05062026 BUSINESS

FOCOL chief: ‘Full steam to make LNG happen’ in 2026

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ELECTRICITY gen-

eration reforms for New Providence are moving “full steam ahead”, FOCOL Holdings’ top executive pledged yesterday, as it targets making the launch of cheaper liquefied natural gas (LNG) fuelled energy “happen this year”.

Dexter Adderley, the BISX-listed firm’s president and chief executive, told Tribune Business that the firm and its Bahamas Utilities Holdings subsidiary are aiming to make LNG power “a reality as soon as possible” with 120 mega watts (MW) of generation capacity able to generate electricity using the fuel “today”.

BISX-listed firm

‘ramping up’ for new 177 MW power plant

Multiple phases moving as LNG terminal assets

‘on-site’

Wins US EXIM

‘Deal of Year’ but funding drops to $50m

Speaking after the US Export-Import Bank (EXIM), the federal government arm that funds and underwrites credit for American exporters, awarded FOCOL Holdings its Western Hemisphere Deal of the Year for the New Providence generation reforms, he added that the multi-phase project involving an investment of “several hundred million dollars” is progressing at “full scale”.

an integrated project”, the FOCOL Holdings chief asserted that “we don’t anticipate any challenges” and the BISX-listed company has “total confidence in our ability” to execute and complete a project designed to deliver cheaper, more reliable and cleaner energy for Bahamian households and businesses.

While referring Tribune Business to Bahamas Power & Light (BPL) and the Government when asked about the total savings consumers are likely to enjoy from the energy reforms, Mr Adderley said: “We are making significant progress.

Disclosing that FOCOL Holdings and its affiliates have added 70-80

employees over the past two years, Mr Adderley told this newspaper that construction of the LNG regasification terminal at Clifton Pier is proceeding in

parallel with development of the 177 MW combined cycle generation plant at Blue Hills. The sites for both have been cleared, with major equipment already

Business chiefs: Will taxpayers pay for GB Power’s rate slashes?

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BUSINESS executives yesterday challenged whether Bahamians across the archipelago will end up subsidising lower electricity rates for the island as taxpayers after the Government confirmed its acquisition of Grand Bahama Power Company.

Dillon Knowles, the former Grand Bahama Chamber of Commerce president, in a message to Tribune Business questioned whether the Government’s plans to reduce GB Power’s rates to match Bahamas Power & Light’s (BPL) tariffs in the rest of the country will

Ex-Chamber head, licensees warn on subsidy rise

Concern ‘nationalisation’ may not meet demand rise

Greater transparency calls over ‘rushed acquisition’

result in the island’s power provider selling electricity below cost and incurring losses that have to be subsidised by taxpayers.

“BPL’s rates/prices are subsidised by taxpayers,

Governor’s Harbour urges PM: Don’t back $650m casino plan

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

A GOVERNOR’S Harbour activist group is urging the Prime Minister and his Cabinet not to approve a $650m resort and casino project on the grounds that it will “fundamentally and irreversibly” alter the long-standing Eleuthera community’s character.

The Governor’s Harbour Group, in an letter made public last night, called on Philip Davis KC,

as well as Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, as well as Clay Sweeting, minister of works and Family Island affairs as well as the area’s MP, to oppose the development being proposed by a US casino mogul over fears it will “erase the lived history of a community that has been there for nearly four centuries”.

“We are writing because what is being proposed is not the right kind of development for Governor's

Bahamians warned to brace for higher fish costs and supply cut

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

BAHAMIANS were yesterday warned to brace for higher fish prices and/ or reduced supply as soaring fuel costs may force fishermen to keep their boats docked during the upcoming summer months.

Keith Carroll, president of the National Fisheries Association

(NFA), warned that the increase in diesel fuel costs - driven by the global oil price spike caused by the Middle East conflict - will make fishing trips unprofitable. “I don’t think many people can do much fishing this summer because of the price of fuel,” Mr Carroll said. “You’d be going out there just working for fuel.”

as will GB Power’s rates/ prices if it is to be the national rate,” Mr Knowles wrote. “In the Family Islands, including Grand Bahama, [electricity] costs exceed the rates because of lack of scale. Nothing changes that except scale.

“Taxpayers are now on the hook for $280m in mortgages and the lost revenue the national rate will bring, not to mention the capital cost to support a growing demand from a growing economy.”

The $280m refers to the Government-guaranteed loan, from a consortium of lenders led by Standard Chartered and Scotiabank, that was recently approved by Parliament to finance

both GB Power’s acquisition ($200m) and a further $80m needed to finance capital upgrades for the island’s energy infrastructure.

The recently-released pre-election economic and fiscal update reveals that the GB Power borrowing will more than double government guarantees issued on behalf of stateowned enterprises (SOEs), increasing these from $317.4m at end-December 2025 to $718.1m in the upcoming 2026-2027 fiscal year. Fears have already been voiced that the $280m GB Power acquisition financing will have to be subsidised by taxpayers

Harbour, and because the people who live here have had no meaningful role in decisions that would define this community for generations,” the group asserted about the project being developed by Jeff Jacobs, chairman and

Gasoline and diesel prices have jumped dramatically in recent months. Mr Carroll said fuel rose from about $4.80 per gallon in late February and mid-March to more than $7 today, with further increases expected. At those rates, he said, the economics of fishing no longer add up. “End of February, middle of March, we spent like $4.80 on a gallon of diesel,” Mr Carroll said.” Today, the diesel is $7.08 and they say it’s going up. So it doesn’t really make

chief executive of Jacobs Investments.

“We are Bahamians. We are residents, homeowners, business owners and families who have built our lives in this community. We

sense to go fishing just to buy fuel.

“If I send my boat to go fishing now, and let's say [I] order 2,000 gallons. That's $14,000 right there for fuel. That isn’t grocery and your other necessities. That’s the price for the boat to go out for two weeks. And you’re spending that money and don’t even know if you’re going to make it back.”

While increasing the price of fish is an option, Mr Carroll said consumers might not want to pay higher prices. He added

on-site at Clifton Pier and “procurement ramping up” for the latter.

Acknowledging that the New Providence generation reforms are “quite

To-date, we have a total of four gas turbines ready to receive LNG now. That’s 120 MW of capacity ready today to receive LNG.

PM touts 37% postpurchase saving for

GB Power clients

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Prime Minister yesterday pledged that Grand Bahama’s households and businesses could enjoy electricity cost savings of an “average 37 percent” compared to current bills with the Government set to bring the island’s tariff rates in line with Bahamas Power & Light’s (BPL). Philip Davis, speaking at the announcement of the Government’s 100 percent acquisition of Grand Bahama Power Company, promised that the planned tariff reductions will “bring down the cost of living in Grand Bahama and make businesses more competitive” while praising its soon-to-be former owner, Canadian utility giant Emera, for “bearing the burden” of the multi-million dollar cost of restoring the island’s electricity supply in Hurricane Dorian’s aftermath. No timelines or specifics were provided on how the Government plans to lower GB Power’s rates to those currently charged by BPL, while keeping Grand Bahama’s electricity supplier financially viable and sustainable (see other article on Page 1B), with the Prime Minister again selling the deal to residents and businesses via the promise of reduced bills and costs.

“Grand Bahama Power Company will adopt the BPL tariff schedule for services provided to customers in Grand Bahama,” Mr Davis said. “You have heard that the adoption could result in savings, an average of 37 percent in savings of electricity costs.” He later reiterated that “all charges will be aligned with BPL”. This echoed earlier comments by Jobeth

Pictured from L to R: Wendell Jones; Clinton Rolle; Tanya Petrova; and Dexter Adderley alongside EXIM officials.

Former Freeport Harbour chief to oversee MSC’s Bahamian developments

THE Mediterranean Shipping Company (MSC) unit that is developing a 20-acre Beach Club at the Grand Lucayan has hired a well-known Freeport executive to head its Bahamian operations.

CTL Maritime, in a statement, said it has hired Raymond L. Jones, former chief operating officer at the Freeport Container Port, Freeport Harbour Company and Grand Bahama Airport Company, as president to oversee the Beach Club development. MSC is also poised to undertake a $450m cruise terminal project at Billy Cay in Freeport harbour.

CTL Maritime develops and manages ports, cruise terminals and tourism destinations worldwide. Through its CTL Maritime Bahamas affiliate, it will deliver high-quality infrastructure and destination experiences that support cruise operations in The Bahamas.

As part of this expansion, CTL Maritime said it is establishing a dedicated operational presence in both Nassau and Freeport. The company added that it will continue to strengthen in the coming months as teams are built in The Bahamas to support the development, delivery and long-term management of its growing project portfolio in this nation.

Mr Jones will oversee CTL Maritime Bahamas’ operations and development initiatives, including the continued development of Ocean Cay MSC Marine Reserve, the Sandy Cay expansion, the development at Billy Cay in Freeport Harbour and the construction of the MSC Beach Club.

