Finance
FortisTCI and TCI Government introduce Fuel Factor Stabilization Initiative
Providenciales, Turks and Caicos Islands (Thursday, October 6, 2022) – Residential customers across the Turks and Caicos Islands will see a significant reduction in the fuel factor rate on their electricity bills following an initiative between FortisTCI and the Turks and Caicos Islands Government (TCIG).
Residential customers will only be billed at a fixed cost of $0.20 per kilowatt hour (“kWh”) for the fuel factor rate in September, October, November, and December 2022, and the TCI Government will subsidize any fuel charges that exceed this amount.
Fuel prices continue to be volatile due to external factors and the month of September recorded the highest fuel
factor rate to date. The initiative, referred to as a TCIG Fuel Factor Stabilization Credit, helps to protect residential customers from spikes in fuel prices for the remainder of the year.
For the month of September, residential customers would have been billed at a fuel factor rate of $0.3008 per kilowatt hour (“kWh”) for Providenciales, North Caicos, and Middle Caicos, $0.2721 for Grand Turk and Salt Cay, and $0.3044 for South Caicos. Due to the initiative, these rates have been reduced to $0.20 per kilowatt hour (“kWh”).
Fuel factor rates are authenticated by the TCI Government’s Energy and Utility Commissioner’s Office every month before the release of bills.
FortisTCI President and CEO Ruth Forbes, stated: “We are pleased to partner with TCIG to stabilize the fuel factor rate for residential customers. Discussions began in August for a collaborative approach to assist these customers, and I wish to thank TCIG for engaging us to achieve this result. At the same time, FortisTCI continues to integrate more renewable energy sources to the grid, to reduce our dependence on fossil fuels over time, lower carbon emissions and build a more sustainable energy future.”
Deputy Premier and Minister of Finance, Investment and Trade of the Turks and Caicos Islands, Hon. E. Jay Saunders, stated: “Our government is committed to combatting the rapid rise in inflation and the cost of living for our people. Where we can assist in driving down costs, the Government will continue to aid TCI residents with stimulants and subsidies to shoulder the burden of the cost of living. This initiative is an example of the latter, and we would like to thank FortisTCI for working with us, on behalf of the people of the TCI, to get the necessary agreements in place, which will collectively save residential customers millions of dollars, in record time.”
Turks and Caicos, May 12, 2026 – A new era of digital finance regulation could be on the horizon for the Turks and Caicos Islands, as
the Financial Services Commission moves to establish a legal framework for virtual assets and cryptocurrency-related businesses.
The TCI Financial Services Commission on Friday launched a public consultation on its proposed Virtual Assets Business Bill, 2026, legislation designed to regulate virtual asset service providers, stablecoin issuers and other digital asset activities operating in or from the territory.
Globally, governments and regulators have been racing to catch up with the rapid growth of digital currencies, blockchain technology and online financial platforms. Concerns over money laundering, cybercrime, fraud and the collapse of poorly regulated crypto exchanges have pushed jurisdictions to tighten oversight while still trying to attract financial innovation and investment.
The proposed TCI bill appears aimed at positioning the territory within that evolving international framework.
According to the FSC, the legislation is aligned with international standards and guidance from bodies including the Financial Action Task Force, International Organization of Securities Commissions and the Financial Stability Board.
The Commission said the bill would introduce a “comprehensive licensing, supervisory, prudential and enforcement framework” for the
sector. The proposed law includes anti-money laundering and counter-terrorism financing obligations, cyber resilience requirements, enforcement measures and even a regulatory sandbox intended to support innovation.
Among the notable features are proposed reserve and governance rules for stablecoins, which are digital currencies typically tied to traditional assets like the US dollar. The draft legislation also outlines exemptions for certain technology providers and closed-loop token systems.
The FSC said the consultation period is intended to gather public and industry feedback before the bill is submitted to Cabinet next month. Written submissions must be received by June 8, 2026.
The consultation paper and draft bill have been published on the FSC website for public review.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
The Bahamas, May 4, 2026 – With elections days away, The Bahamas has picked up a headline-friendly win: a credit rating upgrade.
Here’s the one-liner that matters most:
A higher rating can mean cheaper borrowing for the government—over time.
That’s the upside. When lenders see less risk, they demand lower interest. That can ease the cost of financing big projects and managing national debt.
But that’s only part of the story.
Moody’s Ratings has upgraded The Bahamas to Ba3 from B1, citing stronger fiscal discipline, improved liquidity and a more stable funding strategy. It also points to better tax collection, controlled spending and continued strength in tourism as key drivers.
Moody’s expects the government to maintain solid primary surpluses—essentially bringing in more than it spends before debt payments—and projects national debt to decline from 72.5% of GDP to around 68% by 2027.
That’s progress.
But here’s the reality check.
The Bahamas is still below investment grade. In plain terms, the country remains in speculative territory, meaning investors still see a higher level of risk compared to more stable economies.
Debt, while improving, is still elevated. And the economy remains heavily dependent on tourism—a sector that can shift quickly with global
conditions, weather events or geopolitical shocks.
Even Moody’s signals that more work is needed. Further upgrades depend on:
- sustained reductions in debt
- improved debt affordability
- and continued access to favourable financing
So while the upgrade reflects real gains, it is not a finish line.
It is a signal that the country is moving in the right direction—but must stay disciplined to keep that momentum.
For voters heading to the polls, the takeaway is simple:
The Bahamas has strengthened its financial position—but the fundamentals still need work.
The progress is real.
The challenge now is to make it last.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
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