Prime Minister Davis: Energy Summit ‘an important moment for our country’

Prime Minister Davis: Energy Summit 'an important moment for our country'

NASSAU, The Bahamas - During his Keynote Address at Opening of the Energy Summit, on November 7, 2024, Prime Minister and Minister of Finance the Hon. Philip Davis noted that the event was "an important moment for our country - a moment that we have been working toward since the very first days of this administration."

"Our high energy costs affect every aspect of our lives - they limit our financial freedom, constrain our growth, and make everyday life harder than it should be," Prime Minister Davis said, at the event held at the Baha Mar Convention Centre. "And this has been the case for far too long. We cannot - and will not - accept that the future of energy in The Bahamas should look like the past.

"We need a new way forward," he added. "Reducing the cost of energy is not only a priority for this administration; it is a mission, an obligation, and a necessity. We know that change is urgent."

Prime Minister Davis stated that, while the Bahamian people were resilient, they deserved better than an outdated energy infrastructure "that's stretched beyond capacity, an infrastructure that can't keep up with modern demands and that remains vulnerable to every storm and every price shock in the global fuel markets.

"To understand the challenges we face, we must acknowledge the reality: our electricity infrastructure is aging - some parts of it are over 50 years old, dating back to a time when our nation was still on the path to independence," he said. "Some of our most essential components, from transformers to substations, are near the end of their lifespan."

He added: "And then there's the question of our power plants. Sixty percent of our generation in New Providence and up to 80 percent in the Family Islands needs replacement within the next five years. It's a system that struggles to meet today's needs, let alone the demands of tomorrow.

"This infrastructure is costly and increasingly unreliable, relying heavily on diesel and heavy fuels that continue to push up prices for Bahamian families and businesses alike."

Prime Minister Davis noted that that reliance on fossil fuels made The Bahamas' economy vulnerable to global price fluctuations, leaving it with high bills and an uncertain future.

"When we came into office, we knew we had to address this head-on, and we began this work immediately," he pointed out. "We made it our mission to envision a New Energy Future for The Bahamas - one where our energy is reliable, affordable, and sustainable."

"Imagine a future where Bahamians no longer dread their energy bills each month, where the lights stay on through storms, where entrepreneurs are empowered to create new businesses without the constraints of high utility costs, and where our children grow up with access to the kind of clean, modern infrastructure that they deserve," he added. "This vision is possible, but it will take bold steps and strategic investment. And so, we're taking a comprehensive, multi-pronged approach to bring this vision to life."

Prime Minister Davis said that his Government's approach to reforming the energy sector was not just about patching things up or offering temporary fixes. He added that his Government was putting in place a full suite of policies and investments to make long-lasting change.

Prime Minister Davis noted that that was why his Government was launching a series of initiatives and partnerships designed to "bring down energy costs, reduce our dependence on imported fossil fuels, and increase our resilience to climate impacts".

"We are modernizing infrastructure," he said. "We're updating the transmission and distribution infrastructure here in New Providence to make it stronger, more efficient, and more resilient. These investments will ultimately reduce the cost of energy for everyone."

He continued: "We are Introducing Utility-Scale Solar and Battery Storage. We're bringing utility-scale solar power to New Providence for the first time. This includes 70 MW of solar capacity and 35 MW of battery energy storage systems. These systems will provide clean, renewable energy to the grid, making us less dependent on fossil fuels and more adaptable in the face of rising global prices."

Prime Minister Davis added that his Government was introducing renewable microgrids in the Family Islands.

"Our Family Islands will benefit from new hybrid microgrids that integrate solar power and natural gas, reducing reliance on diesel and rental generators," he said. "This is an essential step to achieving energy independence and stability across our islands."

He added: "We are Introducing Natural Gas as a Partner Fuel. Natural gas will play a critical role alongside solar in providing cleaner, cost-effective energy for our people. This shift will lead to significant savings that we can pass on to Bahamians."

Prime Minister Davis noted that his Government was implementing Energy Efficiency Initiatives, as well.

"From government building upgrades to consumer energy education, we are launching initiatives that make energy efficiency a part of our everyday lives," he said. "LED streetlights, rooftop solar for schools, and efficiency audits for public buildings are just the beginning."

"And of course, New Legislation and Consumer Protections," he added. "We passed new electricity legislation that will give consumers stronger protections and allow for adjustments in tariff rates to ensure that those who most urgently need relief from high energy costs could get it.

"Each of these components works toward the same goal: to reduce the financial burden on Bahamians, to create a sustainable energy ecosystem, and to lay the groundwork for economic growth."

Prime Minister Davis said that, when his Government lowers the cost of energy, it was not just relieving an immediate burden; but creating space for growth. Imagine, he added, what becomes possible for a small business owner when energy costs go down.

"Imagine the doors that open for larger industries when they can plan, expand, and hire without worrying about the unpredictability of utility costs," he said. "Imagine the job opportunities for Bahamians in emerging sectors like renewable energy, technical services, and infrastructure development."

"Reducing the cost of energy isn't just an economic choice; it's a choice to empower every Bahamian with the opportunity to succeed, thrive, and build a future right here at home," he added. "This administration has always stood for change - for breaking the status quo when it holds our country back.

"Today, we are choosing a different future, a future where energy costs no longer weigh down Bahamian families and businesses, a future where The Bahamas leads in sustainable development, and a future where opportunity is within reach for all."

Prime Minister Davis reiterated that the Summit was "an important milestone" in that journey.

"Over the coming days, you'll hear more details from Minister Coleby-Davis and our energy partners about how we are turning these plans into reality," he said. "We are excited about the path ahead, and we are committed to seeing it through."

"Thank you for your belief in this vision and for standing with us as we work to make it a reality," Prime Minister Davis added. "Let's build this New Energy Era together - for ourselves, for our children, and for generations to come."

PHOTO CAPTION

Prime Minister and Minister of Finance the Hon. Philip Davis speaks, during his Keynote Address at Opening of the Energy Summit, on November 7, 2024, held at Baha Mar Convention Centre. (BIS Photos/Eric Rose)