By JADE RUSSELL

Tribune Staff Reopter

jrusssell@tribunemedia.net

EAST Grand Bahama MP Kwasi Thompson is demanding that the government table its memorandum of understanding with Emera over the proposed acquisition of Grand Bahama Power Company, warning that Bahamians are being asked to trust a deal in which the details remain hidden.

Mr Thompson said Prime Minister Philip “Brave” Davis’ announcement on Tuesday that it had signed an MoU with Emera does not amount to an agreement and leaves the public in the dark about what, if anything, has actually been settled.

He pointed to a statement released yesterday from Emera president and chief executive Dave McGregor saying that there is “no final agreement.” In the January 27 letter, Mr McGregor said Emera would have preferred to complete any transaction before it was disclosed publicly.

Prime Minister Philip “Brave” Davis announced the proposed acquisition on Tuesday during a press conference in Grand Bahama, as residents continue to complain about unreliable electricity and rising power bills.

Mr Thompson said the Emera chief executive described the government’s purchase as only a “possible option”, raising questions about what other options are on the table and why they were not disclosed to the public.

The East Grand Bahama MP said Bahamians are therefore left to wonder whether the announcement was simply a “pre-election public relations exercise”.

He raised a series of unanswered questions about the proposed acquisition, including whether the government intends to purchase all of the company’s assets, who would be responsible for maintaining and upgrading them, and how the transaction would be financed.

Mr Thompson also questioned who would manage the company, how much capital investment would be required to stabilise and modernise the system, how operational costs would be covered, and what impact the deal could ultimately have on electricity rates for consumers on Grand Bahama.

“Let The Bahamas properly evaluate it, and disclose your plans for the proposed structure, financing, ownership, management responsibilities, and implementation timetable, so that this initiative can be evaluated openly, responsibly, and in the best interests of the people of Grand Bahama and The Bahamas as a whole,” Mr Thompson said.

Other opposition members echoed those concerns. Free National Movement deputy leader Shanendon Cartwright argued that the Prime Minister’s announcement appeared to contradict the Emera president's statements.

Mr Davis rejected that claim, saying the letter showed only that Emera officials would have preferred staff to be informed before the deal was announced publicly. He said there was no contradiction and noted that he had already told reporters the transaction was expected to take between 60 and 90 days to close.

The Prime Minister accused the opposition of manufacturing controversy, arguing they should welcome relief for Freeport residents after the Free National Movement failed to deliver it while in office.

Emera previously secured full ownership of Grand Bahama Power Company after buying out minority shareholders, some of whom received Emera shares through Bahamian Depository Receipts.