The Grand Bahama Power Company remains committed to stabilizing rates for customers, improving the reliability of our service, and lessening our dependence on fossil fuels. GBPC is dedicated to providing quality service to our customers at the lowest possible cost. Through diligent management of our systems and securing large quantities of fuel at fixed costs we have provided stability to customers to manage their energy costs.
Since 2011, we have worked hard to reduce our operating costs and expenses through significant improvements, including gaining operational efficiencies and reliability as well as a fuel hedging program that is creating fuel charge stability and long term price predictability.
Our current rate submission has the overall price of electricity that customers pay returning almost to 2008 levels, thereby delivering significant, long term price stability for our customers. Eighty-five percent (85%) of Residential customers will pay the same or less than they are currently paying. All Commercial customers will see their bills stay essentially flat (0 to 0.7% increase) or decrease depending on their consumption.
We are committed to transparency in the regulatory process and have met with various stakeholders and civic groups to discuss the details of our filing and sought their feedback. We will begin to update the public in the coming weeks of the details of our rate filing. In our rate filing we outline a number of initiatives that we have proposed to ensure that the cost of electricity is stabilized on Grand Bahama for the next 3 years, these include:
- The introduction and continued evaluation of solar/storage technology;
- The opportunity for customers throughout Grand Bahama to own renewable energy sources such as Solar PV and sell surplus energy back to the grid with the development of GBPC’s new Renewable Energy Rider rate;
- The change-out of all streetlight and Night Guard lighting to LED technology;
- The continuation of the Economic Development Rate, the goal of which is to attract new investment and encourage expansion of existing industrial and commercial business on Grand Bahama;
- The introduction of a new Large Industrial Rate which is aimed at attracting customers who meet applicable criteria which also helps GBPC to avoid future investment in generation equipment&;
- The use of biofuel as a source of energy will be utilized in the company’s diesel vehicles in 2015 and in our diesel generation equipment at lower concentrations as the volume of biodiesel produced permits;
- A focus on helping our customers with how they can use energy more efficiently and ultimately lower their bills.
These initiatives are intended to show our commitment to support local business development, diversify our energy mix and stabilize future electricity costs, all for the benefit of Grand Bahama’s energy future.