Electricity Amendment Act 2024

What this bill does

This bill creates a new type of electricity license called a "Bulk Generation Sole Use Installation Licence" (BGSUI) for companies, government departments, or statutory authorities that want to generate large amounts of renewable electricity primarily for their own use. It allows these organizations to sell up to 30% of their excess electricity back to the grid while using most of it themselves.

If passed (voted YES)

• Large organizations can get licenses to generate renewable electricity above 500 kilowatts mainly for their own facilities, with the ability to sell some surplus power back to BELCO
• New revenue stream for businesses and government entities through selling excess renewable energy at rates set by the Regulatory Authority
• Additional fees will apply: $1,000 application fee, plus $1,500 per megawatt annually to the Regulatory Authority and $800 per megawatt annually to government

If rejected (voted NO)

• Organizations wanting to generate large-scale renewable energy would need to use existing license types that may not fit their "primarily for own use" model
• No new pathway for businesses or government to easily set up renewable energy systems that serve their own needs first while contributing excess to the grid
• Current licensing framework remains unchanged with no additional renewable energy incentives for self-use focused projects

Who it affects

This primarily affects large businesses, government departments, and statutory authorities in Bermuda who want to invest in renewable energy systems for their own operations while having the option to sell excess power back to the electrical grid.