The Utilities Regulation & Competition Authority (URCA) has released the Statement of Results (SOR) from the comprehensive efficiency audit conducted on Bahamas Power and Light (BPL). The audit, carried out by Castalia Advisors and LCI Inc., aimed to establish baseline performance indicators and create a regulatory roadmap to monitor and improve BPL’s performance. 

The audit assessed BPL’s technical operations, commercial practices, financial health, organizational strategy, and human resources. 

Key findings highlighted the need for improvements in generation efficiency, especially in the Family Islands, and a transition from reactive to preventative maintenance practices. The audit also pointed out deficiencies in BPL’s financial management, noting the company’s poor financial position and the need for automated and forward-looking financial planning processes. 

In terms of commercial operations, while BPL has effective metering and billing processes, there is a need for better customer communication and transparency. 

Organizationally, BPL requires a clearly articulated mission and vision, with a focus on long-term strategic planning. The human resources review revealed outdated practices and a lack of comprehensive HR documentation. 

URCA has accepted the recommendations from the audit and outlined a series of regulatory actions to address the issues identified. These actions include implementing guidelines for monitoring and approving fuel charges, establishing new Key Performance Indicators (KPIs) to track cost drivers and system reliability, and reviewing BPL’s capital expenditure (CAPEX) plan to ensure necessary investments are made transparently and effectively. 

These regulatory steps are essential for improving BPL’s operational efficiency and ensuring the sustainability of the electricity sector in The Bahamas. URCA’s commitment to these actions underscores its role in fostering a reliable and efficient energy sector for all Bahamians. 

For more details on the audit findings and the regulatory roadmap, please visit URCA’s official website (www.urcabahamas.bs). 

The Full PDF can be found here ES 05/2024 – Statement of Results and Next Steps – URCA Audit of the Performance and Organizational Maturity of Bahamas Power and Light

Media Contact: 

Juan McCartney 

Corporate and Consumer Relations Manager 

Utilities Regulation and Competition Authority 

jmccartney@urcabahamas.bs 

1 (242) 396-5242