AN ex-Cabinet minister has blasted it is “total hogwash” for the Government to boast it has reduced business energy costs with his firm now paying an all-in rate 45.8 percent higher than in October 2022.
Dionisio D’Aguilar, Superwash’s principal, told Tribune Business the latter date is his “starting point” for comparing Bahamas Power & Light’s (BPL) electricity costs given that it is when the utility’s hedge ended to be overtaken by its so-called ‘glide path’ strategy for recouping under-recovered fuel costs.
Analysing the historical data, he asserted that BPL’s all-in per kilowatt hour (KWh) prices have “progressively gotten worse” over the past 18 months, having risen from 32 cents and 31 cents per KWh at year-end 2023 and early 2024, respectively, to the present 35 cents per KWh.
The former minister of tourism and aviation, noting that BPL bills for businesses and households are calculated differently under the Government’s equity rate adjustment structure, nevertheless told
this newspaper that Superwash’s present 35 cents per KWh rate is some 11 cents or almost 46 percent higher than the 24 cents the laundromat chain was paying when the fuel hedge ended.
Speaking in the wake of last week’s outcry over the huge month-on-month increase in consumer, with some homeowners suffering a near-tripling in their July bill, Mr D’Aguilar said: “What I noticed is that I am now paying 35 cents per KWh. My starting point is when the hedge came off in 2022, which was 24 cents per KWh. “We’re in that season, so I am going to get slightly political. The Government always likes to boast they are saving the Bahamian people and Bahamian
Energy reform ‘coming together like clockwork’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ELECTRICITY generation
reform on New Providence is “coming together like clockwork”, FOCOL Holdings’ top executive is asserting, after sealing a near-$100m deal backed by a US government institution.
Dexter Adderley, the BISX-listed firm’s president and chief executive, told Tribune Business “there is zero doubt” it will meet its commitments to transforming New Providence’s generation mix with cheaper, more reliable and cleaner supply after securing nearly $99.6m in financing from the US Export-Import Bank.
Describing the transaction as a “significant portion of the overall financing package” for upgrades, which are being spearheaded by FOCOL’s subsidiary, Bahamas Utilities Holdings, he added that “commitments on the full financing needs for the project” - estimated at “just under half-a-billion dollars” of investment - are already in place.
The US Export-Import Bank, the federal government arm that funds and underwrites credit for American exporters, confirmed in a statement on Friday that the $99.6m will finance 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.
The funding will also 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 are being supplied by Pike Electric, the same North Carolina-based entity that has been contracted to overhaul New Providence’s transmission and distribution (T&D) electricity grid.
Mr Adderley told this newspaper that, while the exact numbers have yet to be confirmed, construction
of the pipelines, liquefied natural gas (LNG) regasification terminal at Clifton Pier and “177 mega watts “combined cycle plant” at Blue Hills will likely create “over” 200 jobs during construction and 40-50 full-time posts “once everything is completed and in operation”.
Affirming that Bahamas Power & Light (BPL) and its consumers will enjoy “in excess of $100m a year” savings on fuel costs alone when all aspects of the New Providence generation reforms are completed, the FOCOL chief said Bahamas Utilities Holdings is currently in the first two
Gov’t ‘can’t have it both ways’ over Fund $300m
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Opposition’s finance spokesman last night argued the Government “cannot have it both ways” over its forecast $75.5m Budget surplus and $300m plan to capitalise the National Investment Fund.
Kwasi Thompson, the east Grand Bahama MP, told Tribune Business that the Davis administration’s plans to use $300m from the recent $1.067bn sovereign bond refinancing to provide the Fund with startup capital do not appear to be included anywhere in its
2025-2026 Budget spending allocations.
And, given that the $300m represents the proceeds of borrowing, he challenged whether it
Briland ‘nightmare’ after week-long BPL outages
By NEIL HARTNELL and ANNELIA NIXON Tribune Business Reporter
BRILAND residents yesterday voiced fears of a diesel fuel shortage after a “nightmare” week of on/ off Bahamas Power & Light (BPL) supply culminated in an island-wide outage on Saturday.
James Malcolm, a former Ministry of Tourism executive who is a realtor, and now runs a vacation rental/ property management business on Harbour Island, told Tribune Business that businesses had suffered “no
hardship or loss” yet thanks to their generators. However, the tourism hotspot is “on the slippery slope”, and that change if there is a repeat of the past week or diesel supplies are not replenished.
“The island is almost out of diesel. I’m down to the last seven gallons at my house,” he revealed. “It has been on and off for the past week. It’s been a nightmare. We all have generators for the rental villas and things like that, but as the diesel goes down there’s none left
KWASI THOMPSON
DEXTER ADDERLEY
DIONISIO D’AGUILAR
BAHAMAS IN $100M FUNDING FOR NATIONAL ENERGY POLICY
By NEIL HARTNELL Tribune Business Editor
THE Bahamas has received its first-ever financing from the latest multilateral lender it has joined in the form of a $100m loan to aid the National Energy Policy’s implementation.
The Development Bank of Latin America and the Caribbean (CAF), in which The Bahamas became a shareholder in November 2024, yesterday confirmed that its Board of Directors had approved the financing at its Board of Directors meeting in Seville, Spain.
The terms and conditions, apart from the dollar amount, were not disclosed by CAF, which said:
“The approved resources will support the Government of The Bahamas in the implementation of key elements of its National Energy Policy, including strengthening the regulatory framework, modernising infrastructure, promoting renewable energy and improving energy efficiency.