CTL Maritime said Mr Jones’ career spans leadership roles at the Freeport Container Port, Freeport Harbour Company and Grand Bahama Airport Company, where he played a central role in integrating and advancing the island’s port and logistics systems. His experience also includes international exposure across Asia and the wider Caribbean and Latin America.

“Raymond’s appointment reflects our commitment

to ensuring that our investments in The Bahamas are guided by strong local leadership, deep industry expertise and a clear understanding of the national landscape,” said Gianluca Suprani, president of CTL Maritime. “His track record across port operations, infrastructure development and organisational leadership makes him uniquely positioned to guide this next phase of growth.”

“This is an exciting moment not only for CTL Maritime, but for The Bahamas,” said Mr Jones. “These developments represent an opportunity to build capacity, create meaningful employment and ensure that Bahamians play a central role in shaping the future of our maritime and tourism sector. I look forward to working with key stakeholders across the country and internationally to deliver on that vision.”

CTL Maritime said its continued expansion reflects MSC Group’s longterm commitment to The Bahamas, with a focus on sustainable development, workforce participation and the creation of clear pathways for Bahamian businesses and professionals to engage in - and benefit from - the country’s evolving maritime economy.

Fly fishing partners to boost $400m industry

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE Bahamas Fly Fishing Industry Association (BFFIA) and Digital Sportsman yesterday unveiled a two-year partnership aimed at equipping local guides with booking and other business tools, while also supporting a conservation fund to protect this nation’s fisheries.

Prescott Smith, the Association president, described the agreement as both economically and environmentally significant. “I’m excited about this historic partnership and opportunity for the fly fishing industry of The Bahamas, between the Bahamas Fly Fishing Industry Association and Digital Sportsman,” he said.

“This is an historic partnership in relation to not just working with a global company that seeks to empower guides and communities throughout The Bahamas, but the partnership involves that every booking will give back to conservation and educational programmes in The Bahamas.”

Mr Smith said Digital Sportsman has committed to 6 percent, adding that other travel companies charge on average 20 to 25 percent commission.

“Six percent is the booking fee if the guide chooses our Flex Plan, which is essentially free,” Michelle Faul, chief marketing officer at Digital Sportsman, said. “And so that 6 percent is the fee that Digital Sportsman takes, and then there is a percentage that goes to the conservation. So they are two separate fees.”

Roland Afzelius, product manager at Digital Sportsman, said: “We've partnered with PayPal, so those payments will be in control by the guide. And in addition, on that 6 percent, those fees are not going to the guide; those are going to the client. So for the guide, it would be completely free.”

Digital Sportsman executives said the partnership was built over time, with a focus on sustainability and local empowerment.

“At Digital Sportsman, we believe two things must be true for this industry to thrive long-term,” Ms Faul said. “First, the ecosystem must be protected, and the people closest to it, the guides, must be able to build sustainable, independent businesses,”  She explained that the company spent more than a

year working with the Association before launching the platform locally, ensuring it was tailored to the Bahamian market.

“The partnership is about giving Bahamian guides, lodges and operators the tools and stability to grow on their terms, and to ensure that the economic benefit of fly fishing in The Bahamas is felt right here at home,” Ms Faul said.

“Digital Sportsman gives guides the tools to build something that belongs to them; their own booking experience, their own client relationships, their own brand, so that when an angler falls in love with The Bahamas - and they will - they have a direct connection back to the guide who makes that experience unforgettable.

“And woven into every single one of these bookings is a contribution to the conservation of these waters because we believe, as the BFFIA has always believed, that economic empowerment and environmental stewardship are not competing goals. They are the same goal.”

At the centre of the platform’s development is a focus on giving guides greater control over their businesses, according to Digital Sportsman product manager, Roland Afzelius.

“So at its core, Digital Sportsman was built by operators, for operators,” Mr Afzelius said. “Our guiding principle is simple. Give guides, operators and lodges the tools they need to spend more time on the water or with their clients, and less time worrying about bookings, logistics and client management.

“More importantly, we believe guides should own their own businesses, not just operate within someone else’s ecosystem. That means owning their client relationships. That means building their own brand and the infrastructure to grow something sustainable on their own terms.” He highlighted the platform’s ability to help guides build and manage their own customer base.

“They can market directly to make sure they’re staying top of mind, drive repeat business without relying on third parties,” Mr Afzelius said. “Whether it’s promoting a new season, filling last minute availability or sending out targeted offers, guides have the tools to communicate with their clients directly and grow long term relationships.”

Automation features, he said, are designed to reduce administrative burdens.

Mr Afzelius said the platform includes automated messaging, reminders and follow-ups.

“From booking confirmations to pre-trip reminders, follow-ups, clients get everything they need without guides having to manually manage everything. It can be handled automatically,” he said. “That means better prepared clients, a more professional experience without adding any more work for the guide. It’s about saving time while delivering a high quality, consistent experience.”

Mr Afzelius said Digital Sportsman’s artificial intelligence (AI) dashboard and built-in AI assistant acts as a personal business consultant and gives guides insights on their operations, clients and performance.

“Our resource management tool allows multi-vote and multi-crew operators to manage complex operations from a single place. Integrated payments through PayPal give guides full control over when and how they get paid, 24/7. Online booking ensures they’re never missing opportunities, even when they’re out on the water,” Mr Afzelius said.

“And with our offline, capable mobile app, guides are able to run their entire business from their phone, even without cellular service.”

He added that Digital Sportsman has partnered with PayPal to accommodate payments, adding: “We’ve partnered with PayPal, so those payments will be in control by the guide and in total control. And in addition, on that 6 percent, those fees are not going to the guide; those are going to the client. So for the guide, it would be completely free.” Valentino Munroe, an Association board member, pointed to training and funding initiatives that have helped develop a new generation of guides, while also connecting them to financial support and licensing opportunities.

“And now we’re here, forming this partnership on this day,” Mr Munroe said.

“After having laid the foundation now, we’re taking this new generation to the forefront of this industry, where now guides are able to get bookings, partnerships, form relationships and really be able to tap in to this incredible resource and benefit from the finance that this industry has to offer.”

RAYMOND L. JONES

‘Highly charged’ environment behind drivers’ fight at LPIA

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

A “HIGHLY charged”

work environment led to a fight between a livery driver and his taxi counterpart at Lynden Pindling International Airport (LPIA) that has been widely shared on social media, the Bahamas Taxi Cab Union’s (BTCU) president revealed yesterday.

The video showing the fight has sparked concern about ongoing tensions between taxi and livery drivers at The Bahamas’ major aviation gateway.

Tyrone Butler, the BTCU president of the BTCU, said he is still in the process of investigating the altercation but confirmed the dispute was between a livery driver and a taxi driver while asserting that it was not a recent video.

“First of all, I'm still trying to gather some information on that,” he said.

“That is not two taxi drivers. That's a taxi driver and a livery driver. And the livery driver, from what I understand, is the one who instigated it. But I’m still trying to gather

[information] because that's not something that happened recently. That happened some time in the past. I don't know how many days has gone since it happened.”

Mr Butler acknowledged that confrontations between both taxi and livery operators are not uncommon as their work environment is “highly charged”. He said: “Things like that] happen from time to time because the environment is so highly charged.

“It's a very hostile environment that taxi drivers have to work in. Something similar happened to me at one point. So it's not an uncommon thing. From time to time you have altercations like that. But like I said, I'm still trying to piece together [information] because I'm trying to get in touch with the driver to see if I could get his take on it and exactly when it happened, where, the time of day, and all that. There's a lot of information I really don't have.”

Meanwhile, Taurian Austin, president of the Bahamas Livery Drivers Union (BLDU), confirmed the union is aware of the incident and stressed that

Sebas campaign warns on fake ‘phising’ e-mail

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

SEBAS Bastian, the Island Luck co-founder who is now the Progressive Liberal Party (PLP) candidate for Fort Charlotte, is warning his constituents to beware of a phishing scam involving a ‘PLP Stock Empowerment Programme’.

A post shared to Mr Bastian’s “Sebas For Fort Charlotte” Facebook page revealed that a scam e-mail has been circulating claiming to be from him. The post said the -mail requests personal details from recipients and promises financial opportunities.

GB Power

SEBAS BASTIAN

“We are aware of a fraudulent e-mail currently being circulated claiming to be from Sebastian Bastian regarding a so-called ‘PLP Stock Empowerment

the behaviour captured in the video violates established regulations.

“We are aware of the recent incident involving a physical altercation between a livery driver and a taxi driver in the arrivals section of Lynden Pindling International Airport (LPIA),” he said. “We wish to state at the outset that no public service driver should be in the arrivals section soliciting passengers, as this is contrary to established regulations and undermines order within the airport environment.”

