NASSAU, BAHAMAS — The Utilities Regulation and Competition Authority (URCA) says that it plans to conduct an audit of Bahamas Power and Light's (BPL) fuel tariff in 2024.

Plans for the tariff review/audit plan were highlighted in the regulator's draft annual plan for 2024. 

"This project aims to determine how the BPL fuel tariff is calculated and whether charges to customers since 2021 comply with the law and regulatory frameworks," URCA stated.

"By reviewing and auditing fuel tariffs, URCA can ensure that energy prices reflect reasonably incurred costs and are fair to consumers."

URCA also noted that it intends to review BPL's Consumer Protection Plan and Customer Contract Documents to ensure they are fit for purpose and that the contracts signed between BPL and its customers represent the interests of both parties fairly. The regulator also pledged to conduct a BPL Efficiency Audit to assess BPL's performance using financial, operational, and quality of service indicators.

A review of the National Energy Policy is also in the plans for 2024.

"In addition to the projects set for 2024, URCA is aware that in accordance with the requirements of the Electricity Act, the NEP is presently overdue for revision," URCA further noted.

"As the regulatory body for the ES, URCA considers that it has valuable contributions to the development of the NEP. URCA accordingly has made provisions in determining its 2024 Annual Plan for providing assistance and contribution to the Government of The Bahamas, as appropriate, in relation to any review of the ES legislation and NEP. This project directly supports all four goals by ensuring that the legislation and policy align with The Bahamas' energy sector's current needs and future goals."

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