“The operation is aligned with CAF’s green agenda, and will contribute to the country’s efforts to mitigate climate change by transitioning to cleaner and more sustainable energy sources. With this approval, The Bahamas will be able to improve the reliability of its electricity system, reduce generation costs and increase its resilience to climate shocks. The reforms also seek to attract new investments in energy infrastructure.”
Sergio Diaz-Granados, CAF’s executive president, added: “The Bahamas is one of CAF’s newest shareholder countries, and we are proud to approve our first sovereign operation in support of its national
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commitments to more sustainable energy.
“This approval reflects our commitment to be a reliable partner in the country’s path towards sustainable and inclusive growth. We understand the unique challenges faced by small island states and stand ready to further deepen our collaboration with The Bahamas.”
CAF said the financing “will also strengthen institutional capacities and lay the groundwork for long-term investments in the country’s energy transition”. It added: “The operation will support key objectives outlined in the Bahamas National Energy Policy, including the modernisation and digitisation of the electricity network, enhanced integration of renewable energy sources, improved affordability and strengthened institutional capacity in the energy sector.
“It aims to reduce reliance on fossil fuels, improve energy access and efficiency, and bolster climate resilience, especially for vulnerable island communities.” Jobeth Coleby-Davis, minister of energy and transport, said during the 2025-2026 Budget debate that the initial National Energy Policy - last updated in 2013 - had been rendered “obsolete” by recent developments.
“In less than one year, the ministry produced a draft new National Energy Policy 2025-2030, and conducted public consultations throughout The Bahamas on New Providence, Grand Bahama, Abaco, Eleuthera, Cat Island, Exuma and Inagua. The ministry also hosted focus groups with key industry stakeholders,” the minister said.
“Today, the National Energy Policy is being gazetted for publication by the end of June
- a significant milestone for our country. I am especially proud that this critical policy work was spearheaded by young professionals in the ministry, all under the age of 35. Their dedication, expertise and forward-thinking approach reflect the talent and promise of the next generation of leadership in the energy sector.”
The Policy, which has yet to be finalised, calls for the creation of a Department of Energy. And it sets out targets, such as cutting energy losses from BPL’s grid, known as the transmission and distribution (T&D) system, from the present 15 percent to 10 percent by 2030, while also seeking to “decrease annual system outages due to failures” in the grid by 30 percent come the same year.
Energy efficiency and conservation is also a key focus.
“The Government has been making consistent and sustained efforts to meet its international obligations regarding climate change and energy efficiency, evidenced in part by the identification and execution of energy-saving measures within Government-occupied buildings,” the draft National Energy Policy said.
“In 2023, energy audits were conducted on more than 70 such buildings, assessing their energy use and identifying opportunities for savings. The audit results show the potential for an annual savings exceeding $1m, with some government buildings currently realising such benefits.”
“To date, 25 percent of government buildings’ energy consumption have been audited, and it is a goal of the Government to aggressively audit all government-occupied buildings by 2026. The Government, through the Ministry of
NOTICE
NOTICE is hereby given that
CHELEX JOSEPH of Family Street off Soldier Road, New Providence, Bahamas 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 23rd day of June 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Energy and Transport, is
also committed to promoting energy efficiency in Bahamian homes to mitigate cost of living and enhance climate change resilience.”
The National Energy Policy said the Bahamas’ Customs headquarters building on Thompson Boulevard had reported energy savings worth $65,000 in 2023 compared to the prior year as a result of implementing energy efficiency measures.
The draft Policy also reveals that the Cabinet on November 19, 2024, approved the creation of a Department of Energy to give “focused attention” to all issues regarding the industry given its importance to The Bahamas and the country’s economic competitiveness.
“Recognising the very significant role of the energy sector to national growth and development, the Government has established the Department of Energy to bring focused attention to matters concerning the energy sector in The Bahamas,” it confirmed.
“While the Government also recognises and acknowledges URCA’s role, jurisdiction and statutory mandate to regulate the energy sector in The Bahamas, the Department of Energy has been given the clear mandate to lead, oversee and superintend certain key energy sector initiatives.
“The Government expects that the Department of Energy will work closely with the Ministry of Energy and Transport and other energy sector agencies, including URCA, to implement the Government’s National Energy Policy.”
APRIL WAS ‘STRONGEST MONTH IN RECENT
FOR AIR ARRIVALS
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Bahamas’ aviation director signalled a reversal of early 2025’s stopover visitor decline by asserting that April was “the strongest month in recent history” for foreign air arrivals.
Dr Kenneth Romer, director of aviation and the Ministry of Tourism’s deputy director-general, while speaking at the Caribbean Aviation Handlers Association conference said The Bahamas has exceeded preCOVID arrivals numbers and is now “aggressively” pursuing new markets.
“We are on par [with], and actually exceeding, 2019.... that pre-pandemic performance, and we are actually matching 2024 numbers,” Dr Romer said. “April of this year has been the strongest month we would have seen in recent history when it comes to total foreign air arrivals in The Bahamas.
“So I think this is a good test for us to speak about what airlift would look like for the remainder of the year. The Bahamas is certainly among the regional leaders when it comes to its postpandemic airlift recovery.
“The region as a whole would assess that full recovery might happen, maybe at the end of 2025, but The Bahamas has succeeded in that about two years in advance, and we’re aggressively going after new markets.”
Dr Romer did not give any figures for April’s air arrivals to The Bahamas, which would have been boosted by Easter falling in that month as opposed to March in the previous year. His assertion about April’s performance also comes after the Central Bank reported that air arrivals for the 2025 first quarter, covering January to March, fell by 3.3 percent year-overyear to 500,000.