Mr Austin said the BLDU does not condone violence and emphasised that the actions of those involved do not reflect the wider membership. “The BLDU does not support or condone any form of violence or unprofessional conduct,” he said.

“Such actions do not reflect the standards we expect from our members or the wider transportation industry. We remain committed to professionalism, respect and compliance with all applicable rules governing operations at LPIA.

“At the same time, we emphasise that this incident should not be seen as representative of the broader

Programme’,” the post read. “The e-mail falsely invites recipients to share their personal details and promises financial opportunities tied to the upcoming election. This is a phishing scam.”

It added that neither Mr Bastian nor his Fort Charlotte campaign would ask for personal or financial information via e-mail, invite constituents to participate in an investment programme or request that a response be provided including sensitive details.

The post said the matter is being reported to the Royal Bahamas Police Force’s Cyber Crime Unit for investigation. It urged constituents not to reply to suspicious e-mails or click on unknown links or download attachments. It encouraged residents to obtain information through official campaign channels only and be cautious of messages that create urgency or promise financial gain. It added: “When in doubt, delete and report.”

From what Tribune Business could see from the

acquisition to address cost ‘plaguing island for decades’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A CABINET minister yesterday asserted that the Government’s acquisition of Grand Bahama Power Company will address “an issue that has plagued our island for decades” by leading to reduced electricity costs and bills.

Ginger Moxey, minister of Grand Bahama, described the deal as a long-awaited breakthrough for residents and businesses that have struggled under elevated power costs. “It delivers tangible relief to an issue

that has plagued our island for decades,” she said at the official announcement.

“For too long, families and businesses have carried the weight of extremely

high electricity costs. This Davis administration has heard the cries, and meaningful change is here to address this vexing legacy issue - not years down the road, but with your next billing.”

Mrs Moxey added that the acquisition, which will align GB Power’s base tariff rates with those of Bahamas Power & Light (BPL), will “level the playing field” and allow businesses to redirect savings into expansion and reinvestment.

Prime Minister Philip Davis KC said the move, executed through a special

TEAMWORK - See Page B5

BLDU membership, the vast majority of whom conduct themselves responsibly and in accordance with the law.”

Mr Austin added that authorities should investigate the matter and ensure accountability. “We trust that the relevant authorities will review this matter carefully and take appropriate action in accordance with the law,” he said. “Accountability is essential to maintaining order, fairness and public confidence in the transportation sector.

“The BLDU remains ready to work with all stakeholders to reinforce proper conduct and ensure that the standards governing public service drivers are upheld at all times.”

The tensions Mr Butler spoke to stem from a long-standing rivalry between the two transportation groups. Mr Butler has been vocal about his disapproval of what he says are livery drivers soliciting and operating in spaces reserved for taxis. He has called out varying properties, including LPIA and some hotels, for allowing and encouraging such actions.

photo shared to the Facebook page, the fraudulent message being shared said the ‘PLP Stock Empowerment Programme’ would help grow funds for the community.

“As head of the Fort Charlotte community, I invite you to join the ongoing ‘PLP Stock Empowerment Programme’. The initiative is designed to help grow funds for our community and supporters of the Progressive Liberal Party through a structured and strategic investment approach,” the fake e-mail asserted.

SBDC partnership aims to turn risk into opportunities

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A NEWLY-unveiled partnership between the Small Business Development Centre (SBDC) and the Eugene Dupuch Law School is aiming to turn legal compliance from a business risk into an opportunity, with the launch of a six-week employment law and human resources training programme for entrepreneurs.

The initiative, formalised through a memorandum of onderstanding (MOU), will introduce ‘Employment law and HR fundamentals’ as a structured course designed to equip business owners, managers and supervisors with practical tools to better manage staff and navigate workplace regulations.

Samantha Rolle, the SBDC executive director, said the programme is focused on expanding access to “affordable, practical legal training in critical areas that directly impact the day-to-day operations of small businesses”.

She added that employment law and human resource management are “often overlooked, yet essential”, noting that the partnership is intended to be “a structured and sustained effort” rather than a one-off initiative.

The move comes as many small businesses continue to operate without a full understanding of the legal frameworks governing employer-employee relationships — a gap that can expose them to significant financial and reputational risks.

“Navigating that framework without the proper knowledge can expose businesses to serious risks… costly litigation, arbitration and reputational damage,” Ms Rolle said. However, she argued that compliance should not be viewed solely as a defensive measure.

“But beyond risk, there is also opportunity,” she said. According to Ms Rolle, entrepreneurs who understand employment law and HR best practices are better positioned to build stronger companies, implement clear policies and make informed decisions that protect both their operations and their teams.

“They can create clear policies, manage staff confidently and make informed decisions that protect both their business and their team,” she said, describing the programme as one that will give business owners “the tools to lead responsibly and operate compliantly”.

Beyond individual firms, the initiative is also expected to have wider economic implications by improving workplace standards and strengthening employer-employee relationships across the country.

Ms Rolle added that when businesses operate within clear legal frameworks, employees benefit from fair treatment, defined expectations and more professional work environments, contributing to “a healthier and more balanced workforce overall”.

The programme also reflects a broader shift in how the SBDC views business support, moving beyond financing to a more holistic model focused on long-term sustainability.

“At SBDC, we believe that supporting entrepreneurs goes beyond funding,” said Ms Rolle. “It means equipping them with the knowledge and resources to avoid pitfalls, make sound decisions and build businesses that can stand the test of time.”

The six-week course is expected to roll-out as the first phase of the partnership, with both institutions indicating that additional training initiatives could follow as the programme evolves to meet the needs of the small business sector.

GINGER MOXEY

BISX-listed firm ‘totally confident’ it can execute

“On the [LNG] terminal side, we are in the advanced stages of land preparation at the site at Clifton Pier. All the major equipment has been procured and is ready on-site. We expect to start in short order.” The regasification terminal is required to convert LNG, which will be received in liquid form from ships offloading this cargo at Clifton Pier, back to gas to drive Bahamas Utilities Holdings’ generation engines that will supply New Providence’s baseload electricity.

The LNG terminal operator, New Providence Gas, will be owned by a combination of FOCOL’s Sun Oil Holdings subsidiary and Shell Bahamas Power Company. The former will hold 60 percent majority ownership, while Shell - if it obtains the necessary regulatory approvals - will acquire the remaining 40 percent. That transaction is currently undergoing a public consultation, in order to obtain feedback on the deal, via a process overseen by the Utilities Regulation and Competition Authority (URCA).

Shell is the LNG supplier for the Government’s energy reforms. Confirming that he was due to meet Shell executives yesterday afternoon to discuss

the transaction and other matters, Mr Adderley said: “That process is moving along quite well. “All the parties are committed to executing this project in a very time-sensitive manner. We are committed to getting this project executed and completed in the coming months. I don’t have an exact date at the moment other than to say the project is progressing full steam ahead.”

The FOCOL chief added that construction of the pipeline, which will transport LNG between Clifton Pier and Blue Hills, is outside his group’s control as it is under the remit of “third parties” who he did not name. Its completion is critical to the timeline on which LNG-fuelled energy can be produced from the new 177 MW Blue Hills power plant. Three of the four engines converted to LNG will be relocated from Clifton Pier to Blue Hills when the new power plant is completed.

“That’s the third phase,” Mr Adderley explained, “where we’ll be constructing the combined cycle plant to capture waste heat from the gas turbines and generate additional electricity. We have cleared the site, engineering is pretty advanced and procurement is ramping up. That phase of the project is being developed simultaneously, and

PM hails GB Power owner for ‘bearing burden’ in last 6 years

REDUCE - from page B1

Coleby-Davis, minister of energy and transport, who asserted that when she first took her ministerial post that she was “struck by the disparity in electricity costs for Grand Bahama compared to New Providence and the rest of the Family Islands. The price of electricity is set within a framework that was higher than other parts of the” country.

Citing two examples, Mrs Coleby-Davis asserted that a household in Long Island, who consumed 495 kilowatt hours (KWh) of electricity, paid $121.38 to BPL, while a household in Grand Bahama’s Pineridge constituency paid $200.09 - a difference of some $78.71 or 39.3 percent. “Uniformity in our tariff rates, which includes Grand Bahama, will bring savings in that scenario of 39.3 percent,” she added.

“Similarly, while a household in New Providence that consumed 1,412 kilowatt hours of electricity paid $481.50, a household in West End paid $700.21 - a difference of over $218.71. Uniformity in that tariff

will bring savings of 31.2 percent.”

However, Bahamian private sector executives have argued that GB Power cannot be compared to BPL, as it is a standalone private operator that needs to make a profit to constantly reinvest in its business, while BPL has taxpayer support with rates set for social/political purposes.

