The Utilities Regulation and Competition Authority (URCA) is pleased to announce the release of its Statement of Results and Final Decision on the Regulatory Fees Methodology for the Natural Gas Sector in The Bahamas (NGS 24/2024). This decision marks a significant step forward in the regulation and oversight of the natural gas sector, ensuring transparency, fairness, and efficiency.

As outlined in the document, URCA has exercised its authority under the Natural Gas Act (2024) to establish a comprehensive framework for assessing fees on licensed entities operating in the natural gas value chain. These fees are essential to support URCA’s ongoing regulatory activities and ensure that the sector develops in line with national policy objectives.

The regulatory fees will be implemented in a manner consistent with the principles of proportionality, transparency, and non-discrimination, as required by the Natural Gas Act. URCA will evaluate annual fees based on the relevant turnover of licensees, ensuring that each entity contributes fairly to the cost of regulation.

The finalized fees and methodologies reflect extensive consultations with stakeholders and demonstrate URCA’s commitment to fostering a well-regulated, efficient, and competitive natural gas sector in The Bahamas.

Highlights of the regulatory framework include:

• A clear methodology for calculating annual fees for licensees, including gas importers, transporters, terminal operators, retailers, shippers, and service workers.
• Provisions for specific service-based fees, such as application, monitoring, and inspection fees.
• A commitment to review and adapt the fee structure as necessary to respond to changing conditions within the sector.

The methodology comes into effect immediately and aims to support the sustainable growth and regulation of the natural gas industry, ensuring benefits for all stakeholders.

The document can be found here: URCA NGS 24/2024