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Electricity Bills nearly doubled as Fuel Factor Rate drives up bills

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By Dana Malcolm

Staff Writer

 

#TurksandCaicos, June 30, 2022 – An exponential rise in electricity costs is shocking Turks and Caicos residents who received their bills on Wednesday and because these bills are validated by the Energy and Utilities Commissioner before distribution, it means Government is aware of the increase which almost doubles power bills.

The warnings were issued earlier this year and now islanders are really feeling the blow.  Residents have shared their home energy bills with Magnetic Media with up to $ 200 and $ 300 jumps in cost and they are raising questions about these new bills and how they are tallied.

In several instances usage seems to be up nearly 200 kilowatt hours for a great deal of residents.  Just as concerning is the fact that the fuel factor is nearly as high as the actual electricity usage.  Several of the bills we saw showed the fuel factor charges nearly even with the actual usage, a double whammy if you will.

“The fuel factor rate (or power cost adjustment) is a mechanism used to recover the cost of fuel used to produce the electricity consumed by each customer.  It is calculated monthly, and is based on the fuel consumed for the specific period and determined by the actual price of fuel at the time it is purchased, from our supplier, Sun Oil Limited.” the Fortis TCI website explains.

Essentially this means your total bill is calculated by how much you have used and how much the fuel used to make your electricity costs.   A high fuel factor will put a heavy strain on pockets no matter how much residents conserve.

In March this year the government announced the Food and Fuel Tax break would be going to companies, who had the responsibility to share that with consumers.  Fortis TCI promised residents it would pass on the cut from the 2.5 percent Customs Processing Fee Break directly but said there was a possibility charges would still rise.

“Despite the TCI Government’s 2.5% reduction in the Customs Processing Fee (CPF) on imported products including fuel, electricity bills are likely to increase once oil prices continue to rise.  We believe it is important to share this information so you can prepare as much as possible.”  Fortis said.   “While the savings from the reduced CPF will be passed to customers, our fuel supplier, Sun Oil Ltd., has advised that fuel prices are projected to increase further over the next several months, which will cause an increase in the fuel factor.  This can outweigh the savings on your bill.”

By law FortisTCI is allowed to pass on that cost for fuel, whether that is an increase or a decrease, to consumers through the fuel factor, but that cost is not arbitrary, every month it is validated by the Office of the Energy and Utilities Commissioner to make sure the prices are accurate and fair to consumers.  This means the government is well aware of the rising costs consumers are facing.

FortisTCI had also promised to try to negotiate with Sun Oil for fuel at a reduced cost for more savings but it is unclear if the company, which is the nation’s power supplier was successful.   Regardless, as predicted the fuel factor has risen and the most FortisTCI says they or any consumer can do is conserve.  But with the fuel factor this high, and wages remaining stagnant, residents say there must be some kind of intervention.

Fortunately FortisTCI and residents are not the only ones with a stake in this.  The government, should they choose to, could give companies a greater reduction in the CPF which is currently a 5 percent tax down from 7.5 percent.

The government could also completely and temporarily discontinue its tax on fuel by the gallon.

FortisTCI has been contacted for a comment; the company informs it will issue a statement on the concerns today.

Bahamas News

Freeport Business Expo to connect Grand Bahama businesses and entrepreneurs to expert resources  

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Grand Bahama Port Authority, Limited

 

 April 29, 2024 – Freeport, The Bahamas – In line with its mission to create a stronger, more connected Freeport economy, the Grand Bahama Port Authority, Limited (GBPA) is pleased to share details of the upcoming Freeport Business Expo: Tourism Edition, taking place on Thursday, May 2, 2024 at the Grand Lucayan Convention Center in Grand Bahama.

“As the GBPA continues its work to attract investors to Freeport, we offer this showcase of local and international businesses offering services and opportunities to potential and existing licensees,” stated Ian Rolle, GBPA President. “This Expo will not only connect unique international service providers with Bahamian entrepreneurs aiming to introduce new tourist attractions, but also bring together financing institutions to support Bahamian-owned start-ups and existing businesses in the industry.”

The emphasis on tourism at the 2024 Expo ensures that those in tourism-focused businesses are certain to benefit. The event will offer opportunities to meet potential business partners, gain insight on financial opportunities, engage with leaders in workshops and one-on-one sessions, and get answers on starting a Freeport business and obtaining a GBPA license.

“We regularly host community business expos,” said Glendia Sweeting, Manager of Quality Assurance and Special Projects.  “But we recognize the significant benefit of an expo focused on enhancing tourism business offerings through connecting international service providers and Bahamian entrepreneurs. We have more than thirty local and national exhibitors taking part on May 2nd, along with several international service providers.”

