Search results for : Nassau airport development company
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The Hon. Philip Davis, Deputy Prime Minister and Minister of Works and Urban Development underscored the Government's commitment to bring about reform of the Bahamas Electricity Corporation (BEC)...
Nassau, Bahamas --
Airport officials hope to hit a high note with passengers and Bahamian
entertainers with the introduction of a
summer performance series in the new US Departures terminal at Lynden Pindling International Airport.
week, Nassau Airport Development Company (NAD) issued an appeal to
local artists from magicians to musicians to submit profiles and demos
for consideration. Successful entertainers will be scheduled to perform
during weekends in the peak traffic season between
July 2- September 4...
The restructuring of the Bahamas Electricity Corporation (BEC) will be a mirror of what was done at the Lynden Pindling International Airport. A private management company will be selected to manage BEC, according to a predesigned business plan, with the government maintaining 100 percent ownership of the utility.
Deputy Prime Minister and Minister of Works Philip Brave Davis told Guardian Business on Wednesday that within two weeks the government will commit to a management company, and this company will have certain demands with which it must comply.
New management structure
Guardian Business understands that in the matter of a management company for what Davis called "a new BEC", three entities remain at the table. At one point, InterEnergy, China State Construction Engineering Corporation (CSCEC), PowerSecure, Caribbean Power Partners and Genting were all bidding, but it appears that only China State Construction Engineering Company, Cayman Islands-based InterEnergy and PowerSecure remain.
The move confirms earlier indications that the government had changed its intentions for restructuring BEC. Initially, the request for proposals (RFP) associated with revamping BEC was to involve breaking the corporation into separate power generation and distribution entities. Subsequent communications from the government seemed to suggest that this path was no longer the favored one, and with the discussion of a new company to manage BEC, Davis has confirmed the direction in which the government intends to go. Davis said the government has sought to identify a strong, technically capable and experienced company to manage BEC.
"This management company will have significant autonomy and operate subject to a business plan which addresses the specific objectives of government," Davis said. "We will seek to cause that business model to basically mirror that which the Nassau Airport Development Company (NAD) has for the management of the Lynden Pindling International Airport (LPIA). Like the airport deal, the government will retain 100 percent ownership of BEC."
Davis said the government would commit to a management company that can guarantee the reduction of the cost billed to the customer to an average of less than 30 cents per kilowatt hour (KwH) within 24 months from commencement of the contract.
"Given that the current all-in-cost base of BEC per KwH is close to 44 cents, with customers being billed on average 40 cents, this represents more than a 30 percent reduction. When reflected onto The Bahamas at large, this reduction will save business and residential consumers close to $200 million," he said, adding that the significant savings in fuel will reduce the strain on U.S. dollar reserves.
New Electricity Act
The management company will work to meet the government's objectives, Davis said, and must introduce best-in-class operational practices; environmental stewardship including the remediation of existing liabilities, and state-of-the-art training for its employees. All of this must be developed within a progressive legislative framework.
"My ministry is collaborating with the attorney general's office and BEC to create a new Electricity Act, which provides for new innovations at BEC, enables the energy policy and empowers the Utilities Regulation and Competition Authority (URCA) as the regulator of the sector," Davis said.
The next two years
Davis said the government, in consultation with KPMG, has defined the ways in which fuel and other costs will be reduced throughout the supply chain.
"The first path to cost reduction is through the implementation of an incentive regime for the management company. This regime prescribes a significant portion of the management company's remuneration based on achieving service level targets related to fuel efficiency, rationalization of cost and significant improvements in reliability, that is, fewer and shorter power cuts," he said.
"Effectively, the more efficiently and reliably the new BEC operates, the more the manager will get paid."
Davis said the government intends to "dramatically" change BEC's fuel mix, currently heavily weighted - too heavily, many say - towards light fuel oil.
"Existing diesel generators will be refurbished and improved, and the least efficient engines will be retired. New dual fuel generators will be installed over the first 24 months," he said. "Within that same 24 months, the management company will introduce a new base load dual fuel generation plant in New Providence, minimizing the need to use the combustion turbines."
Nassau, Bahamas - Today, Vernice Walkine (left) officially assumes the role of President & CEO at Nassau Airport Development Company (NAD). She is the first Bahamian to be appointed to this role at the airport management company formed six years ago to redevelop Lynden Pindling International Airport (LPIA).