Meanwhile, Dr Romer said that in addition to expanding airlift from Canada, smaller carriers such as Makers Air and Tropic Ocean air are growing airlift into the Family Islands. He added that this increased airlift is especially notable when considering Grand Bahama and Abaco, the two islands devastated by Hurricane Dorian, are now leading in Family Island arrivals.
“This is what a diversified approach to airlift looks like. The legacy carriers are important. They’re bringing the majority of business into Nassau and the Family Islands, but we’re really focusing on airlift into our islands, into Grand Bahama, which is really the litmus test for our recovery,” said Dr Romer
“With Grand Bahama and Abaco also experiencing the largest year-over-year percentage increase in airlift, these are islands that were devastated by Hurricane Dorian, and it is a wonderful success story to see. These islands, specifically, are leading the charge when it comes to overall airlift recovery.”
Dr Romer said that while the Government will continue to monitor all global and geopolitical changes, he is confident The Bahamas will rebound from any tourism or aviation market disruptions.
“Obviously, we’re monitoring the market. There are geopolitical concerns also. But the one thing I’ve discovered in The Bahamas is that we’ve always been a model for resilience. Take what would have happened with Dorian, and also what would have happened again shortly after with COVID, and The Bahamas has been able to rebound,” said Dr Romer.
“So we would have had success stories about our resilience, and I’m certain that if there are geopolitical threats or even environmental threats that might disrupt our core business, that we would rebound.”
BAHAMAS TEAMS WITH CHINA, REGION OVER FARMER TRAINING
THE Ministry of Agriculture and Marine Resources has teamed with China and a Caribbean agricultural body to launch a comprehensive training programme for Bahamian farmers.
The ministry, in a statement, said that - with the support of China’s Bahamian embassy and the Caribbean Agricultural Research and Development Institute (CARDI) - the initiative brings together Bahamian farmers, agriculture professionals and international experts to introduce advanced practices and develop greater food security.
Jomo Campbell, minister of agriculture and marine resources, said: “Today, we gather with purpose, with vision and with hope. This event is not just the opening of a training programme. It is the beginning of transformation - of how we grow our food, how we see our land and how we as a nation shape our future.”
Participants will explore a wide range of topics including advanced livestock management, climate smart farming, high-end tomato production, greenhouse watermelon cultivation, grafting
“These are not simply techniques; they are tools of empowerment,” Mr Campbell continued. “They are the building blocks of a new, resilient agricultural movement in The Bahamas.” He added that the collaboration with the Chinese embassy and CARDI reflects not just diplomatic
co-operation but an investment in The Bahamas’ agricultural future.
The programme features technical guidance from the Hunan Lin Shi Group, a sustainable agriculture and agro-technological development group, which has implemented successful large-scale projects across Asia and Africa.
Yan Jiarong, Chinese Ambassador to The Bahamas, said: “Agriculture
Accounts Clerk (Freeport)
Key Responsibilities:
• Maintain accurate accounting records by
•
• Participate in relevant training or professional
•
Education & Experience Requirements:
• Bachelor’s degree in Accounting, Finance, Equivalent relevant work experience will be
the Hunan Lin Shi Group, we are planting the seeds for a new era of agriculture in The Bahamas - one defined by sustainability, innovation and national pride,” he said.
Ms Jiarong spoke about China’s agricultural science and technology innovation, its promotion and application, and her country’s assistance to The Bahamas in this industry. She added that China is willing to strengthen co-operation with The Bahamas in training agricultural technical personnel, and in capacity building for professional farmers, to achieve food security and sustainable development jointly.
has always been one of the highlights in China and The Bahamas’ bilateral relationship. So, we’re grateful for the strong support of the ministry in this regard.”
Dr Jason Sands, director of agriculture, added: “This workshop is the way forward. This is how we build resilience. This how we continue to improve our food security.” Mr Campbell encouraged all participants to fully engage in the training, and take their new knowledge back to their farms and communities to inspire others.
“Together, with the support of friends like CARDI, the Chinese Embassy and
BTC unveils new people director
THE Bahamas Telecommunications Company (BTC) has named Patrice Thompson as its new director of people following a 35-year career in human resources.
The carrier, in a statement, said she has held senior leadership positions in both private and public sector organisations, including the post of executive director of talent and sourcing at Atlantis. Ms Thompson has also been director of human resources at Aliv and, most recently, was head of human resources and learning at the Utilities Regulation and Competition Authority (URCA).
Sameer Bhatti, BTC’s chief executive, said: “At BTC, our people are the heart of our success. They are our first customers, and we are committed to investing in their growth and well-being. Patrice brings a wealth of experience and
a proven track record of driving human resources transformation.
“She is already making a measurable impact by leading meaningful engagement with our teams and reinforcing our ‘One BTC’ culture. I am confident that, under her leadership, our people strategy will continue to evolve in ways that support our broader mission to deliver value for our customers and stakeholders.”
Since assuming the post, Ms Thompson has held a series of engagements with BTC’s staff in a bid to create a more connected, responsive and inclusive organisational culture.
“Joining BTC at such a pivotal time is both an honour and an exciting challenge,” she said. “I believe that when we invest in our people, through listening, development and shared accountability, we
Mr Campbell said Chinese and Bahamian agricultural co-operation reflects the two countries’ partnership “rooted in trust, shared learning and a common vision for growth”, which provides support for this nation to implement its food security strategy. The Chinese ambassador also spoke with Bahamian farmers.
