Power sector’s future up for discussion
The future of the electricity sector is up for discussion.
This week, the Regulatory Authority of Bermuda will release the Integrated Resource Plan, drawn up by power utility Belco.
The document contains detailed proposals on how to achieve a reliable electricity supply for the island at a reasonable cost over the next two decades.
After publishing the IRP, the RA will launch a 60-day consultation period, which will give residents an opportunity to have their say and potential new entrants into the market an opportunity to put forward their ideas.
Two town-hall meetings will be held next week to generate public interest.
After the feedback is received and analysed, the IRP will be refined as necessary. Submissions will be made public on the RA’s website, which is about to undergo improvements to make it more user-friendly.
Aaron Smith, interim chief executive of the RA, said the final approval of the IRP is expected within four to six months.
Mr Smith said the process would allow everyone to participate in the process that would shape the electricity sector over the next 20 years.
Monique Lister, the RA’s senior legal adviser, said no exact timeline could be given, as much depended on the responses received and the time needed to incorporate them into the RA’s analysis.
Submissions are welcomed from the demand side, including businesses and other consumers of electricity, as well as from the supply side, such as those aiming to become independent power producers, said Nigel Burgess, senior manager, electricity analysis and planning at the RA.
The IRP process will be an ongoing one, as a new IRP will be requested from the Transmission, Distribution and Retail licensee — which is Belco — every five years or less, as determined by the RA, in compliance with the Electricity Act 2016.
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