections of strong financial performance in the latter half of this fiscal year.

“This is not just wishful thinking. Revenues tend to increase during the peak winter months. And we also expect to see increased receipts from improved collection efforts, as well as the new Business Licence fees. In the medium term, our projections also remain the same.

Digital skills vital to Bahamian prosperity

In the archipelago of The Bahamas, where turquoise waters and sandy beaches have long been the symbols of paradise, a new tide is rising - one that brings with it the transformative power of the digital age. As the world becomes increasingly

interconnected and technology permeates every facet of our lives, the importance of digital skills cannot be overstated. In this column, we explore why digital skills are not just desirable but imperative for the future prosperity of The Bahamas.

The global economy is evolving at an unprecedented pace, and the ability to navigate this changing landscape is contingent on having a workforce equipped with digital skills. Whether it is in the realm of tourism, finance or agriculture, the adoption of digital

technologies is becoming a key driver of efficiency and innovation. From online marketing to e-commerce platforms, digital skills empower businesses to reach wider audiences and compete on a global scale. In the education sphere, digital skills are becoming

as crucial as traditional literacy and numeracy. As classrooms embrace technology, students with a solid foundation in digital skills gain a distinct advantage. These skills not only enhance their academic experience but also prepare them for the digital-centric jobs that will shape the future workforce. In a world where remote work and online collaboration are becoming the norm, digital literacy is a pre-requisite for success.

Tourism, a cornerstone of the Bahamian economy, is also undergoing a digital transformation. From online booking platforms to digital marketing strategies, the tourism industry is increasingly reliant on digital tools. Those with the skills to harness these technologies can propel the country’s tourism sector forward, ensuring a competitive edge in the global market.

Moreover, the ongoing global health crisis sparked by COVID-19 has underscored the importance of digital skills for resilience. As the world embraced remote work and digital communication, those proficient in digital technologies found themselves better positioned to adapt to the changing circumstances. The ability to work, learn and connect online became a lifeline, demonstrating that digital skills are not just about convenience but also resilience in the face of unforeseen challenges.

However, the journey towards digital literacy in The Bahamas is not without its challenges. Access to reliable Internet infrastructure, and the affordability of digital devices, are hurdles that must be addressed to ensure equitable distribution of digital skills across the population. Bridging the digital divide is a collective responsibility that requires collaboration between the Government, private sector and educational institutions.

ROYE II KEITH

As The Bahamas charts its course through the digital age, the significance of digital skills cannot be overlooked. It is not merely about staying current with global trends but about empowering individuals, boosting industries and ensuring the resilience of the nation in an ever-evolving world. By investing in digital education and addressing infrastructure challenges, The Bahamas can harness the potential of its people to not only thrive in the digital era but also to become trailblazers in the regional and global digital landscape. The waves of change are upon us, and embracing digital skills is the key to riding them towards a brighter future for The Bahamas.

• About Keith Roye II

Keith Roye II is the chief operations officer of Plato Alpha Design, a bespoke software development company that specialises in business efficiency and profitability. Throughout his career in software development, Mr Roye has served as chief software engineer for companies in The Bahamas and the US. His work has led or assisted companies in generating millions of dollars in passive revenue, while saving millions through custom software design.

PM: No secret deal over BPL

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

PRIME Minister Philip “Brave” Davis maintained there is no “secret deal” involving Bahamas Power and Light and that the government is in the middle of negotiations and cannot disclose details at this time.

Mr Davis was responding to Kwasi Thompson, MP for East Grand Bahama, during the mid-year budget debates yesterday, who suggested the Davis administration is doing a “secret deal in the dark” involving the utility company.

He said: “The other point that I want to raise is the government has also loaned over $100m to BPL without parliamentary approval.

KWASI THOMPSON

I believe it was an illegal loan. What was worse is was you loaned it without even without having the terms and conditions, and then told the Bahamian people don’t worry about it, we will get it back. How? We will charge you more, that’s what’s again the situation.

“We will increase the bill or we will increase what you have to pay so we’ll get it back. But now what makes things a thousand times worse is this whole secret deal in the dark, that has just sort of come to light. So Mr Deputy, the Bahamian people I don’t believe will allow this to happen.”

Mr Davis interrupted and said the government is still in the negotiation process and will disclose the details of the arrangement once an agreement has been concluded.

He said the FNM should be “ashamed to talk about BPL” and while the fundamentals of the deal are in place the details are still being concluded. He said: “This constant refrain about a secret deal. I mean, I see why and how we found ourselves in so

TAXI AND BUS FARE INCREASES COMING - BUT FIRST QUARTER TARGET ‘MISSED’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

INCREASES in fares for taxis and buses will be included in the “coming weeks”, according to Minister of Energy and Transportation JoBeth Coleby-Davis.

While giving her contribution at the midyear budget debate in Parliament yesterday, Ms Coleby-Davis said they are engaged in “active consultations” with the Law Reform Commission and she expects fee increases to be finalised in the coming weeks.

She said she shares in the frustration of taxi and bus drivers and is working to resolve the matter and keep public transportation “affordable” for passengers.

She said: “As we are in active consultations with the Law Reform Commission, it is our expectation that fee increases for taxi and bus drivers will be concluded in the coming weeks. “As Minister, I share the frustration of taxi and bus drivers, however, we are diligently working on these matters. I wish to also assure members of the public that we are cognizant of the need to balance the interests of all stakeholders. In short, we will keep public transportation affordable for all Bahamians – especially our students and senior citizens.”

Harrison Moxey, the United Public Transportation Company’s (UPTC) president said he has been ‘let down’ by the Minister who initially said a 25-cent bus fare increase will be rolled out in the 2024 first quarter following a series

of Town Hall meetings to inform and educate the public on the move that were supposed to be conducted in December 2023.

He said as we are already in the last month of the first quarter it is “unacceptable” they now have to wait for the conclusion of consultations with the Law Reform Committee in the “coming weeks”.

