The Bahamas Prime Minister Philip Davis on Tuesday announced a major government move to acquire all outstanding shares of the Grand Bahama Power Company through a special purpose vehicle, in a bid to reduce electricity costs and strengthen the island’s role in the national energy strategy.
Speaking at the announcement, Davis said the acquisition is being carried out through the Grand Bahama Electricity Company and is financed by a loan from Standard Chartered and Scotiabank, with a government guarantee.
“This decision was made with a clear purpose: to bring down the cost of electricity for the people of Grand Bahama and place this island inside our national energy strategy,” Davis said.
Under the new arrangement, Grand Bahama Power Company will adopt the Bahamas Power and Light tariff schedule for services provided on the island, a change the government says will reduce electricity bills for households and businesses.
“This is going to bring down the cost of living in Grand Bahama, and make businesses here more competitive,” the prime minister said.
He said families, small businesses, and major commercial users—including hotels, manufacturers, schools, churches, and restaurants—will all see lower electricity costs.
“Families will pay less for electricity. Small businesses will pay less. Large businesses will pay less,” Davis said.
The government argues that high energy costs have been a major barrier to investment and economic growth on the island.
“When electricity costs are too high, it’s difficult for businesses to invest, expand, and compete,” he said. “Families spend money on their light bills instead of supporting the local economy.”
Davis said the acquisition is intended to “lower the burden” on residents and improve the investment climate, adding that Grand Bahama already has key economic assets including its port, workforce, industrial base, and location.
The government also confirmed that all existing employees of Grand Bahama Power Company will retain their jobs and benefits, with the current Bahamian management team remaining in place.
“To the workers of GBPC, we believe you are ready for a New Energy Era,” Davis said, noting that employees will play a role in broader national energy reforms.
He added that trained staff from the utility will take up key positions in the government’s energy transition efforts, including engineers, technicians, system operators, and customer service professionals.
“That means Grand Bahama will help shape the energy future of The Bahamas,” he said.
Davis thanked Emera, the outgoing stakeholder in GBPC, for its long-standing role in the company’s operations and for its cooperation during the transition.
He also acknowledged the support of Standard Chartered and Scotiabank in financing the transaction.
“Small countries must choose partners carefully. Capital should serve people. Financing should support growth. Public policy should make daily life better,” he said.
The prime minister framed the move as part of a broader effort to deliver immediate relief and long-term economic renewal for the island.
“Today, the Government delivers relief on electricity. Today, workers are protected. Today, Bahamian management stays in place,” he said. “Today, this island moves closer to the centre of the country’s economic future.”
Davis said Grand Bahama residents have long waited for meaningful progress, adding that “you are done with talk — only action matters.”
He closed by saying the government believes in the island’s future.
“I believe in its workers, its families, its entrepreneurs, and its future,” he said. “The magic must return to Grand Bahama. With the right partners, the right policy, and the courage to act, it will.”
