By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Government is not ‘bound’ to its National Energy Policy target of 30 per cent of electricity being produced from renewables by 2030, with the Deputy Prime Minister acknowledging: “That’s not soon enough”.

  Responding to queries over that target at the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) energy security forum, Philip Davis said: “The National Energy Policy gave that as a standard.

“We are now moving aggressively to reign in those periods and see how quickly we can decrease our carbon footprint. We appreciate that that is not soon enough. We are not bound by that; we are going to do better than that.”

   Mr Davis last month tabled three bills in the House of Assembly that are expected to pave the way for the Christie administration’s plan to reform the electricity sector, ultimately reducing the cost of electricity to consumers.

The passage of these Bills also facilitates further restructuring of BEC, which will be managed by PowerSecure International. It also provides for the separation of the sector’s regulatory and operations functions. Once the Electricity Bill is enacted, BEC’s name will change to Bahamas Power and Light.

Mr Davis said the Bahamas was well on its way to transforming its energy sector. “We expect that PowerSecure will set Bahamas Power and Light on a  course to profitability,” he added.

“BEC in its current state is an unsustainable operation and unable to continue under its existing structure.”

Mr Davis said BEC is close to being insolvent without a Government guarantee, and continues to  suffer losses to the tune of $20-$30 million each year.