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RA proposes revenue increase in 2024-25 work plan

The island’s telecommunications and energy director is calling for a 16 per cent increase in its revenues for the 2024-25 fiscal year.

The Regulatory Authority of Bermuda’s work plan for next year, published on September 30, also said that the RA planned a “complex and significant” market review of the island’s electronic communications sector.

The authority plans to update consumer protection and radio frequency safety in an assessment of spectrum usage ahead of potential licence renewals next year.

The RA’s approval and licensing of undersea cables is to continue in the wake of the enactment of the Submarine Communications Cables Act 2002.

Electronic communications fees for submarine communications operating licences will stay at 1 per cent.

For the electricity sector, much of the RA’s work is driven by the Integrated Resource Plan, ultimately leading to a revised IRP.

The authority said that it had finished site assessments for bulk-generation solar developments, working with the Government to advance their development under a procurement process. It is to review retail tariffs to set new electricity rates for the next fiscal year.

It covers April 1, 2024 through to March 31, 2025.

Increased revenue is to be requested from the Ministry of Home Affairs with higher fees on transmission, distribution and retail licences from $0.00545/kWh to $0.00627/kWh.

The fee for integrated communications operating licences is to rise from 1.65 per cent to 1.95 per cent.

Other fees payable by bulk electricity generation providers will remain static.

The RA plans to set its regulatory framework for the fuels sector “including developing and issuing licences, creating a methodology for fuel pricing, and setting and enforcing fair competition rules and guidelines” — with several involving public consultation.

The independent regulator, which draws its revenue from fees, will propose “no increase in the current level of Government Authorisation Fees” on the electronic communications and electricity sectors.

It will request a budget of $7.168 million from the Minister of Finance, reflecting the 16 per cent increase, with an expenditure of $7,105,486 — raised by an equal amount.

The report said that the RA had developed more streamlined regulation, enabling it to develop more technical expertise.

It states that the RA expects the regulation of satellite earth stations and broadcasting to “likely” be transferred to its remit.

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Published October 12, 2023 at 7:56 am (Updated October 12, 2023 at 7:55 am)

RA proposes revenue increase in 2024-25 work plan

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