While the government has no plans now to restructure the Bahamas Electricity Corporation (BEC), Deputy Prime Minister Philip Brave Davis said the option may be considered in the future if it can lead to lower electricity costs for Bahamians.
The Progressive Liberal Party (PLP) promised to initiate a plan to lower the cost of electricity within its first 100 days.
"In our quest to lower costs, if restructuring would contribute to that, that would be an option to be considered," he told The Nassau Guardian yesterday.
"We have been reviewing a number of proposals in respect to means by which we could cut energy costs and we are exploring all of those, and very shortly you will be seeing a statement from us,"said Davis, who has oversight of BEC. He revealed that plans will be announced by August 16.
The Guardian understands that the government had a meeting with a company that builds and maintains power plants last week. The company reportedly proposed a plan to save BEC millions of dollars in fuel costs over the next five years.
Last month, BEC Chairman Leslie Miller revealed that the government is considering privatizing BEC.
"The government has mandated that BEC will probably be privatized but the caveat is that we will sell no [more] than 40 percent of the shares of BEC to any foreign entity," said Miller.
"There is a quest to privatize BEC at some point in time, so it very well may take place."
Miller added that no decision has been made on the issue as yet.
From 2007 to 2011, BEC spent $1.46 billion on fuel, according to Miller.

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