Opposition Leader Michael Pintard said yesterday that it is clear from the information provided by the government that Bahamas Power and Light (BPL) is in the midst of being privatized. “BPL, by whatever name you wish to call it is in the midst of a privatization exercise,” Pintard said during the 2024/2025 budget debate in the House of Assembly. “The government has sought to slip into the budget debate a privatization process under some other name.
“In March of this year, the prime minister promised the country that in no way or fashion would BPL be privatized as a part of their reform. “Lo and behold, some three months later, the press first reported and then the minister (of energy) confirmed that $100 million worth of sovereign assets are being transferred for a quarter century or longer from state control and ownership to private control and majority ownership.” On Wednesday, Minister of Energy and Transport JoBeth Coleby-Davis revealed further details on the government’s plans to reform the energy sector in The Bahamas, including a 25-year deal it is entering into with Pike Corporation, via its Bahamian management firm Island Grid Solutions, for the management and upgrade of New Providence’s transmission and distribution (T&D) network.
Under the deal, the government will “contribute” its New Providence T&D assets, valued at $100 million, in exchange for 40 percent of the shares in a special purpose vehicle called Bahamas Grid Company. Island Grid Sol.
