A call for a focus on sustainability was made by Dr Grant Gibbons, the Minister for Economic Development, when he opened the Bermuda Energy Summit.

The Minister said Bermuda needed to “reframe” the way it thought about energy as well as examine alternative sources of power.

He called for a bold approach to be adopted where “reasonable risks” were taken to encourage innovation and pilot energy solutions.

“Rather than relying on catchphrases or simplistic goals, we should instead focus on the concept of sustainability,” Dr Gibbons said.

“When we speak of sustainability we should do so in the widest possible terms. That is the sustainability of our environment, the sustainability of our people and the sustainability of our economy.

“Therefore, from an energy perspective, our first task should be to determine what energy sources and what mix of those sources are best for Bermuda.”

He spoke about the need for fair pricing for customers and equal treatment for suppliers in the energy industry.

But he warned that the success of regulatory and legislative reform was “wholly dependent” on the policies that frame it.

“We must reframe the way we think about energy, the way we use energy, the way we purchase energy and the way we source it,” Dr Gibbons said.

“To start that transformation, we need to begin the dialogue. Energy reform needs to undergird our economic recovery and, if we get it right, it could even accelerate the pace of that recovery.

“One thing is clear — we cannot continue to produce electricity exclusively from oil. There is too much risk, not just in terms of the volatility of pricing, but also in terms of the environment.”

More than $100 million leaves Bermuda every year to purchase the fuel the Island needs.

“Bermuda is risk-averse, which is borne out of our isolation and indeed out of our desire to maintain our prosperity,” Dr Gibbons said. “We must learn to take reasonable risks, to encourage innovation and pilot solutions that can work for all of us.

“The independent regulation of energy by the Regulatory Authority will ensure transparency of regulation, not only for the benefit of customers, but also for the benefit of potential investors.”