Adjusting the anti-wheeling clause in the Energy Act
From "Red Tape Reduction Consultation"
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This simple clause has allowed Belco to put a stranglehold on the energy market and force Bermudians to endure the second highest energy costs in the whole world which has led to Bermuda being the country with the highest cost of living in the whole world.
If this clause was adjusted from wheeling being prohibited to at the very least being governed in a way that ensures fairness and compliance to a set of standards it could add so much opportunity for economic growth, innovation and community empowerment to the island.
Allowing wheeling in Bermuda would introduce much needed competition to the energy market by enabling independent power producers and smaller energy providers to participate in the grid. This competition would drive down prices, improve service quality, and stimulate investment in energy infrastructure and technology.
Allowing wheeling would signal to investors that Bermuda is open to innovative energy solutions and sustainable development projects. This would attract investment in renewable energy projects, grid infrastructure upgrades, and energy storage facilities, stimulating economic growth and diversification.
The flexibility provided by wheeling could encourage technological advancements in energy storage, grid management, and smart grid technologies. These advancements would enhance the efficiency and reliability of the current grid system while supporting further integration of renewable energy sources.
By participating in wheeling arrangements, consumers would save money on their energy bills by leveraging shared renewable energy resources. This can be particularly beneficial for households and businesses seeking to control and reduce their energy costs over the long term.
Wheeling would foster community engagement by enabling energy sharing among neighbors, local businesses, and community organizations. This collaboration would strengthen our withering community ties and encourage collective action towards sustainability goals and living more efficiently.
Adjusting the anti-wheeling clause in Bermuda's energy act can bring about tangible benefits for innovation, economic growth, and consumer and community empowerment, not just in the energy sector, but for all of Bermuda.
