25 November 2024
The Utilities Regulation and Competition Authority (URCA) is pleased to announce the finalization and publication of its Addendum to the 2024 Annual Plan.
This Addendum ensures that URCA remains in full compliance with its expanded legislative mandates and reinforces its commitment to fostering innovation, sustainability, and efficiency within The Bahamas’ utilities and energy sectors.
The Electricity Act, 2024, and the Natural Gas Act, 2024, have introduced significant regulatory changes, including the addition of a new natural gas sector to URCA’s remit. The Addendum outlines the necessary updates to URCA’s strategic focus areas, objectives, and operational priorities to effectively manage these expanded responsibilities.
The Addendum details revised objectives for the electricity sector and introduces a new work plan for the natural gas sector. This includes developing and implementing a legislative and regulatory framework to support the safe, efficient, and environmentally sustainable integration of natural gas into The Bahamas’ energy mix.
Key initiatives outlined in the Addendum include licensing and operational codes for natural gas importation, transportation, and retailing, as well as infrastructure and safety standards to support the sector’s development. These measures are designed to enhance energy security, reduce greenhouse gas emissions, and provide a clear framework for industry participants.
URCA’s monitoring and evaluation framework has also been updated to reflect these changes. Key performance indicators (KPIs) and operational performance indices (OPIs) have been refined to ensure transparency and accountability in regulatory activities.
The Addendum demonstrates URCA’s dedication to maintaining open communication with stakeholders and delivering results that align with national energy policies and international best practices.
The preparation of the Addendum and the work achieved involved extensive collaboration with the government and key stakeholders to ensure that the revised strategic objectives and work plans accurately address the needs of The Bahamas’ evolving energy landscape.
The publication of this Addendum marks a significant milestone in URCA’s ongoing efforts to drive innovation and sustainability within the utilities and energy sectors.
By adapting to new legislative requirements and expanding its regulatory scope, URCA is poised to lead The Bahamas toward a more resilient and sustainable energy future.
URCA thanks all contributors to this process and looks forward to continued collaboration in delivering on its mandate to serve the public interest and support the nation’s development.
The document full document can be found here: URCA072024-ADDENDUM-TO-THE-2024-ANNUAL-PLAN.pdf