For Immediate Release
The Utility Regulation and Competition Authority, URCA, today issued its consultation document on Proposed Tariff Review Framework, Guidelines and Procedures for Public Electricity Suppliers.
In 2015, the Bahamas Government amended the Electricity Act, EA, giving URCA the regulatory remit for the Energy and Electricity sector. Regulatory oversight includes an obligation to review tariff applications from all Public Electricity Suppliers. Today, in preparation for that responsibility, URCA is inviting stakeholders and members of the public in general to provide feedback on what the regulator is proposing as the framework and guidelines for this critical function in the regulation of Public Electricity Suppliers.
The purpose of this Consultation Document is to present a framework, and an outline of the principles, methodologies and procedures that URCA proposes to use in the rate setting exercise and to elicit comments and inputs from all stakeholders.
The objectives of the Tariff Review function include:
- Protecting consumers from paying more than necessary so that they pay only that which is a fair, just, and reasonable amount for the services they receive and commodities they consume.
- Ensuring that utility providers charge only that which is necessary and to receive a fair rate of return on their investment.
It is URCA’s intention to publish the results and final decision by 25 May 2021. URCA invites comments on the consultation document from all interested parties. Responses to this document should be submitted to URCA by 5:00 p.m. on 15 April 2021. Written responses or comments on this document should be sent to URCA’s Chief Executive Officer, either:
- By hand, to URCA’s office at Frederick House, Frederick Street, Nassau;
- By mail to P.O. Box N-4860, Nassau, Bahamas;
- By fax, to (242) 393-0153; or
- By email, to info@urcabahamas.bs.
URCA reserves the right to make all responses available to the public by posting responses on its website at www.urcabahamas.bs. If a response is marked confidential, reasons should be given to facilitate evaluation by URCA of the request for confidentiality. URCA may publish or refrain from publishing any document or submission, at its sole discretion.
URCA will review all responses and comments received from the consultation document before publishing its Statement of Results and the Final Decision.
The full consultation document can be found here.
MEDIA CONTACT:
Mavis Johnson-Collie
Corporate and Consumer Relations Manager
Utilities Regulation and Competition Authority