The Utilities Regulation and Competition Authority’s (URCA) just-released 2025 annual report showed that GB Power’s fuel charges last year were lower than BPL’s for every month bar August - the main difference between the two being base rates.

Emera, in a statement to Tribune Business, confirmed that it has signed an agreement to sell 100 percent ownership of GB Power to the Government and the deal is expected to close imminently as the two sides work to execute through a “transition” process.

“Emera confirms it has signed an agreement with the Government of the Commonwealth of The Bahamas regarding the sale of its holdings in Grand

we don’t anticipate any challenges.

“It’s quite an integrated, large-scale project with multiple phases. At each phase of the project, it’s intended to generate specific benefits to the consumers. The first [four engines converted to LNG use] assisted with reliable electricity supply. Once the gas is introduced, that will start to lower the cost. Once the combined cycle is introduced, it will lower the costs even further. It’s a well thought-out execution plan, and what I can say is that we’re well on track to deliver the project.”

Mr Adderley yesterday revealed that the previously-announced $99.6m financing from US Export-Import Bank had been reduced to “just under $50m”. However, he added that the award “means confidence; confidence in our project, confidence in our country, confidence in FOCOL’s ability to execute at scale on clean energy projects”.

The $99.6m was to fund FOCOL Holdings’ acquisition of the equipment needed to construct the two pipelines - one for diesel, the other for natural gas - that will carry the generation fuels from Clifton Pier to the Blue Hills power station. However, based on Mr Adderley’s comments yesterday, it appears the BISX-listed firm will no

Bahama Power Company to a government-owned entity. The sale is expected to close within the next few weeks,” the Canadian utility giant said.

“For more than 15 years, Emera has been proud to be part of Grand Bahama. Over that time, GB Power and its employees have played a critical role in serving customers and supporting the community, including leading recovery efforts following the severe hurricanes of 2016 and 2019.

“GB Power employees have been valued members of the Emera family, serving approximately 19,000 customers with professionalism and care. We have strong confidence in the future of the utility and in the team who will continue this important work for the people of Grand Bahama.”

Mr Davis, too, praised Emera’s role in restoring Grand Bahama’s electricity infrastructure in the aftermath of Hurricane Matthew and Hurricane Dorian. “We talk about the high cost of electricity. This high cost of electricity, it’s not particular to Grand Bahama at all,” the Prime Minister said.

“It’s a challenge that we’re tackling throughout the archipelago.” He described this as “not an easy task; it’s complex”.

longer be responsible for this aspect.

The financing was also to be used to procure two aeroderivative gas turbines, capable of using multiple fuels depending on which is least costly, from General Electric (GEV) Vernova. The two pipelines were being supplied by Pike Electric, the same North Carolina-based entity that was sub-contracted to overhaul New Providence’s transmission and distribution (T&D) electricity grid via $130m worth of “foundational upgrades”.

Asked about FOCOL’s ability to execute, and deliver on what has been promised, Mr Adderley replied: “Absolutely totally confident. We have a team of brilliant engineers, plant operators and accountants. We are very confident. We have a very strong management team, and we have good partners in the likes of General Electric (GE) Wartsila and others who are standing by us in execution of these projects.

“We have the backing of Shell on the LNG side, who are probably among the largest in the world in LNG supply. We are totally confident in our ability, and well on the way to completing the project. We’re recruiting every day. I would say that, just in the past two years, we’ve probably added anywhere from 70-80 new

“Despite the high electricity bills you have been paying, they have not gone to the bottom line of Emera,” Mr Davis said. “I want to thank you for bearing this burden for almost the last six years. In fact, the burden they bore is ordinarily carried by a government intervening as opposed to a private company. That’s one of the things that inspired us to step in and to take over, and buy and acquire this company.”

Mr Davis said that all GB Power employees will be retained, and their benefits and rights under existing industrial agreements maintained. Current management headed by Nikita Mullings, the chief operating officer, will also remain in place as the Prime Minister defended the timing of the deal’s announcement just a week ahead of the upcoming May 12 general election.

“Why do I have to defend it?” he asserted. “Governance doesn’t stop because an election is in the air. I still have to govern, and this transaction’s been in the works for quite a while. Should I abandon it when I can bring relief to people on Grand Bahama island? I have nothing to defend other than to say I’m bring relief to the people of Grand Bahama. I’d hoped

employees across the group, so that number is growing. These are well-paying, very professional jobs that provide growth opportunities for Bahamians.”

Confirming that FOCOL’s part of the New Providence energy reforms will involve investment of “a few hundred million dollars all-in when all is said and done”, Mr Adderley told Tribune Business: “It’s been a few years in development, and we are very pleased with where we are at now. It’s at full scale in terms of development. As we progress from phase to phase, the end consumer will see more and more of the benefits. “Consumers are enjoying improved reliability, and once the LNG component starts to ramp up they will start to see increased cost savings.” Asked when LNG will become operational, Mr Adderley replied: “Put it this way; we have lots of people working on this project to make it a reality as soon as possible. We don’t have a firm date, but our goal is to make that happen this year.” The FOCOL Holdings chief previously said the reforms could save consumers $120m annually on fuel costs alone.

Mr Adderley and company executives were presented with the Western Hemisphere Deal of the Year at EXIM’s recent

to have brought it sooner, but it happens to be now. “

As for the transition to government ownership, Mr Davis said: “We have a transition agreement. We don’t intend to disrupt the operation in Grand Bahama save that it’s going to align with the tariffs and charges in the rest of The Bahamas.

Apart from that, it’s business as usual apart from them having involvement in the national energy renaissance because we see a lot of talent [at GB Power] that can assist in that goal.

“We expect this entity to operate as is as the transition period continues and as we move on our path of comprehensive energy reform that we have.” Emera, meanwhile, is likely to be delighted it is exiting The Bahamas with a a $200m purchase price for its Grand Bahama utility.

Emera’s financials for the 12 months to year-end 2025 show that GB Power generated a $10m Canadian dollar contribution to the utility giant’s “consolidated adjusted net income” for the period - a figure that was slightly down on the prior year’s $11m. Using the current exchange rate, that $10m Canadian dollars translates into about US $7.3m. Those profits were generated from $162m

2026 annual conference in Washington D.C. The award honours transactions that demonstrate exceptional scale, complexity and impact across the region.

He and Clinton Rolle, FOCOL Holdings’ chief operating officer, accepted the award on behalf of the company. They were joined by project partner Tanya Petrova, senior vice-president of Capital Markets at GE Vernova. The ceremony was also attended by Wendell Jones, ambassador of The Bahamas to the US. Sir Franklyn Wilson, chairman of FOCOL Holdings, said: “This award affirms the strength of our strategic direction and the discipline with which we execute. FOCOL has long understood that sustainable development requires alignment between investment, governance and national interest.

“Our focus has been to build capacity, strengthen partnerships and deliver infrastructure that supports the long-term resilience of The Bahamas. This recognition by EXIM validates both our approach and our responsibility to continue contributing meaningfully to the country’s energy future.”

Canadian dollars worth of revenue, which represented a 16.5 percent year-overyear increase compared to 2024’s $139m Canadian dollar top-line. The increase is likely due to increased economic activity among GB Power’s 20,000-strong customer base, with Carnival’s $600m Celebration Key destination having opened last July. The exchange rate conversion means GB Power generated $118.26m worth of revenues in US dollars last year.

The value of the Grand Bahama-based electricity provider’s physical assets, namely property, plant and equipment, narrowed slightly last year from $371m Canadian dollars at year-end 2024 to $361m Canadian dollars some 12 months later.

To give an idea of what the Government is potentially acquiring, Emera said: “With $378m US dollars of assets, and approximately 20,000 customers, GB Power owns 98 mega watts (MW) of oil-fired generation, approximately 100 kilometres of transmission facilities and 1,000 kilometres of distribution facilities. GB Power’s approved regulatory return on rate base is 8.52 per cent.”

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division

2025/CLE/qui/01072

B E T W E E N

IN THE MATTER of Quieting Titles Act, 1959 AND IN THE MATTER OF the Petition of STEPHANIE LOUISE BURROWS-McKENZIE AND Schedule

ALL THAT tract of land containing an area of 31,430 square feet situate 150 feet south of Step Street and approximately 400 feet west of Grant Street in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas.

NOTICE

STEPHANIE LOUISE BURROWS-McKENZIE, the Petitioner claims to be the owner of the tract of land hereinbefore described and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said tract of land investigated and the nature and extent thereto determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act. Copies of the Plan showing the position boundaries and shape marks and dimensions of the said tract of land may be inspected during normal working hours at the following places:-

(1) The Registry of the Supreme Court, British American Financial Building, George Street, Nassau, N.P., The Bahamas, and

(2) Trinity Chambers, No. 27 Thomas Road, Nassau, N.P., The Bahamas.

