FOR IMMEDIATE RELEASE
July, 16, 2026

Nassau Bahamas — Bahamas Power and Light Company Ltd. (BPL) wishes to advise consumers of the upcoming implementation of its Customer Rebate Initiative, which has been approved by the Utilities Regulation and Competition Authority (URCA) as part of the settlement of longstanding regulatory enforcement matters relating to Regulatory Decisions ES 09/2019 and ES 04/2020.

The rebate initiative follows a settlement between BPL and URCA concerning regulatory fines that were imposed in relation to prior enforcement matters. Rather than paying the full value of those fines directly to URCA, we proposed that the funds be returned directly to eligible consumers through a bill credit. URCA accepted this proposal, allowing the settlement to provide a direct financial benefit to consumers. The total value of the rebate initiative will be no less than $610,240.94.

For consumers, this means that eligible residential consumers will receive a one-time rebate of $8.45, which will appear as a credit in the “Adjustment” section of their electricity bill. The rebate will not require an application from eligible consumers and will be applied automatically to qualifying accounts.

The initiative applies to active residential consumers of BPL in New Providence who were actively subscribed to receive electricity services during March 2026. Eligibility will be verified using BPL’s billing and consumer records.

The rebate will be distributed during the July 2026 billing period, with all eligible rebates scheduled to be issued by July 30, 2026. The rebate will be directly applied to eligible residential accounts as a bill adjustment. We will also maintain the required records, monitor the application of the credits, and submit a final report to URCA, certified by BPL’s internal auditor, for review and verification.

The rebate will be treated as an unrecoverable expense borne solely by BPL. It will not be passed on to consumers through tariffs, rates, future billing adjustments or any other consumer charge.

BPL remains committed to transparency throughout this process and will continue to work with URCA to ensure the rebate is applied accurately, consistently and in accordance with the approved implementation plan.