RA Publishes Sectoral Review Report

January 29, 2024 | 0 Comments

The Regulatory Authority of Bermuda [RA]  released its sectoral review, with a focus on the electricity sector.

A spokesperson said, “Fulfilling legislative obligations and aligning with mandates, the Regulatory Authority of Bermuda [RA] has released its sectoral review, with focus on the electricity sector. This periodic review, conducted every three years as per the Regulatory Authority Act 2011 [RAA], aims to optimise the efficiency of the existing regulatory framework.

“Following the release of the Consultation Document on 27 July 2023, the RA received a solitary response from stakeholders, primarily from Bermuda Electric Light Company Limited [BELCO].

“This essential exercise ensures regulatory alignment with evolving sector needs,” stated Richard Ambrosio, Interim Chief Executive of the RA. He continued, “In our commitment to transparency, we’ve concluded the sectoral review preliminarily report. While participation fell short of our expectations for the initial consultation, we nevertheless encourage stakeholders, including the public, to review the preliminary report, accessible on our website.”

“Taking into account the limited public and stakeholder feedback received, the preliminary report outlines the RA’s proposed recommendations. The report encompasses key areas, including progress against previous recommendations, sandbox regulations, retail tariff methodology, license thresholds, and the introduction of a new periodic business planning review process.

“The complete report is accessible on the RA’s official website. Stakeholders and the public are invited to read the document, recognising that the consultation process has concluded.

“For additional information, please visit RA.bm.”

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