Notice is hereby given that any person or persons having a right of Dower or an adverse claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of the Supreme Court in the City of Nassau aforesaid and serve on the Petitioner of the undersigned a Statement of Claim in the prescribed form, verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of Claim within thirty (30) days herein will operate as a bar to such claim.

Dated this 28th day of April, A.D., 2026

Trinity Chambers

TRINITY CHAMBERS.

No. 27 Thomas Road

Nassau, N.P., The Bahamas

Attorneys for the Petitioner

Private sector: ‘Unnecessary deal not in the public’s best interests’

if the utility is unable to service this debt from lower revenues caused by rate cuts.

Prime Minister Philip Davis KC, in unveiling the GB Power deal’s signing yesterday, gave few details apart from suggesting that Grand Bahama businesses and households will see an average 37 percent reduction in their energy bills when rates are aligned with BPL’s. However, no timelines or road map - even a so-called ‘glide path’ to achieve this - were set out.

Emera yesterday confirmed that the agreement to sell its 100 percent GB Power ownership has been signed with the transaction expected to close “within the next few weeks”. The timing of this, and yesterday’s announcement, also appear to effectively cut across the public consultation over GB Power’s sale that was being conducted by the Utilities Regulation and Competition Authority (URCA).

The deadline for responses to be provided was Friday, May 1, but the confirmation just four days later that the deal is set to close effectively seems to make the consultation, and URCA’s regulatory approval a ‘fait accompli’.

The Grand Bahama Port Authority (GBPA), which is locked in a Supreme Court battle with URCA over whether the Hawksbill Creek Agreement makes it the regulatory authority for GB Power and all utilities in the Port area, appears not to have figured in the process.

Mr Knowles, in feedback submitted to the URCA consultation, argued that GB Power’s acquisition by a state-owned enterprise (SOE), in this case the Government’s Grand Bahama Energy Company special purpose vehicle (SPV), was “not in the best interest of the public - both customers and taxpayers” for seven different reasons.

And he was yesterday joined by the Freeport Licensee Association (FLA), created to represent the interests of the GBPA’s 3,500 Freeport-based licensees, which argued that “the speed of the transaction” - and its announcement just a week before the May 12 general election - suggests it may not have been subjected to the required “level of scrutiny”. It also asserted that “the lack of transparency.. leaves many unanswered questions” including whether taxpayers will end up subsidising lower energy costs”.

Noting that the deal was “finalised just days before a general election”, the Association told Tribune Business: “The timing of this decision raises serious questions about whether it was driven by careful planning or political expedience.

“The speed of the transaction suggests that critical elements, including valuation, financing and long-term operational strategy, may not have been subjected to the level of scrutiny such a significant national investment requires, potentially placing Bahamian taxpayers at a disadvantage. We are equally concerned by the absence of meaningful consultation with key stakeholders, including licensees

Fishing boats may stay docked on fuel’s surge

SAILING - from page B1

that conch, snapper and grouper, which are normally caught and sold in the summer months, often sell for a lower price, especially compared to the crawfish season that closed in March. This, he said, will further cut into profits. As a result, Mr Carroll expects a slowdown in fishing activity in the upcoming months.

“I don’t know exactly what’s going to happen, but I know a lot of people won’t be sending their boats out,” he said.

Fisherman Lance Pinder echoed those

concerns, particularly with the upcoming re-opening of lobster season on August 1. He warned that, unless lobster prices rise, some operators might not be able to stay in business.

“We really don’t have a way to deal with it,” Mr Pinder said. “We have to pay. And if the price of lobster doesn’t increase [when the season reopens], then it’ll force fishermen out of business.

“There would be no point to leave the dock after you pay for your expenses and the fuel, because we have to travel long distances. And then to pay for your food and groceries... And we have

GB Power sale hailed as ‘watershed moment’

TEAMWORK - from page B3

purpose vehicle named the Grand Bahama Electricity Company, is intended to bring the island fully into the country’s broader energy reform strategy while delivering immediate cost relief.

“This decision was made with a clear purpose: To bring down the cost of electricity for the people of Grand Bahama and place this island inside our national energy strategy,” said Mr Davis. “Grand Bahama Power Company will adopt the BPL tariff schedule for services provided to customers in Grand Bahama.

“This is going to bring down the cost of living in Grand Bahama, and make businesses here more competitive.” The transaction is being financed through a $280m loan from a consortium of banks headed by Standard Chartered and Scotiabank, backed by a government guarantee, and Mr Davis said the acquisition will not disrupt operations at the utility, with existing employees and management remaining in place.

“This acquisition also protects the employment and benefits of all existing employees of Grand Bahama Power Company.

The Bahamian management team will remain in place,” said Mr Davis. He argued that, beyond immediate savings, the move is designed to strengthen Grand Bahama’s

operating under the Hawksbill Creek Agreement.

“Decisions of this scale, with far-reaching implications for the cost and reliability of electricity in Grand Bahama, should not be made in isolation. The lack of transparency and engagement leaves many unanswered questions, particularly around how lower electricity costs will be achieved without transferring financial burdens elsewhere - whether on to taxpayers or the business community,” the Association said.

“The Association reiterates its long-standing position that collaboration, transparency and sound economic planning are essential to Freeport’s future. We remain concerned that without a clear, sustainable plan, this rushed acquisition risks undermining investor confidence and placing additional strain on the very people it is intended to benefit. We again call for open dialogue between the Government and the business community to ensure decisions are made in the best interest of Grand Bahama and its people.”

Mr Knowles, in his feedback to URCA, voiced concerns that the GB Power deal’s structure will impose an “ongoing operational cost to taxpayers”. He said: “Government’s stated objective with this proposed acquisition is to ensure consistency of the price of electricity to customers across the country.

“It currently ensures price parity (except in Grand Bahama) by having BPL, and thus taxpayers, subsidise the price of electricity across the country.

all the smaller boats. We have five smaller dinghies that use fuel along with the big boat. And the price of lobster hasn’t increased to counteract for the price of fuel.”

Mr Pinder added that the cost burden is worsened by the need to fuel both large vessels and smaller support boats. “The fishermen, we don’t get no break in our fuel,” he said. “To go out to sea, my boat takes 14,000 gallons of diesel and 3,000 gallons of gas. I don’t get one discount, no more than you get when you go to the pump with your car and fill her up for $40.”

Mr Pinder said some fisherman already often see a slowdown in work during the summer months and therefore seek alternative work to make ends meet.

The national cost of electricity exceeds the price charged, hence BPLs humongous and unsustainable debt. Grand Bahama taxpayers currently contribute to that subsidy but receive none of its benefits.

“The acquisition of GB Power will not reduce the cost of electricity supply in Grand Bahama, but is likely to increase it even beyond the replacement and modernisation cost that Emera is currently facing as the acquisition cost must also be accounted for. The delta between this overall cost and the national price will be born by taxpayers, including Grand Bahama taxpayers,” Mr Knowles said.

“This is not in the ‘best interest of the public’.  It is definitely not in the best interest of Grand Bahama. Grand Bahama will give up its best in class, nationally, service for the illusion of a reduction in price. The sticker price will be reduced but the taxes will increase to compensate. There is no alternative as there is no way to reduce cost without additional market.”

Mr Knowles added that the $280m guarantee to finance the GB Power purchase means “taxpayers are being asked to shoulder the cost of a transaction that is unnecessary as the supply and maintenance already exist with a private provider”. And he also questioned who GB Power’s new operator will be, and whether it will become a subsidiary of BPL or remain a standalone provider with its own Board.

The ex-Grand Bahama Chamber president also added that the GB Power deal, which amounts to a

He said some work in construction, while others are offering charter services to tourists. “Anything they can do,” he said. “Fishermen are at a big disadvantage in the summer months.”

Mr Pinder also pointed to policy changes, including restrictions on the use of compressors, which he said have further limited summer fishing opportunities.

“[During the summer] we used to go for snappers,” he said. “We used to get some conch, but we don’t do anything any more because we’re not allowed to use our compressors, and you can’t

nationalisation with the Government acquiring a previously privately-owned utility, runs contrary to energy reforms in the rest of The Bahamas were power generation, as well as New Providence’s electricity grid, have been outsourced to private operators.

“The current national plan acknowledges BPL’s failure to effectively and efficiently proved a reliable supply of electricity to the country except Grand Bahama,” Mr Knowles said.  “It has incurred insurmountable debt not doing so. BPL does not have the means to solicit additional debt to fund its replacement and modernisation needs.

“The solution currently being implemented is to outsource wholesale supply to various private providers under power purchase agreements (PPAs) with government ‘letters of comfort’ that taxpayers will fund any shortfall in payables BPL may incur for the purchased supply. New Providence [grid] infrastructure has been divested to a private provider with another contractual agreement for services rendered.