PATRICE THOMPSON
unlock the full potential of the organisation.
“My focus is on building a people strategy that not only supports performance but also promotes belonging, transparency and resilience. BTC has a strong foundation, and I look forward to working alongside our talented teams to foster a culture where every employee feels empowered to contribute, grow and lead.”
BTC said Ms Thompson is also an advocate for gender equality and social impact. She has produced a documentary focused on gender equality.
Our company has been around gaming for over 30 years and pride ourselves on quality service and customer relationships. We are moving forward in the market representatives.
ACCOUNTS SUPERVISOR (FREEPORT)
Key Responsibilities:
• Support the CFO in executing strategic and day-to-day accounting functions.
• Supervise accounting staff, including conducting regular performance reviews and identifying areas for improvement.
• Ensure all department tasks are completed accurately and within set deadlines.
• Review and analyze accounting data to ensure accuracy and integrity.
• Prepare and submit monthly reconciliation reports.
• Oversee accounts payable processes, including maintenance Vendor
• reports.
• Train and develop the accounting team members to enhance
• Perform additional duties as assigned by the CFO.
Required Knowledge, Skills & Abilities:
• Strong leadership and team-building capabilities.
• review.
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• Proven ability to train, supervise, and guide staff performance.
Education & Experience Requirements:
• Bachelor’s degree in Accounting, Finance, Business
• Word, Outlook) is essential.
• Prior experience in a supervisory or senior accounting role is strongly preferred.
• processes is a plus.
JOMO CAMPBELL, minister of agriculture and marine resources, and Chinese ambassador to The Bahamas, Yan Jiarong, pose with officials from the Department of Agriculture, Hunan Lin Shi Group, Caribbean Agriculture Research Development Institute (CARDI) representative, Dr Shelley Bridgewater, and Bahamian farmers as they participate in the farming techniques workshop held at the Gladstone Road Agriculture Centre (GRAC).
BAHAMAS EYES BOOST VIA EXPANDING CANADA AIRLIFT
By ANNELIA NIXON Tribune Business
THE Bahamas is expanding direct airlift from Canada with the addition of Ottawa and Halifax to Air Canada’s route schedule, the Deputy Prime Minister has announced.
Chester Cooper, also minister of tourism, aviation and investments, confirmed during the ministry’s recent Canada promotional and marketing tour that that Air Canada is growing the number of cities with non-stop flights to The Bahamas.
“We have great airline partners,” Mr Cooper said. “Air Canada, we’ve had a relationship with them now for 78 years. The directorgeneral [Latia Duncombe] pointed out we have more than 26 direct non-stop flights to The Bahamas. We’re serving perhaps already three, four destinations - Toronto, Montreal, Calgary.
“We are adding with Air Canada. We’re adding Ottawa. We’re adding Halifax. Of course, Air Canada is going to Exuma. Sunwing is going to Grand Bahama. They are becoming more year-round in Grand Bahama, so we’re excited about the possibilities that exist. We’re deepening and strengthening these partnerships, and we’re always looking for new ones.”
Mr Cooper added:
“We’re going to Hamilton. I always joke with my wife, who attended McMaster University, that nobody wants to go to Hamilton, but apparently there’s a big Bahamian diaspora in Hamilton, and we’re exploring these.. these territories around the Toronto area, and we’re creating more possibilities for guests to come from far flung areas of Canada, onward to
the Bahamas, including the West Coast.”
As for both Toronto and Montreal, Mr Cooper said he wants to target surrounding cities. “I think that they’re two great cities, and I believe each of them serve as a hub for the surrounding towns and cities,” he added. “And we know we have a long connection with both of them. We have long relied on direct service from Sunwing out of Montreal. We have Air Canada also going to San Salvador, catering to Club Med. “So there is a French language in Montreal, and clearly the connectivity between French resorts is very strong. Toronto presents many opportunities,
not just for leisure travel but also business travel, and we are excited about continuing the hub of Toronto as well as Montreal, but we recognise that there are a lot of surrounding areas that we want to tap into as well, and we want to continue to push outward and get more direct services from cities, even outside of Montreal and Toronto.”
Turning to marketing, Mr Cooper added: “We’ve launched a new campaign featuring Lenny Kravitz, a Bahamian who hangs out a lot in Eleuthera. We’re telling the world that we’re not just one island, but we’re a lifetime of them.
“We’re ensuring that the geography of The
Bahamas is well known, and that Canadians know and understand that whilst Nassau and Paradise Island is still phenomenal, we do have Rum Cay and Ragged Island, Crooked Island and Acklins, if they’re interested in bone fishing.
“Also, we have the best flats in the world in Andros. There’s great opportunity for eco-tourism and adventure in Grand Bahama and, really, all of these islands offer something unique, an experience that they should come and enjoy,” he added.
“We know that more than 40 percent of our guests return, and we want Canadians to understand that there are new things that they can see and do every time they come, and we’re making it easier for them to get there. We’re expanding airlift. Our partners are very bullish about The Bahamas, and we’re excited about what we’re seeing as possibilities for the future.
“So we’re getting the message out that, notwithstanding that you may
have been to Nassau and Paradise Island, there are other islands you can see. Notwithstanding you’ve been to Nassau/Paradise Island, there are new things in Nassau/Paradise Island that you can see and do, whether it’s cultural, culinary heritage, or whether it’s a new resort, and we’re seeing many of them come out of the ground.”
