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BAHAMAS: BPL Applauds Introduction of Rate Reduction Bond Bill

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#Nassau, November 7, 2019 – Bahamas – Today Dr. Donovan Moxey, Chairman of Bahamas Power and Light Company Ltd. (BPL) Board of Directors, applauds the introduction of a new Rate Reduction Bond Bill in Parliament. The bill will allow BPL to restructure more than $321 million of inherited debt. Additionally, it will raise around $350 million in new funding for BPL to invest in modern power generation that is cleaner, more efficient, reliable and ultimately will lead to cheaper electricity costs.

BPL needs a smart injection of capital to allow the company to fix legacy issues and make strategic investments in the company’s assets, people, processes and technologies. The Board acknowledges that it is essential to stabilize the cost of electricity and take the steps today to ensure the delivery of reliable, consistent power for all BPL customers.

“When this board came to BPL, we inherited a massive challenge. To right the ship and get our fiscal house in order so we can start delivering consistent, reliable power at a lower cost to our consumers, we need to take actions like passing the updated Rate Reduction Bond Bill,” Moxey said. “BPL’s massive debt is an anchor around our necks as we try to fix problems and invest in the future. The Rate Reduction Bond Bill will allow us to restructure the debt and access much needed capital after years of misplaced priorities and inadequate investment in the entity.”

The Rate Reduction Bond will help BPL to achieve long-term stability at a rate that will be fixed over the life of the bond. It further provides greater access to capital without the need for a government guarantee. Costs associated with servicing the bond will be lower on an annual basis because payments will be stretched over a longer period of time.

“Ultimately, this legislation will help lead to lower costs for our customers while allowing us to deliver consistent, reliable power to all Bahamians,” Moxey continued. “We wish to applaud those who have taken time to craft the bill as this legislation will have real and meaningful impact on the BPL customer base and the country as a whole.”

“We know full well that BPL customers are frustrated with the load-shedding being experienced by our customers,” Moxey said. “It is the intent of the new Board of Directors at BPL to ensure that no Bahamian family ever has to deal with that type of crisis again.”

Moxey concluded by saying, “The reality of what we found upon taking over the management of the company is that urgent action cannot wait. We must stabilize BPL’s finances if we are going to position ourselves for the future. This bill will lead to better outcomes for all our customers. Once implemented, we anticipate an adjustment period as the billing structure changes to adapt to the new bond. In the end it will essentially function as a short-term deposit to help us achieve the necessary long-term savings as fuel delivery costs decrease when Station A comes online by the end of the year.”

Release: BPL

Bahamas News

Bahamas economic growth

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Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

 

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Bahamas News

C&W COMMUNICATIONS PROUD TO BE ASSOCIATED AS ATHLETES “CHASE THE SUN”

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World Relays to be title sponsored by BTC, one of C&W’s local brands.

 

In just a few days, athletes from over fifty countries will converge in The Bahamas for the BTC World Athletic Relays Bahamas 24. C&W Communications, the parent company of BTC, is proud to be associated with this major event, which will see athletes from The Bahamas, Barbados, Jamaica, and Trinidad & Tobago competing for a place in the upcoming Olympic games in Paris.

Inge Smidts, CEO of C&W Communications, who also serves as Chair of the BTC Board of Directors will be in the stands to witness the highly anticipated relays. Smidts says, this was an event that she simply could not miss. “We are proud to support our Caribbean athletes, and we wish them well as they vie for a spot in the Olympic games.

The relays will be held one of in our markets, The Bahamas, and we are honoured to be the title sponsor of the event. The world relays represent the spirit of relentless courage and the willingness to succeed of the Caribbean people and of our business. Through partnerships like this we demonstrate our unwavering commitment to connect communities and change lives.”

In addition to its sponsorship of the event, Smidts says it was important that athletes, officials, and fans stayed connected during the games. “As a business we are focused on ensuring that our customers have access to faster, stronger, and more reliable connectivity, and we worked with our partners to make certain that athletes and guests remain connected.

We have offered e-sim cards, and we also worked with the major hotels to set up care centers to ensure that we address any connectivity concerns on the spot. Additionally, I am pleased to announce that BTC will provide free Wi-Fi at the stadium giving patrons and athletes the opportunity to share every riveting moment.”

BTC has hosted a special event just for the Caribbean athletes, at the newly renovated Queen’s Staircase in Nassau, a recently renovated historic landmark visited by thousands of tourists each day. This event gave athletes the opportunity to unwind, mingle, and to learn more about each other right before the competition.

This is the fourth time that BTC and its parent company C&W Communications have title sponsored the world relays. The BTC World Athletic Relays will be held at the Thomas A. Robinson Track & Field Stadium from May 4-5, under the theme, “Chase the Sun, from Paradise to Paris.”

 

 

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Bahamas News

RBC appoints new Country Manager and Area Vice President for Turks & Caicos 

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RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

 

 

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