“At the same time that it is outsourcing electricity supply country-wide, the Government proposes to acquire a private supplier of electricity in Grand Bahama by backing two loans for its acquisition and upgrade. This is antithetical to the national plan.”

Mr Knowles also warned that a government-owned GB Power will likely struggle to keep pace with the island’s economic expansion.

“Grand Bahama is the only island in the country with the necessary infrastructure and ready

catch fish and use a net without a compressor...”

Emile Knowles, another fisherman, said rising fuel costs are impacting an already small profit margin and leaving little room for price increases. “That’s basically all your profit gone,” Mr Knowles said. “You can’t raise the price of fish much more, and people are already complaining.”

He also said fishermen are facing competition from imported seafood. “They’re importing snapper, shrimp, everything,” Mr Knowles said. “So you’ve got to pass the cost on to the consumer,

opportunity to grow the Bahamian economy at an exponential rate,” he said.

“For this to happen, the supply of electricity will have to increase exponentially to match it. By nationalising electricity supply, we would also be nationalising the need for expansion capital. This additional capital cost will fall to the taxpayers to guarantee, as does this proposed acquisition.

“SOEs have never demonstrated the ability to efficiently and effectively respond to incremental increases in demand, much less to exponential increases. Grand Bahama cannot afford for a lack of electricity to be the reason it will not grow its economy to match its potential.  Private capital has always been more efficient and effective at this. Nationalisation is not in ‘the best interest of the public’.”

The ex-Grand Bahama Chamber president concluded: “In summary,  the proposed acquisition of GB Power is unnecessary, goes against the national energy plan, will cost the taxpayers current and future capital, will not reduce operating cost, and will risk Grand Bahama’s current and future economy.

“As Grand Bahama currently contributes more GDP and taxes to the Public Treasury than all other Family Islands combined, and is the only island poised for exponential growth, taking an unnecessary risk of nationalising Grand Bahama’s electricity supply is definitely not ‘in the best interest of the public’.”

and they don’t want to pay it.”

With fuel prices continuing to climb and market conditions tightening, fishermen say the outlook for the summer and potentially beyond is uncertain. “You can’t put the price up on fish no more; not by much,” Mr Knowles said. “There ain’t much room for expansion, and the Government letting people import seafood. They’re importing snapper from South America, and importing shrimp and everything else from the rest of the US and Asia.”

investment appeal and economic outlook.

“We are going to lower the burden – and in doing so, give families room to breathe, and to spend on other priorities,” he said. “Investors will understand that Grand Bahama has a more favourable investment climate. Today, the Government delivers relief on electricity.”

JoBeth Coleby-Davis, minister of energy and transport, said the GB Power purchase will eliminate long-standing disparities in electricity pricing between Grand Bahama and the rest of the country, pointing to examples where residents were paying significantly more for the same level of consumption.

She said a household in Long Island that consumed 495 kilowatt hours (KWh) of electricity paid $121.38 to BPL, while a household in Pineridge in Grand Bahama paid $200.09 - a difference of over $78.71. “Uniformity in our tariff rates, which includes Grand Bahama, will bring savings in that scenario of 39.3 percent,” the minister said.

“Similarly, while a household in New Providence that consumed 1,412 KWh of electricity paid $481.50, a household in West End paid $700.21 — a difference of over $218.71. Uniformity in that tariff will bring savings of 31.2 percent.”

“These observations aren’t abstract — they are real. In household budgets, every penny is important and every dollar counts,”

Mrs Coleby-Davis said. She added that the changes will take effect within weeks, with the Government planning to replicate BPL’s equity rate adjustment programme in Grand Bahama.

“It is the same approach that we will implement in Grand Bahama in the coming days,” she said, adding that the reform will extend regulatory oversight under the Utilities Regulation and Competition Authority (URCA). “For the first time, Freeport is being brought fully into line with the rest of the country on electricity oversight and pricing,” Mrs Coleby-Davis added.

Nikita Mullings, Grand Bahama Power Company’s chief operating officer, said the transition will not alter the company’s day-to-day focus. “Today’s announcement is a big one for us… but it does not change what defines us — our commitment to safety, reliability, and service excellence,” she said. “It does not change our shared responsibility to our customers and this community.”

Karen Hutt, Emera executive vice-president for corporate development, and GB Power’s chair, said the transfer of ownership represents a significant milestone for both the company and the island. “This transition of ownership from Emera to the Government provides a historic opportunity for Grand Bahama Power and the island of Grand Bahama to play a pivotal role in the nation’s energy future under The Bahamas’ comprehensive and progressive national energy policy,” she said.  “It is truly a watershed moment.”

Group fears project ‘to erase lived history’ of the community

are not against progress. We are for progress that is proportionate to where it is happening and that genuinely serves the people it is built among.

“We are asking that you, our elected representatives and ministers, act as advocates for this community, not for this project. We are asking you to insist on transparency, to oppose approvals for components that would permanently alter the character of Governor’s Harbour, and to ensure no further decisions are made until the people of this community have had a genuine and enforceable voice.

“With the general election approaching, the people of central Eleuthera will be watching how their representatives respond. We are asking to be heard.” Mr Jacobs is pledging to “create a life-altering, forever game changing experience” for visitors and Governor’s Harbour residents alike via a resort, marina and boutique casino destination featuring a combined $650m in investment and real estate sales.

He wrote in a December 2025 presentation, “setting out “our Eleuthera vacation vision” for the J Resort Eleuthera, that it will cover 600 acres “stretching from the Atlantic Ocean to the Caribbean Sea”. And, apart from the resort itself, the development will feature “five resort-related neighbourhoods” containing more than 350 total vacation residential properties.

These residences, according to the presentation obtained by Tribune Business, are forecast to generate more than $450m in combined real estate sales - a sum equivalent to 69 percent of the total $650m financing package.

Mr Jacobs, in a signed statement, said he has already

invested some $40m in real estate purchases to assemble land required for his vision, and more acquisitions are set to follow.

“Our current $40m in acquisitions, combined with our proposed future acquisitions, will take us to approximately 600 acres stretching from the Atlantic Ocean to the Caribbean Sea in and around the town of Governor’s Harbour, Eleuthera, Bahamas,” Mr Jacobs wrote.

“Our vision includes a phased hospitality investment of over $200m, as well as third party residential real estate sales exceeding $450m. This combined $650m-plus investment and real estate sales effort will result in the largest tourist-oriented development in the history of central Eleuthera.”

This, though, has triggered alarm among both Governor’s Harbour and Eleuthera residents as well as environmental activists, who view the project as too large, unsustainable and completely out of character with both the settlement and wider island. Eric Carey, the ex-Bahamas National Trust executive, has led calls for Mr Jacobs to scale down his ambitions, and abandon the casino element, and the Governor’s Harbour Group’s letter is just the latest manifestation of these concerns.

The Group, in its letter, urged the Government to scrutinise Mr Jacobs’ proposal in light of the mixed reviews provided for his redevelopment of downtown Reno in Nevada, where some commentators are arguing that promises of redeveloping properties he has previously demolished remain largely unfulfilled. It called on Mr Davis and his ministers to “reject any approvals for components of this project that would fundamentally and irreversibly alter the character of Governor’s Harbour”. And

Spirit Airlines has stopped flying. Here’s what happens next

By RIO YAMAT AP Airlines and Travel Writer

THE bright yellow planes are grounded. Now the selloff begins.

Spirit Airlines, which abruptly canceled all its future flights over the weekend, secured court approval Tuesday to begin dismantling the once-busy budget carrier and to convert its parts into cash for creditors.

U.S. Bankruptcy Judge Sean Lane authorized the airline’s plan for a rapid wind down of its remaining

business activities, clearing the way for Spirit to move forward with liquidation.

“Today is a very challenging day. It’s not a day that anybody hoped would ever come,” Lane said as he ruled from the bench following an hourslong hearing in New York. The judge extended his “sympathy to the Spirit employees and their families.”

The company needed the judge’s clearance to proceed because ceasing operations due to insolvency is legally complex. Its plan centers

added: “A casino changes what Eleuthera is permanently. It draws a different market, introduces negative social pressures and signals a shift from Family Island lifestyle to gaming destination.

“A resort footprint spanning the island from coast to coast, with hundreds of residences, a golf course and major tourism infrastructure, is disproportionate to the scale, character and infrastructure realities of this historic settlement…. The social costs of a gaming operation fall on local communities. Problem gambling, enforcement pressures and the social dynamics that accompany a casino are predictable consequences that residents will live with long after the developer has moved on.

“This decision demands community input and cannot be a regulatory process conducted out of public view.” The Governor’s Harbour Group also called for any Bahamas Investment Authority (BIA) approvals that have been granted to Mr Jacobs, and even a signed Heads of Agreement, to be made public along with the scope and findings of any Environmental Impact Assessment (EIA).

