The House of Assembly has approved an amendment to the legislation that regulates Belco's prices as an interim measure, until a new Energy Commission is up and running.

On Wednesday, Finance Minister Paula Cox introduced the Price Commission Order 2009 as "the flip side" of the Energy Act, and explained that it will apply to businesses competing with Belco or offering energy sources other than electricity.

The Price Commissions Act 1974 will no longer specify "The Bermuda Electric Light Company Limited" under its "specified businesses", and reference to "electricity supply" will be deleted from the "specified commodities" column.

Shadow Finance Minister E.T (Bob) Richards said he understood that the amendment would be an interim measure, but questioned the need for a Price Commission at all once a new Energy Commission is fully active.

"You have price controls because of a lack of competition," he said, noting that there are no monopolies in Bermuda's telephone or energy sectors anymore. "The proper thing to do would be to repeal it."

His Opposition colleague Grant Gibbons agreed, asking Ms Cox how she thought the Price Commission would apply in a post-monopoly Bermuda.

Ms Cox responded that she would not be drawn into debate. "I have some views but it's dangerous when a Minister speaks without having run those views in another place," she said.

Ms Cox told The Royal Gazette that while the amendment passed, it will not be operative nor will it appear in the Official Gazette until the new energy regulatory body is up and running. "It continues as is in this transition phase," she said.