BPL REQUIRES $4M ‘TRI-FUEL’ INVESTMENT

FROM PAGE A22 originally envisioned. And that has resulted in some eating or eroding of some of the fuel savings benefits that were envisioned with the project, as well as some of the operational performance issues.

“To be more specific, the engines were originally supposed to be tri-fuel engines and a standalone plant. I think some events occurred during the planning phase of that that required an immediate need for additional capacity, as well as the time constraints. And so there were some modifications made to the original design, and that has resulted in the production ability of those units to produce as they are designed to be [becoming] somewhat compromised.”

However, sources close to the Minnis administration described the “tri-fuel capable” concerns as a red herring. They explained that, since the supply of LNG was several years away under the terms of the agreement fraud; two counts of conspiring to falsify accounts; two counts of conspiracy to commit fraud by false pretences; and conspiracy to commit money laundering. then being negotiated with Shell North America, there was never any intention that the Wartsila engines immediately be fitted out or made able to burn this fuel source. Instead, the focus was placed on ensuring their optimal use of HFO, which is cheaper than diesel.

Subsequently, the Supreme Court blocked the Bahamas government from - temporarily at least - giving the US permission to bring these charges against Mr Bankman-Fried.

And Justice Loren Klein also gave the imploded crypto exchange’s chief the go-ahead to launch a Judicial Review challenge against two Cabinet ministers, Mr Mitchell and Ryan Pinder KC, the attorney general, over assertions he has “a right to be heard” before this nation decides whether to allow US federal prosecutors to proceed with new counts and charges added after Mr Bankman-Fried was extradited to New York just prior to Christmas 2022.

Mr Cambridge, meanwhile, explained why BPL and the Government elected not to continue with Wartsila’s operations and maintenance (O&M) contract. “The Wartsila plant, I think, started somewhere around 2018. We first got commercial power from that unit in December 2019. At that time, the decision was made to put the operation and maintenance of that plant in the hands of the O&M, which would be Wartsila,” he added.

“So, they had a two-year contract, which was subsequently extended for another year into a third year. But in reviewing that contract, we had some concerns. And not really with Wartsila, but just with the efficiency of that, the efficacy of that pool arrangement from a financial and operational perspective. And

The FTX founder’s case has already been split into two separate trials over “uncertainty” as to when The Bahamas would make a decision on whether he could be tried on additional charges.

Judge Kaplan, in a late June 15, 2023, order, ruled that Mr Bankman-Fried will be tried separately on March 11, 2024, on the charges that did not form part of his extradition from The Bahamas. He issued the order “in view of the uncertainty” over whether The Bahamas will give permission for the ex-FTX chief to be tried on these counts just two days after Justice Klein’s ruling.

Mr Bankman-Fried’s original October 2023 trial will thus proceed only on the offences for which he has been extradited. Mr Williams, in arguing that the case be split into two trials, said the FTX founder’s so we made the decision to cancel that contract in December 2022, and we’ve taken over the management of the O&M ourselves.”

Mr Cambridge said this summer’s heatwave has sparked the “highest consumption peak on record” of 278 MW for New Providence. BPL had planned for a peak of 265 MW, with current available generation capacity standing at 300 MW.

To further boost generation capacity, BPL will invest around $40m in a solar farm that is expected to come online by late 2024. “The returns and the benefits from that outweigh the costs,” Mr Cambridge added. “We will see that type of capital investment is driving down the fuel costs, and basically, our estimates are that that’s going to result in about a two cents per kilowatt hour decrease in the fuel charge. Based on our current sales and production, every one cent is about $15m a year in revenue when you look at it in terms of on average.

BPL also plans to commission a tariff study to restructure its rates. Mr Cambridge said the utility

“I’m not threatening. This is the point which some in industry don’t seem to understand. Every taxpayer has an obligation to pay the taxes which have been assessed,” he added. “If they don’t pay the taxes that are assessed, they run the risk of action by the Government. That has to be clear. That’s not a threat. That’s the law.

“It’s best people familiarise themselves with the law as opposed to asking for special treatment. We cannot fund the country on special treatment. We cannot fund a billion dollar corporation. I have to pay and provide services for the entire country from the taxes we collect.” decision to bring litigation in The Bahamas meant this nation’s “consent” to the additional charges may not be obtained until after the initial trial date. has not enjoyed an increase in its base tariff, which is supposed to cover all its operating expenses. since 2010. The utility is working on releasing a Request for Proposal (RFP) to secure a consultant who will advise on this project and conduct the necessary studies.

“In light of the uncertainty concerning when The Bahamas will render a decision with respect to specialty, and to simplify the proof at trial and decrease the burden of trial preparation on the defendant, the [US] government is prepared to proceed to trial as scheduled on the counts contained in the original Indictment, and to consent to discretionary severance.... of the additional counts contained in the [last] indictment,” Mr Williams said in mid-June 2023.

“The [US] government respectfully requests that the court schedule trial on these counts for the first quarter of 2024, or the nearest time thereafter convenient to the court, pending resolution of the government’s request for a specialty waiver [from The Bahamas].” Judge Kaplan duly granted his wish.

“Once the tariff study is completed, we will be working along with our stakeholders on a strategy for rate adjustments across all classes. This will be a major undertaking but, inevitably, it will reap the benefits for a leaner, greener utility where efficiencies drive down the cost of energy and, at the same time, create the energy security we need in a small country,” Mr Cambridge said.

Among the concepts that this will introduce are “budget billing, time of use, demand side and EV (electric vehicle) rates” in order to transform BPL into a modern utility. The process is expected to last between six to 12 months, but Mr Cambridge did not commit to a timeline when the RFP will be issued.

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