The proposed Bahamas Power and Light (BPL) rate reduction bond is an ill-timed hard pill to swallow that would only further skepticism and mistrust of the government at this time, Executive Director of the Organization for Responsible Governance (ORG) Matt Aubry said yesterday. “This comes at a difficult time,” Aubry told Guardian Business yesterday when asked for an alternative to the proposed mandatory fee which would – if the tabled Electricity Rate Reduction Bond Bill is passed – be added to the bills of every electricity consumer in the country. “I don’t think from the public sector side or from the private sector side that this is a very satisfying endeavor. It’s a hard pill to swallow and in the face of some slight gains in areas of ease of doing business, having this rate reduction bond come forward… It is a hit at a time when we need to foster economic development.” The bond, which has been officially dubbed the National Utility Investment Bond, is being proposed to refinance BPL’s $321 million legacy debt by raising $350 million over 20 to 25 years.

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