Multiple investment projects currently in progress and planned in the city of Freeport is creating anticipation for existing and potential entrepreneurs and this expo is geared towards preparing them for these opportunities.  “Grand Bahama is going to experience a significant growth spurt in the next one to three years.  I would strongly encourage everybody who wants to get involved in business to look at Grand Bahama as one of the top choices, especially over the next three years,” said Mr. Rolle.

The Expo opens on Wednesday, May 1st with a welcome reception from 6:00 p.m. to 8:00 p.m. A full day of learning and networking opportunities follows on Thursday, May 2nd. GBPA’s partners in the Freeport Business Expo include:

  • Grand Bahama Island Promotion Board
  • Ministry for Grand Bahama
  • Grand Bahama Chamber of Commerce
  • Ministry of Tourism
  • Bahamas Immigration
  • Bahamas Customs
  • Five Star Shipping Company
  • Viva Wyndham Fortuna
  • Bahamas Air
  • Grand Lucayan Hotel

Registration for access to the Expo’s exhibitors is free, and all-access passes are available for purchase. Event details and registration information may be found at freeportbusinessexpo.com.

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Sister Province/Island Relationship Agreement Signed between Grand Bahama Island and Hunan Province

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By LLONELLA GILBERT
Bahamas Information Services


NASSAU, The Bahamas — A significant milestone was made in the development of bilateral relations between the Governments of The Bahamas and the People’s Republic of China by the signing of the Sister Province/Island Relationship Agreement between Grand Bahama Island and Hunan Province.

The signing took place at the Ministry of Foreign Affairs on Tuesday, April 23, 2024.  The Hon. Ginger Moxey, Minister for Grand Bahama; the Hon. Dr. Michael Darville, Minister of Health and Wellness; Kingsley Smith, Parliamentary Secretary in the Ministry for Grand Bahama and Joel Lewis, Permanent Secretary in the Ministry for Grand Bahama represented The Bahamas at the signing.

His Excellency Mao Weiming, Governor of Hunan Provincial People’s Government; Qu Hai, Secretary General of Hunan Provincial People’s Government; Cui Wei, Charge d’Affaires, Embassy of the People’s Republic of China; and Yang Peiran, Interpreter represented the People’s Republic of China.

Minister Moxey explained that in February 2022, she and the former Chinese Ambassador to The Bahamas, Her Excellency Dai Qingli began discussion on the establishment of a province-island relationship between Hunan Province and Grand Bahama Island because of their “immense synergy”.

“Hunan has a vibrant creative industry and its capital city, Changsha is known as the entertainment capital of China, whilst Grand Bahama is poised to become the home of entertainment in ‘Our Bluepoint for Change’.”

She said Hunan Province boasts 11 industrial sectors and Grand Bahama is the industrial capital of The Bahamas.  Further, innovation driven development has been a new driving force for Hunan, while Grand Bahama is poised to become the home of innovation for The Bahamas.

Minister Moxey said she is confident that an exchange of knowledge, ideas and culture will happen between the residents of Hunan Province and Grand Bahama.

“There is potential for robust trade in various sectors, opportunities for tourism promotion and intercultural appreciation, exchanges to support performing arts programs on our island, foster growth within the Orange Economy, and tap into China’s innovation, technology and vast expertise.”

She said that the formal signing aligns with the mission of Sister Cities International, which is to promote peace through mutual respect, understanding and cooperation, one community at a time.

The Minister said, “Through collaborative programs and initiatives, this connection will support the government’s vision to diversity Grand Bahama’s economy to become the Home of Maritime and Logistics, Home of Events and Entertainment and Home of Innovation.”

She noted that in addition to signing the agreement, she looks forward to Grand Bahama residents benefitting from the signing of the Cooperation Memorandum of Understanding between Central South University and University of The Bahamas (UB), which will expand educational and technical cooperation between the two universities.  The northern campus of UB is located in Grand Bahama.

His Excellency Mao Weiming said although geographically far apart, China and The Bahamas are friends with mutual respect and understanding as well as sincerity.

He explained that 27 years ago, both countries established diplomatic relations and China and The Bahamas have deepened their cooperation, strengthened their friendship and carried out many activities in the field of economy, trade and people-to-people exchange.

His Excellency recalled that in August 2022, he and Prime Minister and the Minister of Finance the Hon. Philip Davis had a video conference where they both reached a consensus to cooperate in order to usher a new chapter in the relationship between Hunan and The Bahamas.