He said: “Our Minister has totally let us down… nothing is happening. She said by the end of the first quarter and we are already in March and nothing has been said. You’re here now at the very end of the first quarter so what coming weeks mean is it’s going beyond the first quarter and preparing us to go beyond that date because nothing has been done. That’s my interpretation of what has been said.

many challenging arrangements that was entered into by the previous administration, I see why. “If you’re embarking upon negotiations, you don’t let the world know about the negotiations. Because this isn’t the ordinary course of business, in the ordinary costs of doing business you are exploring and getting things done. So that is what we’re doing. We pick up the pieces, for example, from what ya’ll left off to try to clean it up, right, so why would we want to in the middle of our negotiations, tell the world we’re negotiating for this we’re negotiating for that. We have to be able to sit down and fluently negotiate. When the arrangement is struck, when we have come to a deal, any deal, any arrangements… y’all

“That’s unacceptable, you’re almost to the end of the of the first quarter when you are already three months delayed from taking any action. Now you saying that you’re waiting on another committee. I mean come on, that’s a stretch.”

Mr Moxey argued the last fare increase granted to bus drivers did not include as much “rigmarole” as it is a Cabinet decision.

He said: “That’s a Cabinet decision. I don’t know what all that talk is. The last increase we got we didn’t have to go through all this rigmarole, it was just done. This really is appalling of her to have the poor people that are hurting at a loss for so long so I don’t know why its all this talking, there has been no timeline given why is it taking all this time?”

He said that bus drivers have become “fed up” with the lack of action by the ministry on the matter and some have already began to charge an increased rate to offset rising costs.

should be ashamed to talk about BPL. “But lets talk about BPL.. we have the fundamentals of the deal are in place, but the actual arrangements, the hardcore deal of the provisions, obligations on our part, obligations on the part of the other, they are still being worked out. You don’t go and tell the world what you’re trying to do, at the appropriate time it will be known what’s the full arrangement. See ya’ll want drip, drip and ya’ll complain say we dripping and now because we ain’t dripping, now it’s a secret deal.”

Mr Davis said his vision for BPL is to provide reliable and affordable electricity for Bahamians and within months electricity bills would be lowered. He said he has met with the union leaders and

explained his vision to combat the deteriorating infrastructure with them.

He said: “The Bahamian people know what my vision is for BPL. I’ve said it over and over and that vision is to provide to the Bahamian people, affordable, reliable electricity. That is my vision and that vision will be achieved, the process of that will be revealed once I reach to that. And just stay tuned within months, in fact just look at your bill now its lowered but wait at least before June and see it, just stay tuned.

“The vision has been expressed the union appreciate I spoke with them and I told him what my vision is because of the state that met BPL in and the way it has been deteriorating. We going to arrest it and in due course stay tuned.”

Glover-Rolle

says majority of labour agreements registered

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

MORE than half of the industrial agreements negotiated under the Davis administration have been registered, according to Minister of Labour and the Public Service Pia Glover-Rolle.

Twelve of the 23 industrial agreements have been registered with seven in the final stages of registration and provisions being made for the four outstanding agreements.

Ms Glover-Rolle was responding to Michael Pintard’s assertion that the majority of industrial agreements signed during the Davis administration were not registered during the

mid-year budget debate in Parliament yesterday.

She said: “The majority of the labour agreements that have been signed are either registered or in the final stages of the registration process. Of the 23 agreements signed up to December of 2023, 12 are completed, signed, registered. An additional seven have been reviewed and vetted with recommendations made for adjustments to be made in preparation for registration.

“And just up to yesterday, two of those seven, who there were made adjustments on have been completed. In total, that means that 19, because you said majority, 19 of the 23 agreements have either been finalised and

FORMER TOP BPL OFFICIAL NAMED TO UTILITY’S BOARD

A FORMER Bahamas

Power & Light (BPL) chief operating officer is one of two Board replacements for directors who recently resigned from the stateowned utility.

The statement, issued by the Ministry of Energy and Transport, did not mention that Christina Alston, who held the senior post at BPL between 2017 and 2019, is now playing a key role in the Government’s reform plans for the utility and wider energy sector in the capacity of technical adviser to both the

ministry and Prime Minister’s Office. The ministry said it had advised the Cabinet Office on Tuesday that two BPL Board members have resigned, although they were not identified in the statement and no explanation was given for why they have departed. The two who have stepped down are understood to be Dirk Simmons, chief financial officer at Playtech Systems, Island Luck’s parent, and Cheryl Simms, the Kikivarakis & Co accountant.

Jobeth Coleby-Davis, minister of energy and

transport, said that besides Ms Alston they will also be replaced by Dylan Sawyer, son of Nassau Airport Development Company (NAD) chairman, Gary Sawyer.

The ministry described Ms Alston as possessing more than three decades of experience in the electric utility sector. She previously served as transmission development manager at Georgia Transmission Corporation in the US, focusing on supply chain management, before later joining Florida Power

& Light (FP&L) and Duke Energy Corporation.

At Florida Power & Light, Ms Alston served as major account manager focused on delivering exceptional customer service to the industrial sector, including crisis management during outages and storms. Ms Alston’s global perspective and expertise will be pivotal in aligning BPL with international best practices to enhance energy affordability and sustainability for Bahamians,” the Ministry of Transport and Energy said.

“Her leadership in demand-side management

and development of microgrid projects aligns with BPL’s strategic goals to transform the energy

landscape of The Bahamas into one that is more affordable, reliable and sustainable.”

BTC starting GB copper network decommission

THE Bahamas Telecommunications Company (BTC) yesterday said it will decommission legacy copper services in four Grand Bahama communities this Saturday as its new network roll-out nears completion.

The carrier, in a statement, explained it is taking this step because it is on the verge of finishing its new fibre-to-the-home network infrastructure that is designed to improve the customer experience and communications services.

Copper services in the Sunrise Subdivision, Hawksbill, Wellington Pinder Heights, and Glenburn communities will be permanently shut down on March 9, 2024. BTC said customers in these communities can avoid service disruptions by visiting its Pioneer’s Way retail store, or contacting the company by phone or What’s App message at CALL-BTC, 225-5282, to

schedule an appointment to be upgraded.

