New Electricity Act Comes Into Operation Today
Minister of Economic Development Dr Grant Gibbons announced that The Electricity Act 2016, has come into operation today, Friday, 28th October.
“The Act introduces a new regulatory regime that modernizes the regulation of electric power generation, distribution and retail sale for the benefit of the residents of Bermuda,” the Ministry said.
“The Act transfers responsibility for the regulation of electricity from the Energy Commission to the Regulatory Authority of Bermuda and also establishes a framework by which future investments in the production and sale of electricity will be evaluated and regulated.
“The new regulatory structure is designed to liberalize the electricity market, protect end users and ensure that opportunities exist for all credible entities willing to participate in the planning and delivery of Bermuda’s energy future.
The Minister stated, “Government’s National Electricity Sector Policy seeks to ensure that electricity is provided at the least-cost and highest-quality; that it is environmentally sustainable; and that it is secure and affordable for individuals and organizations.”
“The bringing into operation of the new Electricity Act is a significant step on the path to achieving these goals – and the new regime represents a major step in the Government’s efforts to modernize Bermuda’s electricity sector.”
The new responsibilities of the Regulatory Authority will include:
- Licensing the generation of electricity
- Licensing the transmission, distribution and retail sale of electricity
- Managing the new Integrated Resource Plan process, including public consultation
- Regulating wholesale and retail rates
- Setting service standards.
In addition, the Minister noted, “In order to assist the Regulatory Authority with its additional responsibilities, which will now include both telecommunications and electricity, the number of Commissioners will be increased from three to five. We anticipate recruitment for the two new Commissioners will begin shortly.”
Both the National Electricity Sector Policy and the Electricity Act 2016 documents can be found in the Resources Section of the Government portal here pages on the Department of Energy.
BELCO + electricity = monopoly.
Rubis it in……………………………………
Wrong it is regulated, I would like to see the Banks and Insurance Co’s regulated like Belco is, every year they can put their rates up without asking anyone now THATS a MONOPOLY
You forgot to mention all the other monopolies
may be B.E.L.Co and all parts there of should be State Nationalized.
You could not afford to pay for Electricity if the Civil Service was running Belco, can you imagine
It will be interesting to know what terms of reference the new committee will use to ensure fairness to all qualified bodies. Who determines what is fair ? How will the average consumer know he/she is getting a better deal.
You could read the Electricity Act 2016 and find out.
Please BELCO this will be another board that does nothing to ease the pain that has no teeth but will get paid poor us they just keep f##### us over and over so tired SMH
This is a government initiative, not a BELCO one. And commas can be very useful in separating a series of related elements.
“Government’s National Electricity Sector Policy seeks to ensure that electricity is provided at the least-cost and highest-quality; that it is environmentally sustainable; and that it is secure and affordable for individuals and organizations.”
I have never read a statement so misleading in all my life:
1. Least-cost and highest-quality – there is NOTHING low-cost about our electricity, the quality might be high but is, quite frankly, no different from any other industrialised country in the world.
2. Environmentally sustainable – there is NOTHING environmentally sustainable about the way we currently produce electricity and BELCO has promised for over 30 years of bringing in wave power, off-shore wind, electric cars but we have learned the hard way that they have ABSOLUTELY NO intention of producing any form of sustainable energy!
3. Secure – everyone in the world is switching over to renewable energy but us! How can we say it is secure when we are totally dependent on other nations to provide our supply?
4. Affordable for individuals and business – we have one of the highest costs of electricity in the world! Ask any man or woman or business owner if our electricity is affordable?
This Government appears to be too interconnected with BELCO and it is soooooo obvious to Bermudians that the monopoly has been and will continue to be protected by those that work for the Government and perhaps are all invested in BELCO!
We MUST change our ways or we will be left holding the oil / LNG can and we will pay a VERY HEAVY price for it. We think electricity is expensive now….just wait!