SAN JUAN – The Bahamian government and PowerSecure International, Inc. signed on Monday a Management Services Agreement that entrusts the U.S.-based company with the administration of Bahamas Power and Light for the next five years.
“Today is an exciting new day in The Bahamas as we progress into a formal relationship with PowerSecure to implement a robust business plan that will substantially reduce customer electricity costs and will provide increased reliability,” BPL Chairman Nathaniel Beneby said in a statement.
Electricity costs in Bahamas are approximately 44 cents per kilowatt/hour, which PowerSecure says it expects to reduce to roughly 26 cents per kWh.
The MSA, according to PowerSecure, “includes a comprehensive, financial-grade business plan which outlines significant cost-reduction and reliability targets along with renewable energy and customer service initiatives for New Providence and other islands.”
Bahamas is among a number of Caribbean nations who suffer from high electricity costs because they lack domestic supplies of fossil fuels or the capacity to exploit alternative energy sources.