“Today, we are here to sign a sister-to-sister relationship between Hunan and Grand Bahama.  It is [a] concrete move to implement our consensus reached before and also to embark on a new journey of friendly exchanges.”

He added, “By establishing the relationship of sister cities, I believe the two sides will develop further in terms of economic and trade cooperation, people to people exchange, as well as friendship, and we will embrace new opportunities and deliver concrete benefits for the two peoples.”

He explained that Hunan, which is the home town of Chairman Mao, the founder of the People’s Republic of China, has developed very advanced industries of manufacturing, agriculture, education, culture as well as tourism.

His Excellency said he believes that Hunan and Grand Bahama enjoy very broad room for cooperation.

He said, “More efforts should be made to conduct cooperation in the fields of agriculture, tourism, culture, education and the film industry so as to realize a connectivity between our two sides in terms of logistics and the platform cooperation; so as to deliver concrete benefits for the people and to make our due contribution to the bilateral relationship between China and The Bahamas.”

 

PHOTO CAPTION

A significant milestone was made in the development of bilateral relations between the Governments of The Bahamas and the People’s Republic of China by the signing of the Sister Province/Island Relationship Agreement between Grand Bahama Island and Hunan Province.  The signing took place at the Ministry of Foreign Affairs on Tuesday, April 23, 2024.  Shown from left: Qu Hai, Secretary General of Hunan Provincial People’s Government; Cui Wei, Charge d’Affaires, Embassy of the People’s Republic of China; Yang Peiran, Interpreter H.E. Mao Weiming, Governor of Hunan Provincial People’s Government; the Hon. Ginger Moxey, Minister for Grand Bahama; the Hon. Dr. Michael Darville, Minister of Health and Wellness; Kingsley Smith, Parliamentary Secretary in the Ministry for Grand Bahama and Joel Lewis, Permanent Secretary in the Ministry for Grand Bahama.

(BIS Photos/Anthon Thompson)

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Bahamas News

Nassau Cruise Port Donates Nearly $2 Million Towards Food Security  

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Nassau, Bahamas: The Nassau Cruise Port has donated $1.95 million towards projects that will assist the Ministry of Agriculture and Marine Resources in its aim to increase food security for The Bahamas.

The donation officially occurred at the Ministry’s offices recently, where Minister of Agriculture and Marine Resources Hon. Jomo Campbell, Minister of Labour Hon. Pia Glover-Rolle, Permanent Secretary Neil Campbell and Nassau Cruise Port CEO Mike Maura listened to a number of presentations including one for a poultry programme for schools, a chicken broiler production programme, the redevelopment of the Blue Hill Road Farmers Market and an Authentic Bahamian Cultural Concept Store,

Mr. Maura said he was impressed by the presentations.

“I had the privilege to listen to the presentations  and review presentations that touched on food security and the need for us to be self-sufficient, which as a Bahamian I support completely. At the Nassau Cruise Port, we get excited about the prospects of offering more authentic food to the millions of visitors that we have each year,” he said.

“And then, in addition to that, we had presentations around the further development of our artisans, which is so important to us as well.  The guests visiting our shores are looking for something that really touches The Bahamas and can’t be found somewhere else. The Nassau Cruise Port has made a pledge to BAIC and its affiliates. We will be supporting the projects that were presented and we can’t wait to get started.”

Minister Glover-Rolle, who is also the Member of Parliament for Golden Gates, hailed Nassau Cruise Port as a “great community partner.”

“Thank you for the opportunity to not only present but agreeing to participate. Our Minister of Agriculture has a goal of reducing food imports by 25 percent by the year 2025 and our project in the Golden Gates Community speaks to that,” she said.

“We have a number of backyard farmers, farmers and fishers in our community in Golden Gates. Being able to use the Blue Hill Road Farmers Market, which is going to be dubbed the ‘Fish Fry of the South,’ as a hub for food security but also a hub where artisans and handicraft persons can come and sell their wares is wonderful. So, we are happy that you have agreed to partner with us and we look forward to a partnership and we hope to welcome some of your visitors when this amazing renovation is done.”

Minister Campbell also lauded the Nassau Cruise Port for its efforts.

“I would like to say thank you to the presenters for the presentations that are several steps in the right direction for our country, to Mr. Maura and his board at the Nassau Cruise Port and I would like to say thanks to God for this partnership and bringing us all together as we move forward, upward, together in building a better, brighter, future for The Bahamas,” he said.

 

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