“Transparency is not a courtesy. It is a requirement of responsible governance,” the group argued. “Establish a formal, structured community consultation process with enforceable weight before any further approvals are granted.

“A single public meeting announced on short notice does not constitute consultation. We are asking for a process with adequate notice, accessible information, independent facilitation and a formal mechanism for community input to carry real weight in decision-making.”

Detailing its concerns, the Governor’s Harbour Group said: “A development of

on selling off every possible Spirit asset — from airplanes, engines and spare parts to gates and landing slots at airports — and for limiting additional payroll, leasing and other costs.

The liquidation marks a dramatic turn for Spirit, which filed for bankruptcy protection in August 2025 hoping to escape financial ruin. The airline’s parent company was attempting to restructure the business for the second time since November 2024 when it abruptly stopped operating flights early Saturday.

The shutdown itself was tightly choreographed.

The company, Spirit Aviation Holdings Inc., said it made its going-out-ofbusiness announcement in the middle of the night

this stated size will require large numbers of imported workers, place serious strain on roads, water, electricity and waste infrastructure that already struggle to serve existing residents.

Governor’s Harbour’s existing infrastructure is not equipped to absorb a project of this scale without lasting consequences for the people who live here.

“Large-scale developments also carry documented social and economic costs for host communities - increased traffic and noise, crime pressures, strain on public services, displacement of local businesses and housing affordability crises. These are not hypothetical concerns. They are the lived experience of communities across the Caribbean that accepted similar promises.

The people of Governor’s Harbour deserve an honest accounting of both sides before any approvals are granted.

“A development spanning from coast to coast, with a mega-yacht marina, golf course, large-scale construction, and the wastewater and run-off demands of a major resort, poses serious risks to the coastal ecosystems and marine environment of Central Eleuthera. A full, independent EIA must be completed and made publicly accessible before any approvals are granted. The environment is not a backdrop on Eleuthera. It is the economy.”

The Group also urged that any deal with Mr Jacobs has to facilitate beach access for Bahamians and “must include binding, enforceable public access commitments covering all existing access points, including the central access point at French Leave Beach closest to the Governor’s Harbour community, written into approvals as conditions, not developer assurances”.

to ensure the jetliners making their final runs for the airline were safely on the ground and their crews accounted for.

Three days later, that sense of urgency carried into the courtroom, where the company’s lawyers asked the judge for expedited approval of their wind-down plan, arguing that speed would benefit Spirit’s creditors and customers.

“Any delay will cause chaos, confusion and cost the estate significant time and money,” one motion stated, noting the airline was “not generating any revenue.”

Spirit attorney Marshall Huebner said Tuesday in court that rising jet fuel costs since the U.S. and

Mr Jacobs had made beach access a central theme in his December 2025 presentation, stating:

“The major components of J Resort Eleuthera include five resort-related neighbourhoods with over 350 vacation residences, each oriented to the Atlantic Ocean and the Caribbean Sea. Also included are a public outdoor sculpture garden focusing on artists of the region, a boutique hotel and a mega yacht marina providing dockage for the largest yachts cruising off Florida and the Bahamas.

“The development will also include several waterfront restaurants, a boutique casino, an 18-hole sea-to-sea golf course, and a dedicated community pathway providing continuous circulation throughout Governor’s Harbour, accessing the world-famous French Leave Beach via walking, bicycling and golf carting.” Beach access for Bahamians, and the development of community pathways on Queens Highway, Alexander Boulevard and Banks Road were also described as central to the J Resort destination.

Mr Jacobs, in an e-mailed response to Tribune Business inquiries, told this newspaper that thinking behind the proposed Governor’s Harbour development has “evolved” since the December 2025 presentation was crafted.

In particular, he revealed that plans for an 18-hole golf course on a 177-acre site located near the settlement’s airport have been “put on hold for a variety of economic, environmental and competitive reasons”.

And Mr Jacobs, who has a track record in real estate development related to the hospitality, gaming and resort industries in the US, said he also plans on adopting “a master developer approach” to Governor’s Harbour by setting aside three to four sites within the

Israel launched strikes on Iran “engulfed Spirit entirely.”

The airline’s fuel expenses grew by roughly $100 million “in March and April alone,” Huebner said, and rapidly drained Spirit’s liquidity and derailed its restructuring efforts.

He also apologized directly to Spirit’s employees and customers, especially passengers who he said may now be completely “priced out” of certain routes without the ultra low-cost carrier.

Huebner described a swift effort by other airlines and other segments of the aviation industry to assist Spirit’s employees and customers once the airline’s end looked inevitable.

600 acres for other investors/developers to create their own boutique resorts - the type of hotel development that has proven most successful in the Family Islands.

Asserting that he is a long-term investor, not one seeking to make a quick buck by swiftly entering and then exiting a project, Mr Jacobs also voiced interest in partnering with others to deliver “consistent, reliable power” to central Eleuthera. He added that he was already in talks with Kimley Horn, a US-based utility and engineering company with global reach, on developing “a self-contained power solution” for the island.

And, seeking to reassure Governor’s Harbour residents over the scale and density of his proposal, Mr Jacobs said the proposed casino will be “the size of a restaurant” and far smaller than those at Atlantis and Baha Mar. The US gaming developer added that the J Resort casino will be modelled as “a James Bond-style gaming salon” to give wealthy, high-spending visitors an extra incentive to visit Governor’s Harbour and give the destination a “must see” vibe. Mr Jacobs disclosed that the proposal “still has some wood to chop” before starting the process of applying for, and obtaining, the necessary government and regulatory approvals for the project to move forward. However, Janeen Bullard, principal of JSS Consulting, has been hired and started the work required to prepare an Environmental Impact Assessment (EIA), and consultation with the Governor’s Harbour community over the development is set to begin this summer.

“The entire industry sprang into action to get our people home,” Huebner said. Spirit employed about 17,000 people and carried about 50,000 passengers on its final day of operations. The final flight, which traveled from Detroit to Dallas, landed after midnight Saturday.

According to legal filings, Spirit’s assets include its fleet of 114 Airbus A320-family planes. Most of them — 66 aircraft — were leased, but the company owns 28 that will be part of the liquidation process. Another 20 of the planes it owns outright were already set to be sold under a separate, previously approved court deal. Spirit also owns 18 spare engines.

Gasoline costs 50% more in the US than it did before the Iran war

By CATHY BUSSEWITZ Associated Press

THE price of a gallon of regular gasoline climbed 31 cents in the past week, spiking to an average of $4.48 per gallon Tuesday, according to AAA, hitting the wallets of drivers after rising 50% since the war with Iran began.

The main reason drivers are paying more at the pump is because of the global energy crisis caused by the Iran War. The price of crude oil, which is the main ingredient in gasoline, has been climbing for most of the past two months because the Strait of Hormuz, the narrow passage of the Persian Gulf through which a fifth of the world’s crude oil normally passes, has effectively been shut, and oil tankers have been stranded there unable to deliver crude.

Many drivers were hopeful in mid-April, amid signs that the conflict could be winding down, and gasoline prices fell daily for almost two weeks.

“After the announcement of the initial ceasefire, there was kind of optimism that this really could be the beginning of the end of the conflict,” said Rob Smith, director of global fuel retail at S&P Global Energy.

“And so crude prices came down correspondingly, gasoline spot prices followed, and so on and ... the retailers lowered prices as well.”

But as the war continued, gasoline prices reversed course and began increasing again.

“There’s a fundamental shortfall that will exist globally or fundamental struggle to meet that demand that will drive up price,” Smith said. “No matter what a government says or what any market person thinks, there is a true kind of upward pressure

that’s being exerted on prices every day the Strait of Hormuz is constrained. And it is still severely constrained.”

Who sets gasoline prices

Gas station owners set prices at the pump, but a lot of factors go into what they decide to charge. The main ingredient in gasoline cost is the price of a barrel of crude oil. In the U.S., oil prices represented about 51% of the

and said their price changes generally matched up.

“Not much of a mystery here,” Kleinberg said. “It’s not exactly proportional but the shape of the curves follows the same pattern, and really with very little delay.”

Federal and state taxes contributed about 17% of the oil price, refining costs and profits contributed 14% and distribution and marketing contributed 17%, the EIA said. In some states,

U.S. blocked Iranian ports to stop the country from exporting oil.

“Iran had been moving an unusually high amount of oil to global markets, so

“There’s a fundamental shortfall that will exist globally or fundamental struggle to meet that demand that will drive up price. No matter what a government says or what any market person thinks, there is a true kind of upward pressure that’s being exerted on prices every day the Strait of Hormuz is constrained. And it is still severely constrained.”

price of a gallon of gasoline in 2025, according to the Energy Information Administration.