BTC said the copper network decommissioning comes after that legacy infrastructure was sabotaged multiple times in December and January, which resulted in service outages for scores of customers.

Sameer Bhatti, BTC’s chief executive, said: “We have been plagued with copper theft in several communities in Grand Bahama, and as we are working with the authorities, the best option in the interim is to upgrade our customers to our fibre services to reduce the frequency of service disruptions and provide a more reliable service experience.

“As an added incentive, we are providing a complimentary battery pack for continued connectivity in the event of a power outage for customers upgrading. Our customers have expressed apprehension

about power outages, and the battery pack will help with several hours of power for landline and Internet services. We have teams canvassing the communities, but if you have not been reached yet, we are asking you to contact us as soon as possible.

“BTC is the smart city leader in the country, and this move is another step in our commitment to create smarter cities and safer communities throughout the country. Fibre connectivity enables everything that’s next. As we fiberise New Providence and Grand Bahama, we are also working on major national initiatives, including our roll-out to extend CCTV to hundreds of new areas.”

BTC will continue to decommission copper services throughout Grand Bahama ,and will begin copper deactivation activities in New Providence in the coming weeks.

Four Labour Dept services made accessible via portal

A CABINET minister yesterday disclosed that four additional Department of Labour services will be made digitally accessible to the public via the Government’s MyGateway online portal. Pia Glover-Rolle, minister of labour and the public service, said: “These services are designed to streamline operations, enhance efficiency and, most importantly, augment accessibility for trade unions and their members.” The four new services include trade union registrations; transfers of trade union licences; trade union

document requests; and reports of trade disputes.

This means that Bahamians will be able to complete four labour services online, eliminating the need to fill out paper forms.

“Today, we are making it as convenient as possible for our trade unions to initiate these vital processes. Our ultimate goal is to make our services more accessible and universally available, ensuring that our stakeholders’ needs are met,” Mrs Glover-Rolle said. Staff from the Digital Transformation Unit gave a brief summary of the expanded services.

CHRISTINA ALSTON DYLAN SAWYER

PIA GLOVER-ROLLE

ABACO GAINS ‘MOST ADVANCED’ WATER SYSTEM THROUGH DORIAN

THE Water and Sewerage Corporation’s post-Dorian rebuild has created “world class infrastructure” for Abaco, a Cabinet minister has asserted.

Leon Lundy, minister of state in the Prime Minister’s Office with responsibility for the Water and Sewerage Corporation, said the state-owned water provider’s efforts have created a system with greater resiliency and back-up redundancy capacity.

“One of the key things we have done is to improve back-up supply to so many systems in Abaco - Sandy Point, Crossing Rock, Casuarina Point, Treasure Cay, Blackwood, Cedar Harbour, Moore’s Island, Sweeting’s Cay. All of these systems now have hurricane climate-resistant generators and back-up generation that have been installed post-Hurricane Dorian and have recently been completed,” Mr Lundy said.

“We have a world-class system that was implemented. We are using 33 per cent solar, so we are trying to make sure that it’s resilient and climate ready in order to make sure that we mitigate a lot of the situations that occurred during Dorian.”

Since the September 2021 general election, the poststorm rebuild has involved the commissioning of a new Marsh Harbour pumping station and solar facilities. The latter involved the installation of 540 solar panels generating 221 kilowatts of energy, and the construction of an office building, pumping station,

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storage building, generator building and battery/ inverter house. Other completed projects include the Treasure Cay and Spring City sewerage systems rehabilitation project; major distribution improvement works in Central Pines and Spring City; the installation of climate resilient stand-by power generators at all Water and Sewerage Corporation facilities; the completion of the 156,526 gallon Grand Cay storage tank; and road repairs in Central Abaco during which 4,500 square feet of road was reinstated. The previous Grand Cay storage tank was completely destroyed by Dorian. Reconstruction has resulted in the tank being able to provide five days of back-up supply. Stand-by generators were also installed and commissioned at the Sandy Point, Crossing Rock, Casuarina Point, Treasure Cay, Blackwood and Cedar Harbour pumping stations, in addition to the Moore’s Island and Sweeting’s Cay reverse osmosis plants and pumping stations as part of building resiliency.

Some 5,000 feet of fourinch water mains and 45 water service laterals were installed as part of the Eastern Shores water mains replacement project. The Corporation further facilitated the rehabilitation of the existing water main, and replacement of 360 water service laterals, as part of the Central Pines distribution system improvement project that will improve the system and the water pressure in the area.

It has also installed 300 solar panels, generating 120 kilowatts of power, at the Marsh Harbour Wellfields solar facility in addition to completion of new sewage treatment septic tanks in Spring City.

Other post-Dorian Projects include major water distribution system works in Marsh Harbour, Central Pines, Eastern Shores and Treasure Cay; the major rehabilitation of Treasure Cay and Spring City sewerage systems; the installation of stand-by power generators at all Water and Sewerage facilities in the Abacos; new potable water storage tanks for Marsh Harbour, Treasure Cay and Grand Cay; and the installation of a solar system with auxiliary grid and stand-by power at the Marsh Harbour pumping station and wellfields.

Cyprian Gibson, deputy general manager at the Water and Sewerage Corporation, said new projects expected to start shortly are the expansion of the Sweeting’s Tract water main; major water supply improvement works at Moore’s Island; the expansion of the desalination capacity at Grand Cay; and completion of the Treasure Cay administrative office facility.

Proposed medium-term projects include the extension of the North Abaco Mains; refurbishment of the pumping station in Casuarina’s Point; installation of booster stations in Central Pines and Eastern Shores to improve water pressure in those areas; the refurbishment and upgrade of

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the Treasure Cay pumping station; installation of water mains in Murphy and Dundas Towns; and laterals replacement in Marsh Harbour, Dundas Town and Murphy Town.

“We have done a lot of work to systematically improve the water supply post-Hurricane Dorian,” Mr Gibson said. “Abaco currently has the most advanced water system that we have throughout the Family Islands.

