The Bermudan Regulatory Authority (BRA) will bring in changes to their method for calculating electricity rates after an initial public consultation.
The BRA’s new proposal provides “cost-efficiency incentives alongside the traditional rate-of-return model, to promote affordable electricity prices to end users”, according to their official statement. The draft document has entered the public consultation phase.
The policy is the result of two years of development and changes required by the Electricity Act 2016, which aims to provide the island’s first “robust regulatory environment”.
Small-scale renewable energy generation is also an important topic, and these rates will be calculated separately. Additional public consultation is underway, with a deadline for submissions extended until September 26th.