A Bill is to be tabled today which Government believes will establish the framework to regulate the energy industry in the future.

Minister of Energy, Telecommunications and E-Commerce Terry Lister yesterday announced he will table the Energy Act 2009 which will establish an Energy Commission responsible for regulating energy costs, as well as licensing the sale of electricity.

As the sole provider of electrical energy, Belco's prices are currently regulated through the Price Commission Act 1974 by the Price Commission, which comes under the Ministry of Finance.

The proposed new Commission would take over regulation of Belco's prices, along with that of any future electricity providers and come under the Ministry of Energy.

"What we have done is taken it away from the Price Commission Act and put it under this new act," said Mr. Lister.

"While the Price Commission Act has value, it is limited in scope and does not include some of the key elements required to regulate the energy industry. We have created the Energy Act 2009 by adapting the Price Commission Act and adding those provisions from the Telecommunications Act which are most relevant."

According to Mr. Lister, Bermuda has a unique opportunity to take advantage of renewable energy sources because of the high cost of electricity on the Island.

"Alternative energy sources traditionally are significantly more expensive," said Mr. Lister. "We have one of the highest costs of energy in the world. In other places, people think, 'I'm buying it for eight, we could get it for 15'. Here, we're getting it for 35. There's no reason to believe we can't get solar energy for less than 35.

"We should be able to get environmentally friendly energy for a cheaper cost. Nowhere else in the world is able to do that."

Mr. Lister said the licensing system was designed not to discourage those seeking to adopt alternative energy, but to help protect the public.

In February, the Department of Energy released the Energy Green Paper, which Mr. Lister called the framework for creating Bermuda's energy plan. The Ministry of Energy also expects to release another paper, the Energy White Paper, later this year, further establishing the Island's energy policies.

"The Green paper was delayed from November to February. Because we lost those four months, it was going to be hard to get the White Paper out on schedule," said Mr. Lister. "Rather than do nothing, we decided to move ahead with this act. We're trying to keep our feet moving."

"If we didn't have this act, we couldn't do anything on the legislative side until November. Now we are in position to move ahead in the summer or fall, and not delay until November or December."

Along with being a step towards a greener future, the Energy Act is also a step towards energy independence, according to Mr. Lister.

"Bermuda can't get by having 90 percent of its energy sitting on a boat in the dock," said Mr. Lister. "Our dependence to oil is a threat to our economy and our environment.

"Bermuda can be a world leader in achieving energy independence. By acting now, we can control our energy future instead of letting the future control us."