Electricity in Bermuda may become greener and cheaper in the coming 12 months as part of a regulatory Government overhaul.

In Friday’s Throne Speech, the Governor, George Fergusson, outlined plans to introduce the Electricity Act, which is aimed at making services “environmentally sustainable, secure, reliable and affordable”.

Belco offered its support to the proposed Act, intended to break the power firm’s longstanding monopoly on the Island by allowing competition from other providers.

Meanwhile, Family Centre executive director Martha Dismont called electricity price-reduction measures “critically important” to helping struggling families.

“The legislation is part of a strategic plan to to allow competition in the generation of electricity,” Mr Fergusson said.

He added that the act sought to introduce proper fuel regulation, criticising the existing model as “minimal and not transparent to the consumer”.

“Better regulation can mean lower prices and help support Bermuda’s goals on greenhouse gas emissions,” said Mr Fergusson, who also announced plans to start the bidding process for a solar plant at the disused peninsula at LF Wade International Airport, known to many as “the finger”.

“The project, which will be launched in 2016, has the potential to produce 20 per cent of Bermuda’s peak demand for electricity during daylight hours,” said Mr Fergusson, reiterating a point made last year’s Throne Speech in which he welcomed proposals for the 56-acre site.

A Belco spokeswoman said the company welcomed the Bermuda Government’s efforts to lower costs and improve its carbon footprint.

“The comments in the Throne Speech are consistent with the approach that is being taken to transform the industry, as outlined in Government’s Energy Policy and previous statements,” she said.

“Belco shares Government’s objectives of environmental sustainability and a secure, reliable and affordable electricity system which, in order to achieve, does require regulatory transformation.”

Mrs Dismont said electricity costs had spiralled in recent times to such an extent that she had witnessed families “having to make a choice between paying the electricity bill or putting food on the table”.

“Our problem isn’t electricity itself, it’s that our families are struggling to meet their basic necessities,” she added.

“Any way in which Government looks at how to reduce the cost of electricity is critically important, so I have to applaud them for doing that.”