The Utilities Regulation and Competition Authority (URCA) has released an addendum to its 2024 Annual Plan, reflecting necessary adjustments and expanded responsibilities in compliance with the newly enacted Electricity Act 2024 (EA 2024) and Natural Gas Act 2024 (NGA 2024).
As mandated by Section 78 of the EA 2024 and Section 121(2) of the NGA 2024, the addendum ensures that URCA fully complies with its expanded regulatory duties, particularly in the electricity and natural gas sectors.
The addendum aligns URCA’s strategic objectives with the new regulatory framework, emphasizing enhanced oversight, energy efficiency, renewable energy integration, and consumer protection.
Under the EA 2024, URCA’s regulatory authority extends to all aspects of electricity generation, transmission, distribution, and supply. The act includes the unbundling of transmission and distribution services, requiring a new licensing framework for system operators.
URCA aims to increase the integration of renewable energy, particularly solar and wind, into the national grid. New policies will be developed to facilitate this integration, ensuring the long-term sustainability of the energy sector.
URCA is committed to promoting energy efficiency across residential, commercial, and industrial sectors. This will include setting new benchmarks for energy consumption and implementing measures to reduce the environmental impact of energy production and use.
In accordance with the NGA 2024, URCA will introduce a comprehensive regulatory framework to support the establishment of the natural gas sector. This includes licensing for natural gas importers, transporters, shippers, retailers, and service workers, as well as implementing technical standards and compliance monitoring. This will provide long-term energy security and contribute to The Bahamas’ economic development.
The addendum strengthens URCA’s role in ensuring fair pricing, transparent billing, and reliable service for consumers in both the electricity and natural gas sectors. Mechanisms for dispute resolution and consumer complaint handling will also be enhanced.
Frederick House, Frederick Street│P. O. Box N-4860, Nassau, Bahamas│T.242.396-5200 www.urcabahamas.bs
URCA will update its stakeholder engagement strategy to include broader consultations with key industry participants, government bodies, and the public. This will ensure transparency and inclusiveness in shaping the future of The Bahamas’ utility sectors.
To support the expanded regulatory responsibilities, URCA has adjusted its budget and resources accordingly to cover staffing, professional services, training, and technological infrastructure needed for effective oversight of the natural gas market.
URCA invites stakeholders and interested parties to submit written comments on the addendum as part of its public consultation process.
Submissions should be addressed to URCA’s Chief Executive Officer and sent to info@urcabahamas.bs with the subject line “Addendum to URCA Draft Annual Plan.”
The consultation period begins on 1 October 2024, with a submission deadline of 1 November 2024.
A Statement of Results summarizing the consultation process will be published on 18 November 2024.
For further information and to access the Consultation, please visit www.urcabahamas.bs.
Media Contact:
Juan McCartney
Corporate and Consumer Relations Manager
Utilities Regulation and Competition Authority
jmccartney@urcabahamas.bs
1 (242) 396-5242
Full PDF can be found below