Parliament has only now received the Regulatory Authority’s 2019-20 annual report, more than five years after the period it covers — leaving Bermuda without an up-to-date public accounting of the activities of the independent and sector-specific regulator.

The document, tabled in the House of Assembly this month by Alexa Lightbourne, the Minister of Home Affairs, details work the RA carried out between April 2019 and March 2020, including the launch of Bermuda’s first Integrated Resource Plan, the road map for meeting the island’s energy needs over the next 25 years.

During that fiscal year, the RA also reviewed Ascendant Group’s sale of Belco to Algonquin Power and Utilities Corp, set a new feed-in tariff for solar generators of 22.65 cents per kilowatt hour, and laid the groundwork for its eventual telecommunications market review to identify companies with significant market power.

The report notes that the authority also conducted a public consultation on net neutrality and introduced principles of consumer protection requiring clearer billing, responsible advertising and better complaint handling by utilities.

Mark Fields, RA chairman, wrote in his statement that the organisation had “laid a strong foundation” for the years ahead, adding that “the RA will continue to develop its people and its sectors for the benefit of all its stakeholders”.

The accompanying audited financial statements, signed off by Heather Thomas, auditor-general, on April 19, 2020, show a deficit of $380,000 for the year, driven largely by higher staffing and training costs. Section 47 of the Regulatory Authority Act 2011 requires that the RA submit its financial statements and annual report to the minister and that they be laid before both houses of the legislature “as soon as practicable”.

The belated release raises questions about when the authority’s subsequent reports — covering the years 2020-21 through 2023-24 — will be tabled.

An RA spokesperson said the independent audit of the 2019—2020 fiscal year was completed on April 19, 2024, with the corresponding annual report submitted to the Ministry of Home Affairs in June of this year, thereby meeting its statutory obligation under the Act.

The spokesperson continued: “The RA acknowledges that the extensive workload managed by the office of the auditor-general in completing statutory audits can contribute to delays. In the interim, the RA has ensured that its reporting remains current, with key decisions and activities made publicly available in real time via its website.

“Since their recent appointments, the chief executive and director of finance have prioritised measures, including capacity building, to streamline processes and expedite the completion of audits. This approach may include, among other options, the engagement of private audit resources to support timely auditing in the future.

“While annual reports cannot be tabled without a completed financial audit, the RA remains fully committed to transparency and accountability, ensuring the public and all stakeholders have access to accurate and up-to-date information.”