Regulatory Authority 2022-23 Activity Report
The Regulatory Authority of Bermuda has published their Activity Report for the period April 1 to September 30, 2022, which states that “the purpose of this document is to report on the progress of activities of the Regulatory Authority of Bermuda [RA] for the electricity and electronic communications sectors for the fiscal year 2022-23.”
As far as their financial position, the document states, “Overall, the consolidated results for the six-month period ended September 30, 2022, included actual revenues of $3.458 million, comprised of Integrated Communications Operating License (“ICOL”) fees of $1.610 million, Transmission, Distribution and Retail (“TD&R”) fees of $1.768 million, and Bulk Generation (“BG”) fees of $80k.
“The total budgeted revenues for the six-month period ended September 30, 2022, were $3.326 million, with actual revenues being above the budget by $132k (4%). The increase is likely due to the general increase in economic activity, stemming from the rebounding of tourism and strong consumer spending which resulted in higher turnover in the electronic communications sector and more electricity consumption during the summer period.
“Overall expenses for the six-month period ended September 30, 2022, were budgeted at $3.290 million, however, the actual total expenses amounted to $2.690 million, resulting in an underspend of $599k (18%). This led to a consolidated surplus of $768k for the six-month period ended September 30, 2022.”
The 2022-2023 Activity Report follows below [PDF here]:
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