Grant Gibbons, the Minister for Economic Development, gave a ministerial statement on the new National Electricity Sector Policy that he presented to the House of Assembly this morning.

Calling it a “key step” in changing how Bermuda sources and uses electricity, he said: “The principal policy objective is to facilitate a high-quality, secure, affordable and environmentally sustainable electricity service for Bermuda at the lowest possible cost through the creation of a new energy framework.”

He pointed to continuing developments in renewable energy, energy efficiency and conventional energy. Dr Gibbons added that it would “give Bermuda the opportunity to significantly change how it sources and uses energy”.

The new policy recommends the creation of a new Act which transfers regulatory responsibility from the ministry to a regulatory authority.

Answering questions, he said the utility would have the right to have exclusive responsibility for the provision of transmission, distribution and retail services, and in return for that exclusivity, be subject to more rigorous regulatory oversight by the Regulatory Authority of Bermuda, including having its efficiency benchmarked against other jurisdictions.

Dr Gibbons added that the implementation of a large-scale, solar-generating facility on the “finger” of the airport will be the subject of a competitive procurement process.

“I am hopeful in the middle of this summer that we have an RFP ready to go out,” he said.

The minister added that the Department of Energy is also considering the viability of introducing LNG for power generation in Bermuda and a review of the customs tariffs for various energy fuels.

• For the National Electricity Sector Policy and the ministerial statement in full, click on the PDF links under “Related Media”.