HAMILTON, Bermuda, CMC – The Regulatory Authority of Bermuda (RA), describing as “a noteworthy step in the organization’s commitment to regulatory oversight” on the British Overseas Territory, said it will from January January 1harge of the fuel sector here Monday in keeping with the Fuels Act 2022.
“This aligns with its mission to serve stakeholders through a proactive, innovative, and responsive regulatory framework,” the RA said in a statement, adding, “The Fuel Act 2022, the guiding legislation for the regulation of fuels, outlines key objectives that underpin this endeavor”.
It said that the RA aims to ensure a proper, adequate, and continuous fuel supply and that the regulatory focus will be on fostering the “safe, efficient, economical and environmentally responsible operation of the fuel sector to meet the highest standards.”
The RA said it is also committed to “securing the continuity of services over critical infrastructure in Bermuda by identifying and mitigating risks through an effective risk management strategy.
“The public can expect the RA to regulate the fuel sector to ensure the provision of fuel at reasonable prices, aligning with international standards while guaranteeing fair and reasonable returns for those in the fuel sector.”
It said it would encourage investment in the fuel sector with a focus on promoting “fair competition, economic activity, and the long-term sustainability of fuel supplies, as stated within the Fuels Act 2022” and that the latest move would include public consultation beginning on Monday and ending on February February 14er this month, the RA announced the Fuel Adjustment Rate, which plays a role in the setting of electricity bills, would be cut at the start of the new year.
and then , describing as “a noteworthy step in the organization’s commitment to regulatory oversight){kind=link}