In a shocking revelation, Minister of Works Desmond Bannister revealed that Bahamas Power and Light Company (BPL) and PowerSecure severed ties.
Mr. Bannister made the shocking revelation during a Power Breakfast held at the British Colonial Hilton yesterday, where he explained that the ties were severed on Monday September 18.
“Effective two days ago, BPL and Powersecure have amicably agreed to sever their business relationship,” Mr. Banister said.
“In the period ending 25th July, 2017, BPL has spent some $9,198,738.68 with PowerSecure. We shall have much time to reflect on the value of this investment.”
Affirming his confidence in BPL’s new board, he then said, “Whilst PowerSecure undoubtedly meant well, there is much to be said for cultural knowledge. Placing an otherwise successful entity in the midst of an alien culture generally operates to the detriment of both.
“There is also much to be said for familiarity with business norms, and for immunization from local political influence. I have every confidence that this new board satisfies both of those tests in a manner that will ensure to the benefit of BPL and the Bahamian populace.”
PowerSecure, now a part of Southern Company, held a five-year operating agreement, which it signed in early 2016. That agreement provided provided for a maximum $25 million payout; it was signed in early 2016.
Since taking the helm, PowerSecure’s efforts at restructuring the cash-strapped utility provider has been marred by island-wide power outages in the capital and on some Family Islands.
Electricity bills have also increased under PowerSecure’s management.
“Our mandate, as set forth in section nine of the 2015 Electricity Act is clear. We are looking forward to working with all of you to ensure that The Bahamas secures a safe, least cost, reliable and environmentally sustainable supply of electricity within the Bahamas. Each of us has a role in ensuring that that objective is attained,” Mr. Bannister said.
