The Utilities Regulation and Competition Authority (URCA) is pleased to announce the publication of its 2023 Annual Report and the 2024 Annual Plan, in compliance with section 41 of the URCA Act 2009. These documents are foundational to URCA’s mission of “Improving lives through effective utility regulation,” underscoring a commitment to transparency, integrity, and progressive utility management.
The 2023 Annual Report, themed “Toward a Digital Bahamas,” details URCA’s pivotal advancements in regulating the electronic communications and electricity sectors. Key highlights from the report include comprehensive performance metrics of URCA’s regulated sectors throughout 2023; accomplishments of critical objectives that reflect URCA’s strategic regulatory focus; URCA’s Audited Financial Statements; and the evaluation of URCA’s adherence to Key Performance Indicators (KPIs) set for the year.
These components collectively illustrate URCA’s diligent efforts in fostering a robust regulatory environment, essential for national development and technological integration.
Following a comprehensive public consultation process initiated in December 2023, URCA has finalized its Annual Plan for 2024.
This plan is designed to strategically navigate regional and international trends that influence sectoral regulation while taking in the unique environment of The Bahamas to strengthen the framework to foster economic and social growth and development.
Key aspects of the 2024 plan include an outline of URCA’s key projects and consultation schedules for the upcoming year, defined KPIs to measure URCA’s performance in 2024 and a detailed budget for the 2024 fiscal year, ensuring accountability and effective resource allocation.
The Annual Plan aims to build on the successes of 2023, promoting innovation and enhancing regulatory frameworks in response to the dynamic digital and electricity landscape.
In alignment with the URCA Act’s stipulations, an oral hearing is scheduled for Thursday, May 29, 2024. It will be held in person at a location to be announced as well as virtually. This hearing will provide a platform for stakeholders to discuss the annual report and plan.
Media Contact:
Juan McCartney
Corporate and Consumer Relations Manager
Utilities Regulation and Competition Authority
jmccartney@urcabahamas.bs
1 (242) 396-5242