“While there is still work to be done, I think it is important to put it into context that the Water and Sewerage Corporation has invested the most we have ever done in any Family Island post-Dorian. We understand why (that is), given what they went through with Hurricane Dorian.”

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He said: “I mean, come hell or high water we’re going to make the increases ourselves. We can’t keep waiting on them promising that everybody’s getting theirs. It’s just going to happen and as a matter of fact, some people are already doing it. And I don’t have any battles with them against it because it’s such disregard for us as small business persons and we don’t appreciate it.

“You know the folks in the industry are just fed up with promises with no action and quite frankly I am as well. We are trying to get the margins that we need and we need them quickly.”

Glover-Rolle says majority of labour agreements registered

registered, or in the final stages of registration, with the process being made for the additional four now.”

She said that the pace that the Davis administration has been signing industrial agreements is “anything but typical” and that any conjecture of issue with the registration of industrial agreements are “simply unfounded”.

She said: “Any speculation about major issues we are having with registering these agreements is simply unfounded. This is a normal part of the process when it comes to registration. Any adjustments that need to be made, goes back to the registrar completed, normal part of the process. So any suggestion that registration hasn’t been completed is inaccurate.

“Typically, the process takes about two months, and that’s based on typical output. The pace at which we’ve been signing agreements has been anything but typical. The registrar’s office was inundated with an historic amount of agreements, but we’re still completing them. This kind of success has never been seen before. Simple as that, and it’s definitely not been seen under your administration.” Ms Glover-Rolle said there were no issues with employees receiving their wages or benefits outlined in the industrial agreements and that $18m has been given in wages as a result of promotions and benefits negotiated in the completed agreements. She said: “As for the assertion, because there was another assertion that the people had issues with receiving their pay

and benefits in fulfilment of the agreements. Well, it should be noted that in some instances, we didn’t even wait for the agreements to be signed.

“We went ahead and made adjustments in good faith with full confidence that the agreement would be finalized. That $18m increase that you see in the budget in wages and salaries, that is what is entailed. It’s reflected in the budget. That is the $18m as a result of promotions, and benefits of signed, completed registered industrial agreements that the employees have received.

“So I hope that for the benefit of the Bahamian people, and the Leader of the Opposition’s speculation that has now been satisfied.”

She said the Davis admistration plans to sign more industrial agreements in the coming weeks

and are being “proactive” in ensuring agreements are not outstanding long after they have expired. She said: “We’re also targeting the signing of more labour agreements. In fact, we expect a few more will be signed over the next few weeks. For the first time ever, the government is sustaining a consistently proactive approach to labour relations. We aren’t waiting until existing agreements expire about to expire to scramble to the negotiation table.

“We have regular meetings with all labour stakeholders and an open door policy for union leaders and employees to reach out to make us aware of emerging issues as we look ahead to the expiration of a few of the signed agreements over the next few years. We anticipate that we will replicate our current success”

No BPL ‘rush job’ trap on billion-dollar needs

burden, that represents the loan/subsidy provided to BPL to cover its fuel purchase costs after hedging trades were not executed.

The minister, though, provided more details on BPL’s capital investment needs which she also pegged at $500m or halfa-billion dollars. “BPL operates 29 power stations on 17 islands. Over the next five years, BPL will need an investment of over $500m to upgrade its infrastructure,” Mrs Coleby-Davis said.

This, she added, was broken down into a collective $300m investment in new generation assets spread across New Providence and the Family Islands; $130m to upgrade New Providence’s transmission and distribution

network “in the next two years alone”; $35m for the roll-out of advanced metering infrastructure (AMI); and $70m in undefined “other costs”.

“Today, to fix, BPL we need over $500m to address its debts and over $500m to upgrade and improve its aged and deteriorated infrastructure. Mr deputy speaker, that’s over $1bn,” Mrs Coleby-Davis said. However, the Government gave no further specifics on the proposed public private partnerships (PPPs) it is negotiating to get private sector management and investment into BPL to reform its operations.

Mr Myers, who yesterday argued that the Government would be better off fully privatising BPL by selling off its assets and operations to private purchasers, suggested

Bahamian investors would likely be willing to “buy into” the utility once convinced its financial and operational performance was being turned around under the chosen management partners.

“The people should have the right to buy into the utility,” he told this newspaper. “Some of that should be listed on the stock exchange (BISX). At least 30 percent should go to the market. I would have thought at least 30-40 percent would be good. If they get the right management group in I’m sure people will buy in, but they will only buy into it like that with the correct management.” Asserting that solar and renewable energy forms should account “for at least 25 percent at a minimum” of BPL’s power generation needs, Mr Myers said of BPL and wider energy reform: “There’s plenty of money to be made and we can do it fairly where everybody wins. Consumers will pay less, and it will be better managed and more reliable.

“It’s critical it’s not a rush job because it’s [BPL] $1bn in debt, but we do the process and mandate that certain things happen. Privatisation is definitely the way to go if it’s done properly. It should be positive for everybody, and provide opportunities for Bahamians to invest. I would certainly invest in that if it was the right group, was managed properly and the Government did not have an overriding say.”

Mr Myers voiced concern over how the Government has handled the BPL PPP process, given the seeming absence of a competitive bidding process and public tendering to attract all possible offers. “You’ve got to do a proper bidding process,” he added. “I don’t know any of the conditions for this thing. I didn’t even know they were going out for a PPP.”

The Bahamas’ national energy policy commits this nation to source 30 percent of its generation needs from solar and other renewable sources by 2030. “For sure, the cost of electricity is a massive burden to the Government, every single household and business in the country,” Mr Myers told Tribune Business

“At almost triple the cost of most US states, electricity has eroded significant amounts of disposable income for all citizens and reduced the profits of all companies. BPL is an SOE (state-owned enterprise) whose inefficient generation and transmission has unnecessarily cost the Bahamian people billions of dollars over the last 30 years.

“Whatever PPP the Government is considering must be of benefit to the people and not just the shareholders of the new proposed entity. It should not leave the Government with related debt. The

power price to the people should be strictly regulated, and tied to the cost of the most efficient price of oil with future solar photovoltaic (PV) prices built in,” he continued.

