FREEPORT| Grand Bahama Power Company is now under partial government ownership after the administration of Philip Davis completed the acquisition of shares in the utility company, a move aimed at significantly reducing electricity costs for residents of Grand Bahama.
The government says the initiative is designed to ease the cost of living, with customers expected to see an average reduction of around 37% on their electricity bills.
According to the Prime Minister, the transaction was financed through international banking support and backed by the state.
“The transaction is funded by a loan from Standard Chartered and Scotiabank guaranteed by The Bahamas,” Davis said.
He added that the decision was taken as part of a broader national energy reform plan.
“This decision was made with a clear purpose to bring down the cost of electricity for the people of Grand Bahama, and place this island inside our National Energy Strategy,” he said.
Officials also explained that changes in billing structures at GBPC are expected to directly benefit consumers.
“Grand Bahama Power Company will adopt the tariff schedule for services provided to customers in Grand Bahama,” Davis noted.
He added that the adjustment is projected to generate significant savings for households.
“That adoption could result in savings of an average of 37% on your electricity,” he said.
The government maintains that the acquisition is a key step toward reducing energy inequality across The Bahamas and improving affordability for residents.