Mr Cooper said while the tourism numbers speak for themselves and they are showing growth, the goal is to spread that growth throughout the 16 islands branded as tourist destinations. Another objective, he added, is to promote small resorts and hotels throughout the islands.
“The numbers show growth in all of these islands,” Mr Cooper said.
“We want to ensure that people living in Cat Island and Ragged Island and Long Island have an opportunity as well to share in the tourism economy that we have been growing over the many years. We always talk
about the strong numbers that we post in tourist arrivals. We want to ensure that they are distributed across the islands of The Bahamas.
“We also brag about the big brands. We’re excited when we talk about Atlantis and Baha Mar. They are magnificent resorts. But I like to tell the world as well about Curly’s Beach Resort in Bennett’s Harbour, Cat Island, and many other little places like this. Canadians like the off-thebeaten-path experiences. They like adventure.
“They want to go deep sea fishing or deep diving at the barrier reefs with sharks, or planting coral in Grand Bahama. We want to get the word out that there’s always something new and exciting to do. So yes, people know The Bahamas, but we’re not resting on our laurels. We want to tell them that it’s still better in The Bahamas, and there’s still a lot to see and do.”
CHESTER COOPER
LAW FIRM CELEBRATES 18 YEARS IN ABACO
HIGGS & Johnson recently celebrated 18 years of service in Abaco with a client appreciation reception to reaffirm its commitment to the island.
The law firm, in a statement, said the Abaco office was founded in 2007 in recognition of the island’s position as the third-largest economy in The Bahamas. It provides legal services in areas such as independent wealth management, real estate transactions, mortgage financing, trusts and estate planning, Immigration, company formation, property management and litigation.
Sterling H. Cooke, Higgs & Johnson’s managing partner, said: “We are honoured to take this opportunity to thank you for your continued support and partnership. Over the years, we have weathered economic shifts, natural disasters and a changing legal landscape, always with the unwavering goal of delivering the highest standard of service to our clients.
“Your trust and collaboration have been instrumental to our success, and we look forward to reaching even greater milestones together.” The celebration was attended by persons including John H. W. Pinder, MP for central and south Abaco; Ancella Evans, assistant chief magistrate; and chief superintendent of police, Michael Thurston.
BAHAMASAIR CHIEF
CELEBRATES
40 YEARS WITH NATION’S AIRLINE
CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation; Dr Kenneth Romer, director of aviation and deputy
director-general of tourism; Neko Grant, former minister of tourism and aviation; and members of the Bahamasair Board joined well-wishers, family
JOHN H W Pinder II, central and south Abaco MP, and his wife with partners
Ja’Ann M. Major and Lori C. Nelson.
HIGGS & Johnson attorneys and staff from the Abaco, Lyford Cay and Nassau offices.
STERLING H. COOKE, Higgs & Johnson managing partner, gives welcome remarks.
and church members in celebrating Bahamasair managing director, Tracy Cooper’s, 40th year with the airline. The celebration was held at the Church of God of Prophecy, East Street Tabernacle, on June 22, 2025. The event also marked his 60th birthday.
Photos:Eric Rose/BIS
BPL BILL DECLINE FOR BUSINESSES ‘TOTAL HOGWASH’
companies some money. Notwithstanding that, the price of electricity has never been back to 24 cents per KWh since the hedge came off, and right now I am paying 35 cents per KWh, which is 46 percent more.
“For the month of May, we paid 35 cents per KWh.
In April we paid 35 cents per KWh, and for January, February and March this year, it was 34 cents per KWh. Last year, 2024, it started off at 31 cents per KWh and ended up at 33 cents per KWh,” he continued.
“We’ve progressively gotten worse. So for this year we’ve trended up. We’re currently at 35 cents a KWh, at the beginning of the year we were at 34 cents per KWh, and last year January started at 31 cents per KWh. The Government talks endlessly about what they are saving business consumers on their electricity bill, but it’s all hogwash; total hogwash.
“Since that hedge came off we’ve been paying significantly higher light bills. That talk about this, talk about that, this twist and turn and that twist and turn, but it’s all a smokescreen.
In 2023 [during BPL’s glide path], it started at 32 cents and went up to 41 cents, then came back down to 42 cents.”
Mr D’Aguilar argued that BPL’s all-in costs, and fuel charge, “never moved a dollar” for two years between October 2020 and October 2022 after the former Minnis administration ‘hedged’ the state-owned utility’s fuel costs during the height of
the COVID-19 pandemic. It exploited the drop in global oil prices, due to low demand, to lock-in favourable prices for BPL’s fuel purchases.
The former Cabinet minister argued that despite the Davis administration “coming with all the stories, left and right, fixing this and fixing that, and buying this and buying that”, BPL’s all-in costs and fuel charge have yet to fall back to the 24 cents per KWh achieved by the hedge.
“It’s been an unmitigated disaster for businesses,”
Mr D’Aguilar told Tribune Business. “It’s caused our electricity bills to go up significantly. I am always going to hold them to that 24 cents per KWh with the hedge. That’s my basis for comparison. That’s the only way they will convince me that what they’re doing is better.
“They bamboozle us, paint all these words, throw up all these smokescreens.”
To ease the burden of BPL’s sudden bill increases, the Government last week unveiled a Summer Rebate initiative that provides a 5-6 percent discount on the utility’s fuel charge, but Mr D’Aguilar said Bahamians will still end up paying for this as taxpayers instead of electricity consumers.
