WHEREAS:
- On 6 March 2026, the Utilities Regulation and Competition Authority (‘URCA’) received from Grand Bahama Power Company Limited (‘GBPC’ or ‘the Licensee’) and Grand Bahama Energy Company Limited (‘GBEC’ or ‘the Acquirer’), a Notification in which the Licensee and the Acquirer (jointly referred to as ‘the Parties’) requested URCA’s consent to a proposed Transaction in which the Acquirer will purchase 100% of all the issued ordinary shares of the Licensee (‘the Transaction’) from the Licensee; and
- Section 42 of the Electricity Act (EA) requires an Acquirer or Licensee to apply to URCA for approval to implement a change of control of a licensee by notifying URCA of the proposed transaction; and
- Condition 8 of the Licensee’s Public Electricity Supplier’s Licence (PESL) requires that the Licensee shall obtain URCA’s written approval of any change in control of the Named Licensee or any Subsidiary Undertaking prior to the change in control occurring; and
- URCA, having given the Acquirer, Licensee, members of the public in The Bahamas, and any other interested person a reasonable opportunity to submit representations regarding the Transaction, has given due consideration to all such representations received.
NOW pursuant to section 46(2) of the Electricity Act, 2024 (EA), URCA makes the following Adjudication:
URCA’s Statutory Considerations in granting approval of a Change in Control
In accordance with section 44 of the EA, upon receiving a notification for a change in control, URCA reviewed the application to form an opinion whether a proposed change in control of a Licensee: would have, or be likely to have, the effect of substantially lessening competition in a market in The Bahamas; and would be likely to have an effect, contrary to the public interest. URCA has taken into account its analysis of the relevant markets and finds that the change in control contemplated by the Transaction would not have either of the adverse effects set out in section 44.
URCA’s Approval to the Implementation of the Change in Control
On the basis of the findings set out in the Summary of Deliberations and Reasons (hereto attached), URCA hereby grants its consent to the implementation of a change in the control of the Licensee (for the purposes of section 42 of the EA) to the Acquirer as set out in the Notification submitted to URCA.
ES 12/2026 Adjudication Grand Bahama Power Company Change in Control