New supervision for power industry
The Regulatory Authority is to get two new members as it takes over supervision of the power industry.
Grant Gibbons, Minister for Economic Development, said the number sitting on the Commission, which already regulates telecommunications, would rise from three to five.
Dr Gibbons said in a statement: “We anticipate recruitment for the two new Commissioners will begin shortly.”
The Electricity Act 2016 comes into effect today and is designed to modernise the regulation of electricity generation, distribution and sale.
The Act transfers responsibility for the regulation of electricity from the Energy Commission to the Regulatory Authority and also establishes a framework by which future investments in the production and sale of electricity will be evaluated and regulated.
The new regulatory structure aims to liberalise the electricity market, protect end users and ensure that opportunities exist for businesses to participate in the planning and delivery of Bermuda's energy future.
Dr Gibbons said: “Government's national electricity sector policy seeks to ensure that electricity is provided at the least-cost and highest-quality; that it is environmentally sustainable; and that it is secure and affordable for individuals and organisations.”
“The bringing into operation of the new Electricity Act is a significant step on the path to achieving these goals — and the new regime represents a major step in the Government's efforts to modernise Bermuda's electricity sector.”