BPL itself confirmed that the rebate will be subsidised, or underwritten, by taxpayers through the Government, which Mr D’Aguilar said likened to “taking from one pocket, putting in another and screaming from the hill-tops that you’ve created some savings”.
He added: “You’ve just got to look at the numbers.
The numbers tell the story. What this government is famous for doing is saying we’re trying to hold the price, not let it go up. But, when the oil prices come down, they don’t go come down.
“Clearly, if oil prices have come down 20 percent [since the start of 2025], and BPL’s prices have not budged, they are clearly trying to cover operational costs and debt and the fuel charge is not solely covering the fuel costs. We are at their whim, however they determine to do it. Your light bill today is significantly higher than when the hedge was there. Their policy has not been successful.”
Both the Government and BPL were last week somewhat vague with their explanation for why consumer bills suddenly jumped by by between 38.6 percent to almost tripling via a 199 percent increase month-over-month for July. Various reasons were cited, including the impact of the Israel-Iran conflict on global oil prices; increased summer demand and AC use; and BPL relying on more expensive diesel fuel.
BPL said its fuel costs had risen from around 16 cents and 20 cents per
kilowatt hour (KWh), for the portions of customer bills below and above 800 KWh respectively, to 18.996 cents and 22.196 cents in June. But research by Tribune Business revealed that global oil prices, as measured by the Brent crude index, have declined by 20.52 percent year-to-date to stand at $67.678 per barrel.
Oil prices are thus moving in the opposite direction to BPL’s fuel costs with no real reason given for the disconnect. However, a totally different explanation to that given by both the Government and BPL was yesterday posted on a website known to be connected to Fred Mitchell, minister of foreign affairs.
While difficult to translate, it seemed to suggest that BPL had incorrectly calculated consumer bills from a previous month and is now trying to reclaim what should have been charged then in the July billings. The hiked bills went out despite opposition and demands at the Davis administration’s policymaker level that they not be issued.
Laying out what it branded “a foul-up” by BPL, the website said: “They made a mistake in
International Business Companies Act (No. 45 of 2000)
In Voluntary Liquidation
Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), VIOLET CAPITAL CORPORATION (the “Company”) is in dissolution. The date of commencement of the dissolution is 26th June, 2025. Mr. Stephane Masson is the Liquidator and can be contacted at c/o Kaleso S.A., Rue de Bourg 30, 1003 Lausanne (Vaud), Switzerland. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 26th July, 2025.
seeking to recover monies that were owed them as a result of a billing error made by them all in one chunk. The result was that the reductions that families saw in their bills the month before seemed to be eaten away by the new charges for the current month.
“Some bills went out before the Government discovered the error. BPL’s management had been advised not to do so. They ignored it. They were instructed to reverse it, so that all those persons who got the higher bills should have a rebate coming to them.” That, though, remains to be seen.
The Summer Energy Rebate will lower BPL’s fuel charge by 1.1 cents per kilowatt hour (KWh) for both portions of the billunder and over 800 KWh. The fuel charge below 800 KWh will be lowered from the 18.5 cents that appeared in Bahamians’ July bills to 17.4 cents, representing a 6 percent discount, while for over 800 KWh it is being lowered from 22.5 cents to 21.4 cents.
The move came after social media lit up in outrage as consumers received their
bills due for payment in July. Almost all questioned the sharp month-overmonth increases, with posts seen by Tribune Business showing all-in cost increases ranging from 38.6 percent to almost tripling via a 199 percent jump.
Tribune Business, which has also seen its own bill double, calculated that the 1.1 cent per KWh reduction on the portion of its fuel charge above 800 KWh would have saved around $36.70 on its July bill, while the savings on the portion below 800 kilowatts would have been $8.70. This translates into just a $45.40 collective saving.
The Government’s latest quarterly debt report, covering the three months to end-March 2025, shows it has yet to repay much of the loan it received from the Government - thought to be around $110m - to help cover the arrears owed to Shell under the former ‘glide path’ initiative. Some $170.3m was shown to be owing as at end-March 2025.
GOV’T ‘CAN’T HAVE IT BOTH WAYS’ OVER FUND $300M
would wipe-out the projected $75.5m surplus for the upcoming fiscal year since it should be included in the Budget as spending if directed to the Fund.
Mr Thompson, and the Opposition, are essentially voicing fears that the Government is going to circumvent the provisions of the Public Debt Management Act by directing the $300m sovereign bond proceeds directly into the National Investment Fund as opposed to first going into the ‘consolidated’ fund as required by the law.
And, in so doing, it will be able to keep this borrowing off-balance sheet and its books, and get around requiring the spending/ use of the $300m to first be approved by Parliament.
“Any government spending ought to be approved by Parliament,” Mr Thompson told this newspaper.
“The way government spending is appropriated by Parliament is through the Budget process. The law obligates the Government to come to Parliament to get approval to spend government monies. If the Government wants $300m to invest in the National Investment Fund, which we have no difficulty with,
it must be approved by Parliament.
“And to be approved by Parliament it must be in the Budget. The Government must explain why we do not see that [$300m] in the Budget and, if the Government intends to invest it in the National Investment Fund, what does that do to the projected surplus?” he asked.
“If that $75m does not take into account the $300m of spending, then what does that do to the projected surplus? The Government must explain that. They cannot have it both ways; if you are predicting a surplus, that’s fine, but you must adhere to the law when it comes to their spending.
“They have announced that $300m is to be invested with the National Investment Fund. As far as we can see, that was not taken into account when it comes to the $75m surplus. The Government must explain what the $300m spending does to the projected $75m surplus,” Mr Thompson continued.
