BPL stresses it is negotiating only with Shell

Bahamas Power and Light Company (BPL) explained in a press statement yesterday that it is engaged in negotiations with only Shell North America (Shell NA) for the takeover of base load power production for New Providence, adding that negotiations have reached the late stages of finalizing agreements for presentation to Cabinet.

BPL released the statement after it was revealed last week that a local company with hopes of providing fuel and generation for The Bahamas had an audience with BPL.

“The Bahamas Power and Light Company Ltd. wishes to advise that we are not negotiating with any company other than Shell NA with regard to the proposed LNG gas-to-power project,” the statement revealed.

“Any suggestion to the contrary is spurious.”

WMS Holdings Limited revealed in a press statement last week that it wants to offer an alternative fuel technology different from liquefied natural gas (LNG), has the funding to complete the project in its entirety and that it met with BPL about the offer.

“The offer provides 100 percent funding along with any other additional funding required under terms and conditions to be agreed,” the statement pointed out.

“The offer also includes the proliferation of a modern total energy solution through the world’s most advanced fuel and energy-saving solutions for The Bahamas.

“This 100 percent, Bahamian-owned company represents American and European multinational corporations who finance and supply the delivery of energy efficient technology and natural gas liquids for utility plants, private businesses, government facilities, hotels, transportation, homes and more.

“WMS and its affiliates are also offering to assist the government of The Bahamas and BPL with its electrical transmission, advanced metering and power generation challenges.”

However, BPL’s statement clarifies that it has no plans to deviate from its current course with Shell NA, adding in its statement that the negotiations are in the “late stages”.

“We remain confident that, despite the length of time the negotiations have taken, the deal we expect to sign will have the best outcome for the Bahamian people,” BPL stated.

BPL is also waiting to put its rate reduction bond on the market in hopes of raising more than half a billion dollars.

Meantime, BPL has outfitted its Clifton power station with seven new engines and is preparing to outfit the facility with more. 

BPL is hoping to have the bond in place to access funding for the next delivery of engines.

The company was hoping to take the bond to market last month, but is still awaiting amendments to the Rate Reduction Bond Act.

“We also remain confident of success as we prepare to go out for the rate reduction bond,” BPL’s statement noted.

“The amount of work that has gone into the preparation of the bond offering is significant and we anticipate the successful closing of the bond will inure to the benefit of generations of Bahamians.”

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