NASSAU, BAHAMAS — The government is being urged to "do everything possible" to reduce the cost of energy, with the cost and consistency of the country's electricity supply being described as "nowhere near good enough for a 21st century Bahamas."
The Bahamas Federation of Retailers in a statement noted that the consistency of supply and the elevated price of electricity continues to be a concern in The Bahamas.
"Power outages and high costs have a severe impact on the cost of doing business and dramatically impact productivity," the BFR said.
"Most businesses literally cease to operate when the power goes off and most also risk damages and losses to their infrastructure or inventory or both every time the electricity dips or drops. This is not a new phenomenon.
"Bahamian businesses and Bahamian citizens have been complaining about the cost and consistency of the power supply for generations. While some progress has been made, it's still nowhere near good enough for a 21st-century Bahamas."
The statement continued: "The BFR encourages the government to do everything possible to reduce the cost of energy by investing, in association with the private sector, in a state-of-the-art natural gas power generation facility in New Providence to address our short-term energy situation.
"However, even more importantly, aggressively investing in renewable energy across the Bahamas, especially solar, to address our long-term energy requirements in a sustainable manner is imperative."
According to the BFR, addressing this nation's energy woes will significantly impact its ability to retain foreign currency reserve earnings as external payments for energy constitute one of the largest drains on The Bahamas' nation's foreign reserve holdings.
"A truly progressive policy from the government would make it as affordable as possible for the private sector, be they homes or businesses, to invest in renewable energy through tax incentives like the elimination of duty on all technologies related to renewables," suggested BFR.
"They should even consider the possibility of VAT credits against such investments. Furthermore, investments in smart grid technology must also be pursued so that those who make investments in renewables can sell their excess power back to the grid.
"The monopoly of power generation that BPL has enjoyed, since the days of BEC, continues to be a serious impediment to the cost of living for every Bahamian citizen," the federation further charged.
It stated that the country's continued reliance on fossil fuels and the inability to provide electricity consistently to Bahamian businesses and homes alike is a fundamental policy failure of successive governments.
"As we celebrate 50 years of Independence this year, the government should move towards energy independence, through renewable energy," BFR said.
"True independence for the Bahamas can only be achieved this way, especially in a world where climate change and geopolitical shocks present an ever- increasing threat to our quality of life.
"While there is no quick fix to the energy issues facing our country, there must be a bipartisan short-term and long-term commitment over several administrations to address and resolve this issue with clear vision if we are going to truly unleash the entrepreneurial potential of our nation's people," the BFR concluded.
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