“It should consider more efficient modern means of power supply in the Family islands and, last but not least, it should be of a far higher quality than what is being provided currently.”

Rupert Roberts, Super Value’s principal, yesterday voiced fears that BPL’s $1bn financial hole will force power bills to increase despite Mrs Coleby-Davis’ pledge that they will start to “gradually” decline by July 2024.

“The power rates have to go down,” he argued. “They can’t go up. We can’t stand for them to go up. The consumer can’t stand that. I don’t see how they can talk all this money and say it can be reduced. We’re hoping they’re right and there’s going to be a reduction.

Mr Roberts said cheaper, more reliable and cleaner energy “is extremely important”, especially for food store chains such as Super Value which, alongside sectors such as the hotel industry, are among BPL’s biggest customers.

Super Value’s energy costs would have increased to more than $1m per month when BPL’s fuel charge glide path peaked at a 163 percent rise over October 2022 levels last summer, had it not been for its chain-wide solar energy roll-out which contained the hike to around 40 percent. “We’ve completed the first half,” Mr Roberts said of Super Value’s solar installation. “We have to do the adjustments on the inverters to get them to maximum capacity and see what additional space we have on the roof. If that’s not enough, we have to

consider do we put it somewhere there’s space, like big parking lots where people can park underneath it.

“Paying the 163 percent increase, that would have put us over $1m a month.

Payroll used to be our number one [cost], rent used to be our number two and then power. Now, it’s payroll, power and then rent. Power was always number three, and came to number two.”

Despite the ever-escalating cost pressures, Mr Roberts said he had instructed Super Value buyers not to pass this on to shoppers. “I told the buyers that if they were making 23 percent on items, and costs go up, reduce it [the markup] to 20 percent and we’re going to have to make it up on volume,” he added.

Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that calls for cheaper, more reliable and cleaner energy were akin to “preaching to the choir” where the resort industry was concerned.

“Reliable, affordable, consistent electricity, that has always been our position,” he added, “and certainly clean electricity as well.” Mr Sands said energy costs have always been the resort industry’s greatest expense behind labour, and added: “I think the issue, while important for New Providence, which is the centre of tourism, the Family Islands don’t have the same reliability that we do.

“It’s more disruptive to them in the Family Islands, and we’ve certainly been agitating and advocating in the Family Islands for this matter to be addressed.”

PM’s ‘line in the sand’ on wealthy tax evaders

maritime-related taxes and the introduction of a Large Taxpayers Unit focused on businesses making more than $5m annually – not the small corner store or side hustle, but the multi-million dollar businesses that have not been living up to their tax obligations,” Mr Davis said.

He returned to the theme of targeting rich tax delinquents several times in his address, especially when it came to cutting the $800m real property tax arrears mountain. “The vast majority of the real property taxes owed are by owners of high value properties,” Mr Davis said. “A huge percentage of those high-valued properties are second home owners.

“Do we not feel that people who buy these nice vacation homes in some of the most beautiful areas that our nation has to offer should be paying their fair share? Why should they get to skip out on their tax obligations when the average middle class family is living up to their responsibilities? The system of non-enforcement as it existed was patently unfair.

“Everyone is now paying their fair share, Mr deputy speaker. No exceptions. And it doesn’t matter how much money you have, how much power you have, or who you know. The Department of Inland Revenue has stepped up to ensure that tax collection is done in a fair, transparent and efficient manner.”

Mr Davis, also reiterating that the Government has no plans to introduce personal income tax or other incomerelated taxes “at this time” apart from the 15 percent minimum global corporate tax on entities that are part of multinational groups generating 750m euros or more annually, admitted that The Bahamas’ regressive tax regime merits reform.

Acknowledging that this causes lower income Bahamians to pay proportionally

more of their income in taxes than their wealthier counterparts, he added: “Instead, our approach is focused on ensuring that those who can afford to pay their taxes live up to their obligations to the Government. “This is what Bahamians have wanted for years. People have often said that before the Government introduces any major new taxes they would like to see better enforcement and collection of the existing taxes so that we are maximising opportunity for revenue generation under the current system. This is exactly what we are successfully doing now. “Decision and priorities, Mr deputy speaker. That is what budgets are all about. We’ve made an important decision to draw a line in the sand when it comes to the collection of taxes from those who have avoided their responsibilities for years despite being among the wealthiest people and businesses in our nation,” Mr Davis continued. “I know there are some who are angered by our approach. They’re thinking: ‘How dare we go after the elite?’” Some people have been evading their Business Licence fees, their Customs duties and their real property taxes for so long it now feels like they’re being targeted when we ask them to finally pay what they owe.

“As the quote goes: ‘When you’re accustomed to privilege, equality feels like oppression’. But this is a New Day. And we are building a new, fairer Bahamas.” Mr Davis also hit out at suggestions that “droves of businesses” and investors will leave The Bahamas as a result of introducing the 15 percent minimum global corporate income tax on entities that qualify for the 750m euro annual threshold.

He argued that, with virtually all countries committed to implementing the same tax, there will be a ‘level playing field’ and nowhere for entities seeking to dodge this initiative to hide. Referring to the version that The Bahamas plans to adopt, known as the Qualified Domestic Minimum Top-Up Tax, Mr Davis asserted that “not a single Bahamian-owned venture” will be impacted.

That remains subject to potential challenge, given Bahamian ownership in the likes of Commonwealth Brewery, which is majorityowned by global brewing giant, Heineken. Still, the Prime Minister said: “As much as I’d like to live in a future in which many Bahamians own multinational companies bringing in nearly $1bn a year, we are not there yet as a country.

“So, we can safely say that not a single Bahamianowned venture will be directly affected by this tax.

And through this tax, we hope generate an additional $140m per year in government revenue.” As for fears of a corporate exodus, Mr Davis added: “The vast majority of countries in the world, including those like us who didn’t previously have corporate income taxes, will be introducing similar regimes or face the threat of blacklisting and other possible consequences. Rather than wait around to be accused of non-compliance, we have taken proactive action to introduce this corporate income tax.

