SRS DELAYED – The Grand Bahama Power Company (GBPC) and its regulator, the Grand Bahama Port Authority (GBPA) announced that the proposed Storm Recovery and Stabilization (SRS) charge will be delayed to January 2021. Pictured (insert) is GBPC Corporate Communications Manager Cleopatra Russell. (PHOTO: TFN FILES)
FN Night Editor Barbara Walkin
After coming under attack in the past several months for the proposed Storm Recovery and Stabilization (SRS) charge, expected to be added to customers’ bills, a Grand Bahama Power Company (GBPC) executive sat with this daily for a candid interview recently.
GBPC Corporate Communications Manager Cleopatra Russell explained (Tuesday, September 22) that the Storm Recovery and Stabilization (SRS) charge, in part, allows the company to recoup the cost for restoration after Hurricane Dorian, for assets that were not insured.
“During Dorian, much like most of the island, we had substantial damage to our infrastructure, to our buildings, our generation facility, our transmission and distribution system and our vehicles.
“Our buildings and our energy plants, those were insured because that’s physical assets. Our transmission and distribution system, we are not able to get insurance for those assets. Nowhere in the western hemisphere are you able to get insurance for those assets,” she said.
“As per our regulatory framework we would apply to our regulator (Grand Bahama Port Authority) to have those costs recouped. That was approved in February (2020) for implementation on April 1, 2020.
“With the pandemic and the first set of lockdowns coming into effect in March, we made a decision, after consultation with the regulator, to delay the implementation of the charge,” Russell noted.
She added that at present the implementation of the charge is still delayed. Read more >>