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• Create a favorable regulatory regime to encourage private-sector involvement. • Improve the “efficiency of natural monopolies,” such as the BEC. • Promote consumer interests. • Establish an independent regulatory body having authority over the energy sector. • Make changes in governance, which can include the privatization of the BEC, which would involve amendments to the Electricity Act and potentially could limit the Act’s powers. The regulatory framework proposed involves a complete overhaul of the current regime and, in essence, calls for the creation of a new sector framework governed by a comprehensive energy/electricity law that would perform tasks such as defining roles and functions, endowing URCA with regulatory responsibilities for the energy sector, defining the applicable market structure, and establishing third- party access to the transmission and distribution system. 3.2.6.4 Assessment of the Draft National Energy Policy Acutely aware of its vulnerability to natural disasters and volatile fossil fuel prices, especially considering that it relies almost exclusively on imported fossil fuels for energy production, and their actual and potential impact on agriculture, commerce, and industry, the Bahamas is exploring alternative renewable energy options. This is commenced with a view to ensuring energy security and access to energy. To achieve this, the government will have to address, reduce, and eliminate barriers to the deployment of renewable energy technology; revise its legal and regulatory framework; and implement measures to ensure and encourage energy efficiency and conservation, which includes removing barriers to energy efficiency. The main objective of the national energy policy is to “protect gross domestic product, foreign exchange and reserves while simultaneously minimizing energy consumption and increasing energy efficiency and security” (NEPC 2010). Through short- , medium- , and long-term goals, the government seeks to foster energy conservation and diversification of energy sources and energy use sectors (NEPC 2010). The policy agenda will assist in the development of a sustainable energy matrix for the Bahamas that includes reduced electricity demand through energy efficiency at 30% by 2030, enhanced efficiency in energy production, and introducing of renewable energy technology to supply at least 40% of overall power generation. According to the NEP, “the sustainable energy matrix would achieve substantial benefits both in saved fossil fuels and a lowered environmental impact” (Singh 2009). The structure of the NEP outlines a new electricity-sector framework, policies to promote renewable energy and energy efficiency, the establishment of a Sustainable Energy Unit, policy targets and objectives, and a transport- sector policy agenda. 3.2.6.4.1 New Electricity Framework The NEP acknowledges that the Electricity Act is “no longer suitable to deal with the challenges of the electricity sector in the Bahamas” (Singh 2009). It references recent trends and experiences in sector reform, and essentially includes all the recommendations offered by Fichtner for a complete overhaul of the sector, including the Electricity Act itself. The NEP indicates the importance of making clear distinctions between the role of the government and a regulatory authority in energy–electricity sector management to ensure sound regulatory practices and to encourage private-sector investments. The NEP then clearly delineates the roles, responsibilities, and activities of the government and the URCA. Notably, regarding sector structure, the market structure proposed is based on competition for generation capacity and private-sector participation. It grants the URCA regulatory authority over the 34PDF Image | Energy Policy and Analysis Caribbean
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