“Our prospects as an appealing jurisdiction for investments and the operation of multinational corporations are just as strong as they ever were. If these companies don’t pay their tax here, they would simply have to pay the same tax to their home jurisdiction. We have managed to retain many of our competitive advantages as all nations will be on the same playing field in relation to corporate income taxes.

“So, if they are operating here and we have the opportunity to get 15 percent of their taxes, we need to collect it here. It only makes sense. It is only prudent for us to make sure they pay their fair share here and not in their home jurisdiction,” the Prime Minister continued.

“But the bigger point here, the one that speaks to the true importance of this change is: Why should companies operating within The Bahamas making more than 750m euros per year not contribute at all to our country?

“Why are there people complaining about this change? How does the status quo benefit us? It is past time that we changed the rules so that everyone who benefits from being in The Bahamas pays their fair share for being in The Bahamas.”

Mr Davis and Michael Pintard sparred over the Opposition leader’s assertion that the Prime Minister was misleading the House of Assembly and

the Bahamian people by suggesting that the Government will collect $140m in revenue in 2024 from the 15 percent minimum corporate income tax.

With The Bahamas yet to enact legislation to give effect to the Qualified Domestic Minimum Top-Up Tax, let alone implement it, Mr Pintard argued that with other countries having already effected their version this nation has already foregone an estimated $13m in monthly revenues for January, February and March as these will be earned by qualifying entities’ home country jurisdictions.

The Prime Minister, in response, sought to turn the tables on Mr Pintard by arguing that he never said the Government will collect $140m from the Qualified Domestic Minimum Top-Up Tax this year and that, as result, it was the Opposition leader who was being misleading.

PHILIP DAVIS KC

Pintard: Deficit ‘will be $400m or higher’

“The revenue enhancement measures we’ve rolled out are expected to keep us on track to arrive at our goal of revenue making up 25 percent of GDP in just a few years.” However, Mr Pintard yesterday asserted that “wishful thinking” is exactly what the Prime Minister’s deficit projections are.

The Marco City MP, basing his prediction on the Government’s halfyear fiscal performance for the six months to endDecember 2023, told the House of Assembly: “We expect, unfortunately for us, that their deficit figure is likely to be somewhere around $400m. It may be even higher but, certainly, it wasn’t important enough for the mover and seconder of this resolution to mention that in their notes.”

The “mover” and “seconder” were the Prime Minister and Jobeth Coleby-Davis, minister of energy and transport, respectively. The GFS deficit measures by how much the Government’s spending in the current 2023-2024 fiscal year exceeds its revenue income, with the figure that materialises representing what is added to the $11.5bn national debt.

It remains to be seen who is correct - Mr Davis and the Government, or Mr Pintard and the Opposition - and the former is right that the bulk of the Government’s revenues are earned during the fiscal year’s second half due to it coinciding with peak winter tourism season activity.

And, while the half-year deficit overshot the full-year target by $127.6m in just six months, Simon Wilson, the Ministry of Finance’s financial secretary, previously told Tribune Business that the Budget’s cyclical nature meant it was impossible to predict the full-year outcome based on the first six months’ performance.

However, while the Government generated a collective $30m fiscal surplus for the four months covered by the 2022-2023 winter period, it subsequently incurred a $288m deficit for May and June 2023 as multiple ministries, departments and agencies raced to have bills paid before that fiscal year closed.

Based on such trends, while the Government is likely to run a larger fiscal surplus for the 2023-2024 winter months - say $100mit will also probably incur a deficit of at least $200m for the May/June period. Using such estimates, which are admittedly conservative, would put the full-year deficit around $350m.

Such a figure, while lower than Mr Pintard’s, would place the deficit within the range forecast by the International Monetary Fund (IMF). The IMF, in its statement on the annual Article IV consultation with The Bahamas, estimated the current fiscal year’s deficit will be “considerably larger than that expected in the Budget” at a sum equal to 2.6 percent of gross domestic product (GDP).

This is almost triple the Davis administration’s

forecast of a deficit equivalent to 0.9 percent of GDP or total Bahamian economic output. The IMF’s prediction, if accurate, would mean that the deficit - which measures by how much government spending exceeds its revenue income - would balloon to around $378.73m compared to the Government’s $131.1m forecast.

A $350m deficit would, though, still represent a significant achievement for the Government as it would be equal to a $183m or 34.4 percent reduction compared to 2022-2023’s $533.4m worth of ‘red ink’. This would signal that the Davis administration is keeping the deficit on a downward trajectory, albeit the reduction is slower than projected.

Mr Pintard, though, yesterday argued that the Government has a “credibility challenge” through sticking to its $131.1m deficit and other fiscal forecasts even though - in his opinion - they are unlikely to be met.

“This is precisely why many creditors as well as multilateral institutions evaluating us, and investors - domestic and international - are having problems doing business and, in fact, lending money to this administration because the view is it is very difficult to believe their economic plan or fiscal plan. We have a challenge with the credibility of the Davis/ Cooper administration,” he argued.

There have been signs, though, that a higher-thanprojected government deficit has already been anticipated and priced-in by Bahamian and international investors. Mr Pintard, though, also pointed to the fact that the Government has quietly adjusted the 5.5 percent economic growth projected for the 2023-2024 fiscal year to just 1.1 percent in the mid-year Budget.

The original Budget, presented in May, forecast that the Bahamian economy would grow five times’ faster in 2023-2024 based on gross domestic product (GDP) measures that strip out inflation’s impact. Getting GDP growth estimates correct is critical because this is the main driver of the Government’s income and a major determinant of whether revenues will come in on target.

“They have since revised the growth rate for our economy, I believe, to 1.1 percent,” Mr Pintard said, “in the same book they love to refer to, and in which they are now scrambling to find the page and line item. It’s very interesting that they didn’t bother to include that in the Prime Minister’s presentation.” A check of the mid-year Budget book shows GDP in constant prices has indeed been reduced to 1.1. percent.

“This administration, in the midst of its mid-term report, must hit the reset button,” the Opposition leader added. “The way this administration is heading will not produce the kinds of benefits we need.... We are deeply concerned about the direction at the midyear point.”