“The Government has to get parliamentary approval to borrow funds and to spend funds. If they are spending the $300m with the National Investment Fund, that must be
approved by Parliament. Where has that been approved by Parliament and does the $75m projected surplus take that into account? We do not see it in the national Budget.”
Latrae Rahming, the Prime Minister’s communications director, not respond to a Tribune Business message seeking comment before press time. The Davis administration obtained Parliament’s approval to borrow the $300m during the mid-year Budget back in February 2025.
However, the Opposition is arguing that it does “not yet have legal authority to spend or invest it” as this now has to be obtained by Parliament. And Mr Thompson, in an earlier statement, said the Public Debt Management Act’s section 16(4) requires that all borrowed sums must first go to the consolidated fund rather than the National Investment Fund.
“Once deposited, those funds cannot be used unless they are specifically appropriated by Parliament under an approved budget line item, as mandated by Articles 130 and 131 of the constitution and reinforced by the Public Finance Management Act,” he argued.
“The Government must tell the public where the line item is in the Budget that authorises them to spend or seed the $300m in the National Investment Fund. This borrowed sum, reportedly earmarked for the National Investment Fund, has not been included in the current 2025-2026 Budget.
“Yet, once the National Investment Fund is established, the $300m seed funding - or any portion of it - must legally be recorded as a budgetary expense. And that expense will eliminate the surplus the Government is now claiming, and throw the Budget back to a big deficit,” Mr Thompson said.
“The numbers simply do not add up. A government cannot claim to run a surplus while ignoring a legally required expense that it has already committed to in public statements. Whatever sum is used to seed the National Investment Fund must appear on the books and, when it does, the projected surplus disappears.”
Mr Thompson described the result as “a charade”.
Ryan Pinder KC, the attorney general, speaking in the Senate during the 2025-2026 Budget debate, said the National Investment Fund (NIF) will be
BRILAND ‘NIGHTMARE’ AFTER WEEK-LONG BPL OUTAGES
on the island. There’s no place to buy diesel on the island.”
Fresh diesel supplies were expected to arrive yesterday, or today at the latest, but Mr Malcolm said he had yet to see the boat dock when speaking to this newspaper in early afternoon. “We’re waiting for the barge,” he said. “The power has been on today, but if we have a repeat of last week, and it turns out to be on and off for long periods with no diesel on the island, we will have a problem.
“I don’t think it’s impacted businesses yet, but we’re on the slippery slope. It’s not impacted businesses; not yet.” Mr Malcolm estimated that BPL supply had been off “for the majority of the day; 70 percent of the day” on Saturday, following a fourfive day period when it had been off for two to three hours at a time.
“Friday night was the worst,” he added. “Friday, it was off all night. My generator was on all night. The island is busy. There was a big wedding this weekend, and there are a lot of high school graduation trips. There’s number of families here.
“I’d say the island is 60-70 percent occupied. It’s not a good time To be honest, let’s hope they fix the problem. Let’s hope it stays on. To be fair it hasn’t affected businesses yet, but boy it’s close.”
BPL blamed a “blown bushing on transformer TX-02” for sparking the island-wide outage.
It warned customers at 11.26am on Saturday:
“Please be advised that Harbour Island experienced a plant failure at approximately 10.54am today. Initial assessments indicate a blown bushing on one of the transformers, resulting in an island-wide outage.
“A technician is currently on-site investigating the issue. We will provide additional updates as more information becomes available. We thank you for your patience as we work to restore power safely and efficiently.”
In a further update at 12.15pm that same day, BPL added: “Our team has determined that repairs to the affected transformer are estimated to take
approximately one hour. Barring any other issues, power restoration will begin immediately thereafter.”
However, at 5.23pm it warned Harbour Island customers: “Following this morning’s plant failure at approximately 10.54am, which was caused by a blown bushing on transformer TX-02, our team has been actively working to complete the necessary repairs. The failure caused damage to key electrical components, and parts are being transported from mainland Eleuthera to assist with restoration.
“To manage the current generation shortfall, load shedding began at 4pm and is being conducted by feeders in two-hour intervals. The current cycle will end around 6pm and the rotation will continue until either the Aggreko or EMD units are available.”
Planned outages are also set to occur on Harbour Island between 8am and 11am today.
As a result, some Harbour Island residents said they “can see” another summer protest on the horizon. They added that the constant outages and brown outs that have ruined their appliances with no refund or redress. While some have purchased generators, they also voiced complaints about having to pay high electricity bills as well as generator fuel and upkeep costs.
Robert Griffin owner of Captain Bob’s Market Place, which services mostly tourists, said Harbour Island gets “treated with such crappy services”. He noted having to pay $800 a month to run his generator, which he bought when he opened the store in 2011, because he “had to.”
“You ain’t got only the fact that we paying massive electrical bills to begin with,” he said. “Then, on top of that, you got to pay massive fuel bills for your generators to run while they doing their garbage.
“So, yeah, it’s actually really pathetic that The Bahamas government still got Harbour Island in this
stage for an island with one of the greatest revenues coming into this country. And to get treated with such crappy services, it’s just unbelievable.
“Year round, I’d probably spend, I would say maybe $800 a month. And this time of the year... I just filled up two days ago, cost me $454. And I’ll fill up probably two three times a month, just to make sure I got them [generators] full for all the outages. It’s a nightmare.” Mr Griffin, who lives on mainland Eleuthera but owns businesses on Harbour Island, said he knows “both ends of it.”
