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GBPC statement on GBPA selection of auditors

October 11, 2011

As previously announced, the Grand Bahama Power Company (GBPC) understands the decision of the GBPA (our regulators) to conduct an audit of our meter reading and billing procedures. We are pleased that the audit is moving forward and that this information will be made available to customers. We look forward to providing Price Water House Coopers with any and all information they will require to complete their assessments. GBPC has been conducting an ongoing, internal audit of our systems and to date we have conducted a review of all of our commercial and industrial customers and approximately 64% of our residential customers.

Of the 11,534 meters audited, the company has found 1,227 accounts of theft, 16 cases of under billing, as well as 5 cases of overbilling. As a result of the audit we are confident about the security and accuracy of our meters. We will continue with our ongoing meter audit program with industrial customers being audited annually, commercial customers every three years and residential customers on an ongoing basis.

GBPC remains focused and working diligently on making the responsible and sustainable decisions needed to improve reliability and reduce costs to our customers.