TSA UNVEILS PASSENGER SELFSCREENING LANES AT VEGAS AIRPORT AS 'A STEP INTO THE FUTURE'

By KEN RITTER Associated Press

FEDERAL airport security officials unveiled passenger self-screening lanes Wednesday at busy Harry Reid International Airport in Las Vegas, with plans to test it for use in other cities around the country.

"How do we step into the future? This is a step," said a system designer, Dimitri

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Kusnezov, science and technology under secretary at the U.S. Department of Homeland Security. "The interface with people makes all the difference."

The Transportation Security Administration checkpoint — initially only in Las Vegas, only for TSA PreCheck customers and only using the English language — incorporates a screen with do-it-yourself instructions telling people how to smoothly pass themselves and their carry-on luggage through pre-flight screening with little or no help from uniformed TSA officers.

"We want to avoid passengers having to be patted down," said John Fortune, program manager of the Department of Homeland Security's "Screening at Speed" program and a developer with Kusnezov of the prototype.

Instead of a boxy beltfed device using a stack of gray trays, the futuristic-looking baggage and personal belongings inspection system looks like a scaled-down starship medical magnetic resonance imaging machine. It uses an automated bin return that sanitizes trays with germkilling ultraviolet light between users.

Travelers step into a separate clear glass body scanning booth with a video display inside showing how to stand when being sensed with what officials said is the type of "millimeter wave technology" already

in use around the country. A reporter found it sensitive enough to identify a forgotten handkerchief in a pocket. He did not have to remove his shoes.

"Really, one of the main aims here is to allow individuals to get through the system without necessarily having to interact directly with an officer and ... at their own pace," said Christina Peach, a TSA administrator involved in the system design. "It's also about not feeling rushed."

Nationally, nearly all passengers who pay to enroll in the TSA PreCheck program pass through screening in 10 minutes or less, agency spokesman R. Carter Langston said, while regular traveler and carryon screening takes about 30 minutes.

Peach said eight uniformed TSA officers might be needed to staff two lanes of the new system, compared with 12 officers in lanes today.

However, Kusnezov and Karen Burke, TSA federal security director in Nevada, said agents including union members would just be freed from handson screening to focus more attention on broader security concerns.

"No one is going to lose their job," Burke said. Fortune declined to estimate the cost of designing the system, but he said the type of scanners used were similar to ones already deployed around the country.

A TSA official demonstrates new screening equipment at Harry Reid International Airport, Wednesday, March 6, 2024, in Las Vegas.

Photo:Ty ONeil/AP

MICROSOFT ENGINEER SOUNDS ALARM ON AI IMAGEGENERATOR TO US OFFICIALS AND COMPANY'S BOARD

By MATT O'BRIEN

AP Technology Writer

A MICROSOFT engineer is sounding alarms about offensive and harmful imagery he says is too easily made by the company's artificial intelligence image-generator tool, sending letters on Wednesday to U.S. regulators and the tech giant's board of directors urging them to take action.

Shane Jones told The Associated Press that he considers himself a whistleblower and that he also met last month with U.S. Senate staffers to share his concerns.

The Federal Trade Commission confirmed it received his letter Wednesday but declined further comment.

Microsoft said it is committed to addressing employee concerns about company policies and that it appreciates Jones' "effort

in studying and testing our latest technology to further enhance its safety." It said it had recommended he use the company's own "robust internal reporting channels" to investigate and address the problems. CNBC was first to report about the letters.

Jones, a principal software engineering lead whose job involves working on AI products for Microsoft's retail customers, said he has spent three months trying to address his safety concerns about Microsoft's Copilot Designer, a tool that can generate novel images from written prompts. The tool is derived from another AI image-generator, DALL-E 3, made by Microsoft's close business partner OpenAI.

"One of the most concerning risks with Copilot Designer is when the product generates images that add harmful content

despite a benign request from the user," he said in his letter addressed to FTC Chair Lina Khan. "For example, when using just the prompt, 'car accident', Copilot Designer has a tendency to randomly include an inappropriate, sexually objectified image of a woman in some of the pictures it creates."

Other harmful content involves violence as well as "political bias, underaged drinking and drug use, misuse of corporate trademarks and copyrights, conspiracy theories, and religion to name a few," he told the FTC. Jones said he repeatedly asked the company to take the product off the market until it is safer, or at least change its age rating on smartphones to make clear it is for mature audiences. His letter to Microsoft's board asks it to launch an independent investigation

that would look at whether Microsoft is marketing unsafe products "without disclosing known risks to consumers, including children."

This is not the first time Jones has publicly aired his concerns. He said Microsoft at first advised him to take his findings directly to OpenAI.

When that didn't work, he also publicly posted a letter to OpenAI on Microsoft-owned LinkedIn in December, leading a manager to inform him that Microsoft's legal team "demanded that I delete the post, which I reluctantly did," according to his letter to the board.

In addition to the U.S. Senate's Commerce Committee, Jones has brought his concerns to the state attorney general in Washington, where Microsoft is headquartered.

Jones told the AP that while the "core issue" is with OpenAI's DALL-E model, those who use OpenAI's ChatGPT to generate AI images won't get the same harmful outputs because the two companies overlay their products with different safeguards.

"Many of the issues with Copilot Designer are already addressed with ChatGPT's own safeguards," he said via text.

A number of impressive AI image-generators

first came on the scene in 2022, including the second generation of OpenAI's DALL-E 2. That — and the subsequent release of OpenAI's chatbot ChatGPT — sparked public fascination that put commercial pressure on tech giants such as Microsoft and Google to release their own versions. But without effective safeguards, the technology poses dangers, including the ease with which users can generate harmful "deepfake" images of political figures, war zones or nonconsensual nudity that falsely appear to show real people with recognizable faces. Google has temporarily suspended its Gemini chatbot's ability to generate images of people following outrage over how it was depicting race and ethnicity, such as by putting people of color in Nazi-era military uniforms.

