The Utilities Regulation and Competition Authority (“URCA”) issues this Statement of Results and Final Decision to its “DRAFT PROCUREMENT REGULATIONS FOR ELECTRICITY SECTOR LICENSEES, 2020 FOR PUBLIC CONSULTATION” (ES 05/ 2020). 1 The primary role of URCA is the regulation of the sector in accordance with the goals, objectives, and principles underpinning the national energy and electricity sector policies.2 Fundamental to these are the encouragement of competition and the provision of least-cost electricity supplies to consumers,3 which means charges must be reasonable and reflect efficiently incurred costs.4 As licensees primarily incur costs through its procurement activities, URCA has drafted regulations to address the same.

Concurrently with the publication of this Statement of Results and Final Decision, URCA also publishes its “Procurement Regulations for Electricity Sector Licensees, 2020″ (ES 07/2020). Licensees are required to appropriately coordinate their planning, investment, and procurement processes with a view to providing adequate, safe and efficient service to their customers at approved rates. The regulations establish the framework for procurement by licensees of generation resources, transmission, distribution, storage and supply assets and services in order to ensure that licensees are at all times compliant with their economic purchasing obligations under their respective licenses.