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Bahamas: Consumers Told To Brace For ‘Adjustment’ To Bpl Bills

Electricity consumers were yesterday told to brace for an “adjustment” to their bills via an extra charge as Bahamas Power & Light (BPL) confirmed plans for its mammoth $650m-plus refinancing.

Dr Donovan Moxey, the state-owned utility’s chairman, promised that the proposed Rate Reduction Bond issue will ultimately result in “better outcomes” for all Bahamian households and businesses even though the “structure” of electricity bills will change.

Using carefully-worded, guarded language, a BPL statement quoted Dr Moxey as saying the new billing structure would “function as a short-term deposit” that will ultimately enable consumers to enjoy longer term savings from reduced fuel costs and more efficient generation plant.

However, legislation to facilitate the Rate Reduction Bond (RRB) issue, which was tabled in Parliament yesterday, makes clear that BPL’s customer base will be relied upon to service what is essentially a doubling of the debt burden associated with the utility to secure its financial future.

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