NOTICE

NOTICE is hereby given that

KRISHNADAT PERSAUD of P.O. Box SS-6542, Jean Street, Hillside Park, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RENALDO DORVAL of #2 Boathook Avenue, Freeport, Grand Bahama, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FUNTASHA CHARLES Blackwood, Eleuthera, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of March 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that EPHESIAN TERRAN EUGENE of P. O. Box N-9426, Oxford Avenue off Blue Hill Road, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of March, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that NADEGE MEZADIEU Johnson Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of February 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PM: ‘Fundamentals’ of BPL deal now agreed

Government is mulling whether to split BPL into three separate entities. Two new companies would be created under this structure - one responsible for power generation, the other for transmission and distribution (T&D), which covers all the utility’s poles, wires and substations.

Kyle Wilson, the Bahamas Electrical Workers Union’s (BEWU) president, has confirmed that Pike Corporation and its subsidiary, Pike Electric, headquartered in the Carolinas are the frontrunners to take over BPL’s T&D business based on his meeting with Jobeth Coleby-Davis, minister of energy and transport, and her adviser, former BPL chief operating officer, Christina Alstom.

Meanwhile, several sources have suggested that Shell, which under the Minnis administration won the bidding process for outsourcing New Providence’s baseload generation via the development of a new 225 Mega Watt (MW) power plant at Clifton Pier, may be a contender to take over generation again.’

This may possibly be in partnership with BISXlisted FOCOL Holdings, which is presently engaged in a $25m rights offering and could be tapped to participate in supplying liquefied natural gas (LNG) to BPL’s Clifton Pier plant. Sir Franklyn Wilson, FOCOL’s

BAHAMAS POWER AND LIGHT (BPL) HEADQUARTERS

chairman, and Dexter Adderley, its president and chief executive, both declined to comment.

BPL, as Bahamians now know it, would be left responsible for the back office - customer service, billing, collection. Meanwhile, Mrs Coleby-Davis also gave little away in terms of details on the BPL deal while setting out her’s and the Government’s vision for the utility during her mid-year Budget presentation.

“We must fix BPL. We must rescue this sector. We have a plan, and we believe that our plan is transformative and market leading,” she asserted, adding that this involved reduced electricity prices, more reliable supply and the use of cleaner and more environmentally-friendly fuels. Besides the ongoing bidding processes to supply 100 Mega Watts (MW) and 60-100 MW of solar and other energy forms on the

Family Islands and New Providence, respectively, Mrs Coleby-Davis said the Government was focused on ensuring BPL has 340 MW of New Providence generation assets to meet present demand and “and be in a better position to meet forecasted growth in coming years”.

“This requires replacing aged or obsolete generation, purchasing considerable additional new generation and introducing LNG to increase efficiency of the generating assets, lower the overall cost and reduce environmental impacts,” she added.

“Mr deputy speaker, ours is a multi-pronged approach aimed at the revitalisation and modernisation of BPL. These steps are essential, but BPL does not have the financial resources to execute the plan. Therefore, it is paramount that we attract capital and expertise where needed to ensure that we build a robust and resilient

utility capable of servicing the Bahamian people for generations to come.

“Our goal is to select partners who are best in class and have the global reach to achieve that gold standard.... As we roll out our plan, Mr deputy speaker, we are aiming to see a reduction in electricity bills being felt gradually by our consumers by July 2024 and greater improvements in the reliability and resiliency of our energy sector by the end of year.”

That will be aided by the imminent end of BPL’s fuel charge glide path. Mrs Coleby-Davis also reiterated the Government’s previous pledges that BPL will not be privatised or sold, and that there will be no staff lay-offs or attempts at “union busting”.

Michael Pintard, the Opposition’s leader, meanwhile hit out at the seeming lack of “competitive bidding” for the BPL public-private partnership (PPP) structures. Noting Mrs Coleby-Davis’ assertion that the Government’s BPL plan is “transformative”, he added: “We certainly don’t believe that, but even if it is transformative it certainly isn’t transparent because we don’t know what the plan is.”

Arguing that BPL employees, stakeholders, the public and entities that may have been interested in bidding were unaware of the Government’s intentions, Mr Pintard said: “The

minister makes the point this is what the deal is not. My God, we hired them to tell us what the deal is, and so we are concerned. We are still not clear on what the nature of the arrangement is.”

The Marco City MP demanded disclosure of “a plan of action, including a timeline” and specific details on the Government’s objectives for BPL and the wider energy sector since cheaper, more reliable electricity is critical to sparking higher economic growth rates than the 1.1 percent GDP expansion projected for the 2023-2024 fiscal year in the mid-year Budget book.

Pointing out that the Electricity Act will have to be amended to accomplish the Government’s plans for BPL, Mr Pintard added: “The reason I believe the minister has not announced the details is because they have not yet worked them out.”

Mr Davis had earlier said energy reform was central to the Government’s plans to ease the cost of living crisis for many middle and lower income Bahamian families. “Prices are too high, interruptions to service are too frequent, and our aging energy grid cannot handle current needs, let alone growing needs,” he acknowledged. “To create a successful 21st century economy, we need a 21st century energy grid. Transforming, modernising and upgrading our

old, deteriorating energy infrastructure is a matter of real and serious urgency.

At the same time, and as you will hear in more detail from the minister of energy, BPL’s financial condition is dire – saddled with legacy debts and unfunded obligations.

“To add to the complexity and challenge, we are moving to upgrade our grid to be more efficient and to accommodate renewable energy at the same time that many countries in the world are attempting to do the same, and waiting times for critical materials are growing. The wait times are long and getting more elongated,” Mr Davis added.

“Mr deputy speaker, we are not daunted by the complexity of these challenges. We have been moving forward on four fronts – solar energy for our Family Islands, solar energy for New Providence, LNG as a partner fuel, and the transformation of our infrastructure.

“These are all critical, and all inter-related – all necessary to lower prices, increase reliability, add cleaner energy, upskill and train BPL workers – and strengthen the financial position of BPL, so that we can carry out these transformative changes and meet our commitments to our Bahamian workers. In the coming weeks, we will be concluding complex negotiations and the RFP process....”