The Utilities Regulation and Competition Authority (URCA), the independent regulator of The

Bahamas’ electricity sector, has today released a public consultation document on proposed

Regulatory Accounting Guidelines (RAGs). This initiative represents a critical step in URCA’s

ongoing mission to strengthen transparency, accountability, and fairness in the financial

operations of Public Electricity Suppliers (PES).

The proposed guidelines seek to establish a standardized framework for how licensees maintain

and report their financial records for regulatory purposes. The introduction of these guidelines

follows the authority granted to URCA under the Electricity Act, 2024, specifically Section

28(8)(iv), which empowers URCA to require licensees to maintain specified accounting records

consistent with recognized accounting principles.

The consultation marks the first formal proposal for such regulatory accounting measures since

the establishment of the modern electricity regulatory regime in 2016. In previous years, URCA

has observed instances where accounting data submitted by licensees included information

unrelated to their regulated operations – making it difficult to accurately assess performance,

enforce regulatory compliance, and protect the public interest.

Under the proposed guidelines:

• All licensed PES, regardless of size, will be required to prepare and maintain separate

and distinct financial accounts for their regulated electricity activities.

• These accounts must clearly identify the financial activities of various business units and

comply with internationally comparable standards.

• While URCA recognizes that account separation may be more complex for smaller

suppliers, the framework is designed to remain flexible and proportional, applying full

requirements primarily to larger, Approved Public Electricity Suppliers (APES).

Full PDF can be found below.

URCA Launches Public Consultation on Regulatory Accounting Guidelines for the Electricity Sector