That means when crude oil prices rise, gasoline prices generally follow. Less oil on the market means higher prices for oil and gasoline. And the effective closure of the Strait of Hormuz triggered the largest supply disruption in the history of oil markets, according to the The International Energy Agency, pushing oil prices as high as $112 a barrel in early April. Bob Kleinberg, adjunct senior research scholar at the Columbia University Center on Global Energy Policy, compared the average price of a gallon of gasoline in the U.S. with the price for a barrel of WTI, the U.S. benchmark oil, over the past few weeks,

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such as California, higher taxes and refining costs push the price of gasoline well above the national average.

What caused renewed march in gasoline prices

One event that could have changed the trajectory of gasoline prices occurred in April, when the

Rob Smith

that was helping moderate prices,” said Jim Krane, energy research fellow at Rice University’s Baker Institute. “The Trump administration decides they’re going to punish Iran, and try to put more pressure on Iran by blocking their exports, so of course that does put pressure on

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Iran, but also puts pressure on global oil prices and forces them up. That was probably a big factor.”

What refineries and traders are willing to pay for oil swings wildly after news breaks about attacks on ships in the Persian Gulf or diplomacy talks stalling.

“The oil market is exquisitely sensitive to what’s coming out of the White House,” Kleinberg said.

Back in early March, at the beginning of the Iran war, the price of gasoline jumped 48 cents in a week.

The highest weekly jump was in March 2022, when the price jumped 60 cents in a week after Russia invaded Ukraine, AAA said.

No quick fix

No one can predict how high gasoline prices will climb. A gallon of regular in the U.S. costs more now than it did in early May of 2022, and back then, the

price kept climbing through Memorial Day, AAA said.

The longer the flow of oil is constrained through the Strait of Hormuz, the higher prices will go, and the longer it will take to get back to normal, Smith said.

“Even if there was a true and lasting resolution of the conflict, both sides agree to play nice and truly do commit to keeping Hormuz open, it will still take months to get back to what it was pre-war, if not even longer,” Smith said.

“There will still be within the industry a risk premium associated with going through that region. Not that it was ever a perfectly safe journey, but the past few months have shown that it’ll be hard to convince shippers and insurance companies that the risk level will be similar to what it was in February. It’ll be a long time before anyone can be convinced of that.”

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is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas

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GASOLINE prices are displayed at a Mobil gas station on Wednesday, April 29, 2026, in Portland, Ore.

Photo:Jenny Kane/AP

GLEN FREDERICK GEORG WARD of Sea Pointe Estates, Nassau, The Bahamas,

Wall Street rallies to records after oil prices ease and corporate profits keep topping expectations

By STAN CHOE AP Business Writer

THE U.S. stock market rose to records Tuesday after oil prices eased and companies kept reporting bigger profits for the start of the year than analysts expected.

The S&P 500 climbed 0.8% to top its prior alltime high set at the end of last week. The Dow Jones Industrial Average added 356 points, or 0.7%, and the Nasdaq composite set its own record after rallying 1%.

Stocks got a boost after oil prices gave back much of their big jumps from Monday. The price for a barrel of Brent crude, the international standard, fell 4% to $109.87 after briefly cresting $115 on Monday, though it’s still well above its roughly $70 price from before the war with Iran.

U.S. military leaders said Tuesday that a ceasefire with Iran remains in effect, even though Iran was blamed for attacks against the United Arab Emirates, a U.S. ally, the day before. The U.S. military is meanwhile trying to force open a path in the Strait of Hormuz, which would allow oil tankers to resume shipments

from the Persian Gulf and hopefully bring down the price of crude. Even with the war ongoing, the U.S. stock market has remained remarkably resilient on its record-setting run. That’s in large part due to the strong profits that U.S. companies have reported for the first three months of 2026 despite the rise in oil prices since the end of February.

“This has been a ‘why ask why’ market,’” according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. “You just have to go with it.”

Even though many risks are still weighing on the market, “investors are looking at earnings” and how much companies are spending on AI data centers and other investments, he said.

Trump administration sues Denver over its 1989 assault weapons ban

By MATTHEW BROWN Associated Press

THE Trump adminis-

tration sued Denver and its police department on Tuesday seeking to strike down an assault weapons ban that's been in place for

Colorado's largest city since 1989. The lawsuit came a day after city officials publicly rejected calls by the Department of Justice to repeal the longstanding local ordinance that makes it a crime to possess assault weapons.

Trump's Republican administration alleges the ban violates the Constitution's Second Amendment right to bear arms. The administration also is threatening to sue Colorado over a statewide ban on large-capacity ammunition magazines adopted

DuPont’s stock rallied 8.4% after the chemical giant led another cavalcade of companies reporting better-than-expected profits for the latest quarter.

DuPont said its water technologies business felt some impact from the war due to logistics disruptions in the Middle East. But it nevertheless raised its forecasts for financial results over the full year.

following a 2012 mass shooting at a movie theater. "The Constitution is not a suggestion and the Second Amendment is not a second-class right," acting Attorney General Todd Blanche said in a statement on Tuesday. "Denver's ban on commonly owned semi-automatic rifles directly violates the right to bear arms." Department of Justice attorneys had asked the city last week to stop enforcing the ban and

Tuesday, May 5, 2026.

Other winners included American Electric Power Co., which rose 1.8%, and Cummins, which added 2.8%, after they likewise made more money during the first three months of the year than analysts expected.

Pinterest jumped 6.9% after the online bulletin board topped Wall Street’s first-quarter sales and profit targets as its number of active monthly users jumped 11% to 631 million.

AB InBev likewise topped analysts’ profit forecasts, and it credited growth for its Corona, Stella Artois and Michelob Ultra brands outside of their home markets, among other factors.

“Cheers to beer,” CEO Michel Doukeris said, as the company’s stock that trades in the United States climbed 8.7%.

They helped offset a drop for Palantir Technologies, which fell 6.9% even though it reported stronger results for the latest quarter than analysts expected.

Its stock has struggled this year on worries about increased competition, like many software

enter negotiations with federal officials to resolve the matter. But Denver's mayor and police chief during a Monday news conference forcefully rejected the Trump administration's request. "Our answer is hell no," Mayor Mike Johnston said. "No, we will not roll back a common sense policy that has kept weapons of war off of these city streets for 37 years. No, we will not put first responders at greater risk every time they respond to a dangerous incident No, we will not go back to a time when folks are worried about walking into movie theaters or grocery stores or public elementary schools." The assault weapons ban was enacted during a period of heightened concern over gun violence in the city. There have been numerous mass shootings elsewhere in the state in the years since — the 1999 Columbine High School massacre that killed 14 people, the Aurora movie theater attack that killed 12 people and injured 70, a 2021 shooting at a supermarket in Boulder that

companies have. Its stock is also coming off a huge run where it more than doubled in each of the last three years.

All told, the S&P 500 rose 58.47 points to 7,259.22. The Dow Jones Industrial Average added 356.35 to 49,298.25, and the Nasdaq composite climbed 238.32 to 25,326.13.

In stock markets abroad, indexes were mixed in Europe. The CAC 40 rose 1.1% in Paris, but the FTSE 100 fell 1.4% in London. Many Asian markets were closed for holidays, while Hong Kong’s Hang Seng fell 0.8%.

Australia’s S&P/ASX 200 slipped 0.2% after the central bank raised its benchmark interest rate to 4.35%, saying conflict in the Middle East had sharply increased fuel and commodity prices that were already adding to inflation.

In the U.S. bond market, Treasury yields eased following oil’s drop in price and reports on the U.S. economy that came in mixed.

killed 10 people and a 2022 attack at an LQBTQ nightclub in Colorado Springs that killed five people. Denver police Chief Ron Thomas said he joined the department the year the city's assault weapons ban was adopted and having it in place has helped address gun violence. Of 2,100 guns recovered in the city last year, fewer than 2% were assault-style weapons, Thomas said. Federal officials said in their lawsuit that Denver's ban includes AR-15-style rifles owned by at least 16 million people in the country. Government attorneys described them as "ordinary semiautomatic rifles" used for lawful purposes, "including but not limited to self-defense." Justice Department attorneys have made similar claims about the Colorado law banning large-capacity magazines, which the state's Supreme court upheld in 2020. In an April 28 letter to state officials, the administration threatened to file a lawsuit unless the state stops enforcing the law and agrees it's unconstitutional.

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WISE CAPITAL LIMITED

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 1500146 B. (In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of May A.D. 2026.

JUNIOR CESAR ALVES LIQUIDATOR

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NETCAP LTD.

(In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the; International Business Companies Act, 2000, NETCAP LTD. is in Dissolution. The date of commencement of dissolution is the 5th day of May, 2026.

Aegis Corporate Services Limited Building Six, Caves Village West Bay Street, P.O. Box SP-63771 Nassau, Bahamas Liquidator

SPECIALIST James Denaro works at his post on the floor of the New York Stock Exchange,

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