Ms Jacqueline, another Harbour Island resident, added that when power goes out, so does the internet and water “so we’re getting hit with three blows”. She expressed frustration with the lack of timely updates pertaining to outages, adding that BPL is continuously disconnecting customers and, while the bill comes out on time, they “can’t keep the power on”.
Another source added:
“I would say, like a week before all of this started to come up again, they sent crews here. I would say I saw about 12 BPL workers. The island is only three-and-a-half miles long. About 12 of them were here, disconnecting people. That was like last week. They are disconnecting people and here we are the following week, the grid can’t handle the power. If the power doesn’t stay on, why are y’all performing disconnections?”
“Marinas full and electricity going off so much you just see the yachts leave the docks and pull out and go, because it’s not good for them,” Mr Griffin said. “[The] cutting in and out, in and out from the generator of that marina, they stay having to cut in and take that load, cutting them off and on. So it affects us in every aspect. People coming to your house. Oh, God help them if the house ain’t got no generator. It’s just crazy.
a fund-of-funds structure with six underlying subfunds targeted at specific areas with a focus on public improvement and development projects. He said there will be an Airport Development sub-fund for financing the redevelopment of airports in Long Island and Grand Bahama, adding that the Prime Minister will make an announcement with further details on the latter project shortly.
“My colleagues from Grand Bahama listen carefully…the first one is an Airport Development Fund. This is for the funding for the development of the new Grand Bahama International Airport, which we will hear more on from the Prime Minister soon. The structure of the funding is being put in place Grand Bahama,” said Mr Pinder.
“And for those in the Family Islands, we’re not leaving you out. The funding in the fund for the Airport Development project will be for select Family Island projects as well, Long Island.” Mr Pinder said the $86m financing for Eleuthera’s Glass Window Bridge will come from the Infrastructure sub-fund, while the Real Estate Development sub-fund will hold the shares of government real estate projects. Mr Pinder said the Equity Holdings sub-fund
“They should be very embarrassed, because when you’re looking at Harbour Island, you’re looking at some of the highest end clientele in this country coming to this island. We ain’t [second] home owners here, our visitors here. I’m talking about a visitor who paying $10,000, $15,000 a week. Some are paying $10,000, $15,000 a night to stay at certain places. So, you would think they’d try to look out to make sure we keep that type of client. But they sure ain’t making no effort.”
Last summer, about 350 Harbour Island residents protested in hopes that they would receive improved water and electricity services. Mr Griffin said “Harbour Island, right now, should have never stopped protesting.”
“The truth is that Harbour Island right now should have never stopped protesting,” he said. “Election coming, we get promise the world. What we gone receive is a whole another movie. We get promised they could do this, they could give you that, and they could take care and yet, on small businesses, they putting every pressure in the world on you.
“So, you trying to survive through all of the stuff but you shouldn’t be going through the basic necessities that our government should be taking care of. [That] shouldn’t be your burden. That should be something you get up in the morning, it’s just natural to you.”
Another source added:
“It’s super hot right now, and then we have this issue every summer. And I think they promised us a plan last year where they said that this wouldn’t happen again. But here we are back at the same situation.
“It’s like the promises have been empty promises. They haven’t delivered on what they said they would.
I understand we have generation issues. The island is busy. I can’t understand how they can’t figure out the amount of generation we would need during the peak of the summer. When it’s hotter, people use electricity more, and they don’t seem to get that.
“I can see it coming.
People probably are being a little decent, but the more the year progresses and the hotter it becomes... because August and September, we’re in June are probably the hottest month. If it keeps happening, I can definitely see another protest coming.”
Also speaking to a potential protest, Ms Jacqueline
will hold the Government’s equity interests in companies such as the Bahamas
Telecommunications Company (BTC) and the Nassau Cruise Port, while the Natural Resources sub-fund will hold revenue generated from the blue economy such as blue carbon credits.
“We’ll have the Equity Holdings sub-fund,” Mr Pinder said. “This fund will now have an independent governance for all shareholdings of the government, for BTC, for Aliv, Cable Bahamas, the Nassau Cruise Port.
“All the shareholdings of the Government will be held in a sub-fund, now professionally managed with dividends separate from government holdings in this sub-fund, where dividends will now be able to be used for wider purposes of development of the country.”
“We’ll have a Natural Resources sub-fund to receive royalties and other revenues from natural resources in the Commonwealth of the Bahamas. And we will have a Blue Economy subfund to receive revenues generated from the blue economy, which includes revenues from the new Maritime Revenue Unit and from blue carbon credits. They will go into this NIF sub-fund.”
said: “I could see it happening because to compare last year with the power outages, it’s worse.” She said she has spoken against those who show up for a “photo op” without fulfilling promises of better power services. She added: “It is worse than last year. It hasn’t even begun yet, and it’s the worst. My thing is that tourism has dropped. This is now beginning to be our low season, and now we’re load shedding. I don’t understand that.
“One of the things I express in both groups, water and [power], I express don’t come up here with a piece of art in your hand for a photo op because we don’t want that. We want power that we pay for. We’ve had this for decades, but it’s worse. This is the worst I’ve seen in my 61 years. This is the worst. BPL is the worst.
“No one saying nothing to us as to how did we get to load shedding when you bought a brand new generator a few months ago? How did we get to load shedding with less tourists on the island? All of a sudden. March and April has passed us by. We’re less with tourists on the island, and now we’re load shedding? I don’t understand what’s going on here. It’s just mind boggling of what’s going on with BPL.”
