A pleasant good morning.
We gather to take another meaningful step forward in our journey toward a cleaner, more stable, and more affordable energy future for The Bahamas.
This moment has been a long time in the making.
When this administration first announced its plans to tackle energy reform head-on, to some people, it may have sounded like we were aiming too high, dreaming too big, or maybe casting our vision too far.
I don’t blame them.
You see, the cost of electricity had been so high for so long that many people accepted it as a part of daily life in The Bahamas.
Added to the high cost, were the decades of constant failures of BPL’s main generators, the inefficiency of the Wartsila engines and other failed would-be solutions.
We had an aging and deteriorating power grid, a complete lack of renewable energy, and a power company over half a billion dollars in debt.
There was no lack of obstacles standing in the way of our energy reform ambitions.
But, as I always say, in our greatest challenges lie our greatest opportunities.
Energy reform loomed large as a great opportunity for change in this nation.
Energy reform is, perhaps, the most powerful policy intervention we could make to provide relief and lower costs for households and businesses.
Our reforms began with the Equity Rate Reduction.
The results of that adjustment speak for themselves. In January, we had 58,000 households with bills below $125.
But this was just the start.
Next, we announced plans to solarize our islands.
Utility-scale solar is on track for Abaco, Andros, Eleuthera, Exuma, New Providence, Long Island, and San Salvador.
Almost every major island.
This process is being driven by several Bahamian companies leading the way to our renewable energy future.
We also have the modernisation of the power grid, which will improve reliability and lower costs.
And today, with the signing of this agreement, we are embracing cleaner energy with the development of the first LNG terminal at Clifton Pier.
Phase one is set to begin before the end of this year.
We see the integration of LNG into our fuel mix as a major step in the right direction as we move away from “dirtier” fossil fuels, such as diesel and oil, significantly lowering our carbon emissions. LNG is also typically cheaper and has less price volatility compared to diesel and oil.
Because we are building a new industry, we can also anticipate significant economic impact, including the creation of new jobs.
In short, this agreement represents an essential component in our energy reform and economic development plans.
Dexter, I thank you and the team at FOCOL for partnering with us to make our vision for LNG real.
I also thank Shell and other stakeholders who made it possible.
Minister Coleby-Davis, I thank you for your continued leadership on our energy agenda. You demonstrate each day why you were the right woman for the job.
Of course, I’d be remiss not to thank our Attorney General Ryan Pinder and his team, lead by Danielle Wallace, for pulling this across the finish line.
As we sign this agreement, we are one step closer to ushering in a new era for energy in The Bahamas.
We still have a long way to go to fulfill our vision for this era, but we are making great strides, and the Bahamian people are already feeling the results.