New law encouraging electricity innovation backed by senators – The Royal Gazette

Created: Jun 22, 2022 02:45 PM

The illustration of underwater operations by green energy company Seabased (photograph supplied)

It is now less risky to let experimental energy creators operate in Bermuda, a minister has said.

Lindsay Simmons, the Junior Minister of Home Affairs, made this morning’s legislation allowing operators to develop new technologies around the island.

Ms Simmons said that it was already in place that it was not possible to bring the grid to the forefront.

Now, the Electricity Amendment Act creates a regulatory sandbox – a light-touch rules framework designed to encourage innovation.

The Government has focused on cutting bills for consumers.

She told senators: “The Electricity Act 2016 was written specifically to exclude innovators at that time due to the potential magnitude of risk to our grid, and, consequentially Bermuda’s residents and businesses.

“It was not possible to raise any potential newcomers, and avoid the risk of altogether was a prudent action.

“The Regulatory Authority has been operating for almost five years in the electricity sector, and more than nine years independently regulating the electronic communication sector.

“It is a natural progression therefore to entrust the regulation of the evolution of the electricity sector to the UK.”

The national grid would be allowed to connect to the national grid.

Walter Roban, the Deputy Premier, has previously said that the development of wave power has the potential to meet all the island’s electricity needs and lead to cheaper bills for consumers.

Mr Roban announced the agreement last November with international energy firm Seabased, which was considering setting up a wave energy farm off the island

Meanwhile, the Senate passed the Land Valuation and Tax Amendment Act which the Government said was aimed at helping care homes.

Arianna Hodgson, junior finance minister, told the upper house the legislation would provide a combined $ 65,947 in relief to 12 facilities.

Senators also backed a 99-year lease for Pembroke to support a nearby sports club.

The move sees Gorham’s Ltd receiving a lease for 0.61 acres next to the St John’s Road business to improve access for customers.

In return, the company has pledged to invest more than $ 550,000 in improvements to St John’s Field and the Western Stars Sports Club.

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