THE WEEK IN REVIEW BY ELCOTT COLEBY (27 APRIL – 1 MAY, 2015)
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BEC STRATEGIC PARTNER ANNOUNCED
viagra canada times;”>“It is common knowledge that the Government has been seeking a permanent solution to our challenged electrical systems and administration by way of a Request for Proposal (RFP) Process. This solution proposes to create efficiencies which will allow for significant reductions in the cost of energy, increased energy security, environmental responsibility, reliability, and increased competitiveness as a country.”
After an exhaustive search by a government appointed steering committee lasting some eighteen months, the Ministry of Works and Urban Development announced on Thursday the selection of North Carolina based energy company PowerSecure as the strategic partner for the challenged state owned Bahamas Electricity Corporation (BEC). In light of the rolling blackouts, this is by far the biggest news of the week and for some, the best news they have heard in a while.
So who is PowerSecure? According to the statement, “PowerSecure is a public company traded on the New York Stock Exchange (NYSE: POWR) and headquartered in Wake Forest, North Carolina. It has total assets of $265 million, shareholders’ equity of $156 million, trailing twelve month revenues of $257 million (to December 31, 2014 ) and market capitalisation of $301 million (April 29, 2015).”
The statement continued that PowerSecure “has grown considerably over the last several years posting on average over a 25% Compound Annual Growth Rate (CAGR). In addition, based on its investor presentations, it holds a strong contract backlog of $368 million. Indeed, since January 2014, it has announced more than $400 million in new business.”
As for its beneficial owners, the statement revealed that “the company’s largest shareholder is Wellington Management Company, an investment manager with $900 billion under management. Other notable shareholders include Dimensional Fund Advisors, SRB Management, Blackrock Fund Advisors, Vanguard Group, AWM Investment Company, Becker Drapkin Management and other major, primarily US-based institutions and funds.”
My initial impression of the company’s ownership structure is that PowerSecure should not have any difficulty accessing the required capital to build the efficient and reliable power plants, both traditional and alternative, that are badly needed by BEC.
Contract conclusion is contingent upon PowerSecure’s ability to meet the terms and conditions set out in the Request for Proposal (RFP) which essentially calls for the strategic partner to reduce the cost of electricity to consumers by 30% over two years.
MORE US FUNDING FOR COUNTER-NARCOTICS CONTROL
The Bahamas and the United States were on one accord on Monday as they signed the 7th amendment to the letter on counter-narcotics control and law enforcement at the Bahamas Foreign Ministry. The agreement formalized bilateral cooperation between the two countries in the areas of border protection, threats of money laundering, human trafficking and the smuggling of illicit drugs and firearms.
“The significance of this Agreement is irrefutable,” said Bahamas Foreign Affairs Minister Hon. Fred Mitchell. “The Bahamas Government recognizes that the protection of our borders from the pernicious threats of money laundering, human trafficking and the smuggling of illicit drugs and firearms, requires a concerted effort and welcomes the assistance of its closest neighbor.”
At $2.745 million, this is the largest financial commitment by the US since the initial agreement in September 2010 and will assist greatly in “buttressing The Bahamas’ national security efforts in law enforcement, counter-narcotics control, drug demand reduction and anti-corruption reform” that are all “critical in countering this incessant and increasingly menacing threat,” said Mitchell.
These sentiments were shared by US Charge d’Affaires Lisa Johnson.
The hugely successful Operations Bahamas Turks and Caicos (OPBAT) stands as a symbol of the success of this letter of agreement.
Speaking on the future of this collaborative initiative, Minister Mitchell foreshadowed a Memorandum of Understanding (MOU) between the Bahamas and the United States designed to facilitate greater intelligence information sharing on critical transnational matters such as migrant smuggling and human trafficking to get greater control over this increasingly complicated area of border protection. The MOU will be in the form of exchanges of diplomatic notes.
Mitchell also revealed that regional experts will gather in the Bahamas to convene the US-Caribbean Security Summit in the coming weeks.