The consultancy team responsible for formulating a new energy regulatory regime for Bermuda has been unveiled.

Multinational firm, Castalia, has been enlisted to help develop a national energy strategy that will “define resources and set an implementation plan”.

They will be partnering with St Lucia-based legislative consultants, Legal and Drafting Services (LDS), for a contract said to be worth $450,000.

Economic Development Minister, Dr Grant Gibbons, told the House of Assembly today that Castalia and LDS would also help draft new legislation and develop standard licenses for power producers.

“The main goals that the Department is seeking to achieve are the transfer of the responsibility for regulating Energy to the Regulator Authority.

“Our other goals are an increase in the level of competition between power producers through the liberalisation of the power grid and the development of a fair and transparent licensing regime.”

Castalia has offices across the globe and experience in the Caribbean. The firm wrote the Cayman Islands’ National Energy Plan.

While LDS is a specialist in legislative drafting and has provided services to the European Union,

Dr Gibbons added: “I will ask the team to share the draft Bills with both the stakeholders and the wider community to solicit further public input.

“After this final consultation, I would therefore anticipate being able to table the energy regulatory reform Bills before this Honourable House during the middle of June so that this legislation could come into effect in the latter part of 2015.”

Dr Gibbons told the House that Government received a total of five submissions from overseas firms during the tender process for the contract.

He added: “One Bermudian firm had expressed an interest in tendering; but ultimately declined to submit a bid.”