The Grand Bahama Power Company (GBPC), in consultation with their regulators, the Grand Bahama Port Authority (GBPA) has announced the development of an Economic Development Rate (EDR). The goals of the EDR are to attract new investment and encourage expansion of existing industrial and commercial business in Grand Bahama.
“We have spent many months working with our regulators, the GBPA, on the development of this new economic development rate,” said CFO of Grand Bahama Power Company, Tony Lopez. “With the offering of this new EDR, we anticipate that it will not only incentivize new business to invest in Grand Bahama, but stimulate expansion with our existing industrial and commercial customers.”
In order to qualify for the economic development rate, businesses must meet a minimum demand criterion of 500KVA, as well as a job creation and capital investment quota. Those that qualify will receive a discounted rate over a five-year period.
Sarah St. George, Vice Chairman of GBPA, expressed excitement about the implementation of the Economic Development Rate, which is the first of its kind for the Bahamas. “GBPA and GBPC have sought to develop a formula derived from programmes elsewhere, to kick-start growth in the local economy,” said St. George. “This will underscore the message that Grand Bahama is ready for business!”