|Ray Robinson - Executive Chairman|
Grand Bahama Power Company (GBPC) announced today that approval was granted for a change to GBPC’s rate structure. “We have had extremely productive meetings with our regulator, the Grand Bahama Port Authority,” stated Ray Robinson, Executive Chairman of GBPC. “With the approval of this new structure, we now have the necessary mechanism in place to make the substantial capital investments necessary to provide our customers with reliable and cost effective generation.”
The new rate structure will allow for Emera to make the capital investments required in the new plant without an increase in rates for GBPC customers.
The new diesel plant is projected to be commissioned in late 2nd quarter 2012 and will provide customers with significantly improved levels of reliability and efficiency. “In the long term we believe that the improved efficiency and reliability of the new plant will reduce costs to customers,” continued Mr. Robinson.
Mr. Robinson thanked the Grand Bahama Port Authority (GBPA) for their foresight on this issue. “The GBPA has implemented a new rate structure that is comparable to other jurisdictions and allows us to move ahead with the $80 million dollar generation plant,” said Mr. Robinson. “We have been very pleased with the effective relationship we have with the GBPA. Mr. Rolle and his staff have worked with us to ensure that this new structure is a benefit to the residents of Grand Bahama. It is our expectation that this new plant will assist the island in its recovery and attraction of new investors.”
GBPC also stated that they will announce more information about the new diesel plant shortly.