The Utilities Regulation & Competition Authority is an independent, multi-sector regulator established through the URCA Act, 2009.
URCA gets its authority from several important laws: the Communications Act 2009, the Utilities Appeal Tribunal (UAT) Act 2009, the Electricity Act 2015, and the Electricity Rate Reduction Bond Act 2015.
On June1, 2024, the new Electricity Act 2024 came into force, establishing an expanded remit for URCA’s regulation of the Electricity Sector.
Also, on June 1, 2024, the Natural Gas Act (NGA) came into force, establishing URCA as the regulator for the Natural Gas Sector in The Bahamas.
Under these laws, URCA’s board consists of seven members: four non-executive members, including the chairperson, and three executive members; the Chief Executive Officer (CEO) and Director of Electronic Communications, and Director of Utilities and Energy. The non-executive members are appointed by the Governor General, while the executive members are chosen by the non-executive members through a competitive process.
Ministry Relations
Currently, the minister with responsibility for government relations with URCA is the Attorney General and Minister of Legal Affairs.
Audit Committee
URCA’s audit committee, consisting of non-executive members, the secretary, and an external audit committee chairperson, regularly reviews URCA’s activities. They meet at least twice a year to discuss URCA’s performance and finances. Within four months of URCA’s annual report being published, they report to the board on URCA’s progress towards its yearly goals and whether the money spent has been effectively used. This helps ensure transparency and accountability in URCA’s operations.
Annual Plan
As per Section 41 of the URCA Act 2009, within four months after the end of each financial year, URCA must produce a plan outlining its proposed goals for the upcoming year (the “Annual Plan”) and a report detailing the execution of its functions during that financial year (the “Annual Report”). The annual plan should:
- Outline URCA’s strategy for the upcoming financial year to achieve the objectives specified in any regulated sector law.
- Outline URCA’s key objectives for the upcoming two years (excluding the current year), with the flexibility to change them based on any new government regulations.
- Include a set of key performance indicators to measure URCA’s performance in the upcoming year.
- Specify the salary for both non-executive and executive members for the following year.
- Detail URCA’s budget, considering its target activities for the upcoming year.
URCA must post the draft version of the annual plan on its website before the close of the financial year, allowing interested third parties to offer feedback, as per Section 8.
Related Documents
Legislation
In 2009, The Bahamas adopted a new regulatory regime for electronic communications with the enactment of three (3) key pieces of legislation. The Communications Act of 2009, the Utilities Regulation and Competition Authority (URCA) Act of 2009, and the Utilities Appeal Tribunal (UAT) Act of 2009. URCA replaced the Public Utilities Commission (PUC) and the Television Regulatory Authority (TRA).
Legislation available for download are listed below:
- Natural Gas Act, 2024
- Electricity Act, 2024
- Electricity Rate Reduction Bond (Amendment) Act, 2018
- Electricity (Amendment)(No.2) Act, 2018
- Electricity (Amendment) Act, 2018
- Electricity Rate Reduction Bond Act, 2015
- Electricity Act, 2015
- URCA (Amendment) Act, 2015
- URCA (Amendment) Act, 2013
- URCA (Amendment) Act, 2012
- URCA (Amendment) Act, 2011
- Communications (Amendment) Act, 2011
- URCA (Amendment) Act, 2010
- Communications Act, 2009
- UAT Act, 2009
- URCA Act 2009