More than a month has passed now since Prime Minister Perry Christie returned from Beijing, China, and despite initial reports that he would name the company chosen to manage the Bahamas Electricity Corporation (BEC) upon his return from China, no announcement has been made to date.
And now, according to comments from Bahamas Electricity Corporation (BEC) Executive Chairman Leslie Miller, the administration's delay in completing the deal is having a material cost. Without the deal in place, BEC cannot move forward with its plan to provide power for Baha Mar when it opens next month. The plan could cost up to $200 million, Miller said.
In fact, after Christie's return from Beijing, the decision to announce the company selected was again put on hold, this time until after the Caribbean Energy Security Summit hosted by U.S. Vice President Joe Biden in Washington, D.C. at the end of January. At that meeting, the prime minister said he had been given the assurances he needed about the integrity of one of the shortlisted companies and that an announcement was imminent.
Following Christie's return from D.C., Guardian Business revealed that PowerSecure International, Inc., - which some insiders said had
supposedly topped the shortlist may already have been awarded the contract, given Deputy Prime Minister Philip Brave Davis' statement that a company had been selected - is facing two separate class action lawsuits filed in U.S. district court accusing the power management company of securities fraud. It appeared then that Christie had delayed the announcement until he was given assurances of the company's integrity - which were reportedly given by U.S. Secretary of State John Kerry, among others.
Still, no announcement has been made.
As noted, Miller's assertion - made in the context of discussing BEC's plans to provide sufficient power for the mega resort scheduled to open on March 27 - underlines the cost of the Administration's delay.
Miller said, "Right now are waiting now for the Prime Minister and the Cabinet to give approval to whomever that partner is going to be that will be responsible for the management of BEC. We have plans for a new [128 MW] plant at Clifton, which will give us more than sufficient power to enable us to undertake that investment, which is going to be about $185-200 million, including the transmission lines to move that power from Clifton up town. "That's a major investment that will have to be made jointly between the board and the new management of BEC. So until the government finalizes a agreement with whoever they're going with, that sort of puts us in a corner," said Miller.
Observers had assumed that Christie would use the occasion of the mid-year budget debate to announce the company selected to manage BEC, but he opened that debate without addressing the matter at all.
In 2013, the government announced a restructuring and at least partial privatization of BEC. In the beginning, the proposal was to split the company into two wings: one for power generation and the other for power distribution. Christie later decided that the focus ought to be on dealing with BEC's $450 million "legacy debt" and abandoned the idea of breaking BEC up, instead choosing to pursue a management agreement with a company that could deal with the debt. Christie and Davis have both identified the Nassau Airport Development Company (NAD) as the model for this path.
At one point, it was believed that China State Construction and Engineering Company (CSCEC) - the parent company of Baha Mar/British Colonial Hilton investor China Construction America - was the front-runner. However, once the terms of the deal changed and the Christie administration focused on management and debt restructuring, CSCEC appeared to lose interest.
Cayman-based Inter-Energy was the other shortlisted company.
Bahamas - Chairman of the Board of Nassau
Airport Development Company (NAD), Anthony McKinney, today announced the
appointment of Vernice Walkine to the position of President and CEO, expected
to take effect in March of 2013, and thanked outgoing CEO, Stewart Steeves, for his significant contributions
over the past six years.
was Vernice the first Bahamian executive on the team in her role as Vice
President of Marketing and Commercial Development, she is the first woman to
have the top job at our airport," said McKinney. "Vernice joined NAD two years
Nassau, Bahamas - Chairman of the Board of Nassau Airport Development Company (NAD), Anthony McKinney, today announced the appointment of Vernice Walkine to the position of President and CEO, expected to take effect in March of 2013, and thanked outgoing CEO, Stewart Steeves, for his significant contributions over the past six years.
Vancouver Airport Services delivers on its mandate to add Bahamian talent to the executive ranks Nassau, Bahamas -- NAD's President & CEO, Mr. Stewart Steeves, today announced the appointment of Mr. Kevin McDonald to the position of Vice President of Maintenance & Engineering, effective January 1st, 2012.
It is always a pleasure to address The Bahamas Business Outlook forum. It gives me an opportunity to share with you my vision for the future of The Bahamas and to provide an update on the activities of my government, particularly as they relate to economic development. You have a striking theme this year...