Energy regulator severely understaffed, minister reveals

The Fair Trading Commission (FTC) is severely understaffed, with only one electricity analyst and one director of utilities overseeing the entire regulatory framework for electricity, Minister of Energy Senator Lisa Cummins has revealed.

Senator Cummins acknowledged the commission’s limited capacity, suggesting that it is not fully equipped to meet the demands of the country’s renewable energy transition and is outsourcing much of its work to external agencies.

“The Fair Trading Commission has one single electricity analyst and one director of utilities and all the work in the energy sector for electricity goes through all of them,” she told an energy forum.

The FTC is responsible for regulating electricity prices, overseeing independent power producers, and ensuring fair competition in the energy market, all of which are becoming increasingly complex as Barbados pushes towards 100 per cent renewable energy by 2030.

“I know sometimes there’s an eagerness and there’s an angst around what is happening with the FTC, but one electricity analyst, one director of utilities, and they’re outsourcing a lot of that work to others who are working for other agencies as well,” she added.

Cummins admitted that while the FTC has made efforts to modernise its structure, a recent institutional assessment found that it is not yet prepared to handle the evolving energy market.

“We have now completed the last phase of an institutional assessment and an organisational reform for the Fair Trading Commission,” she said.

“Is it fit for purpose? The answer is probably no. What does it need instead to look like? And that work is underway.”

Responding to the announcement, the Barbados Light & Power Company Ltd acknowledged the regulatory challenges faced by the FTC and expressed support for ongoing efforts to strengthen the framework governing the energy transition.

“Barbados Light & Power Company acknowledges the challenges faced by the Fair Trading Commission (FTC), particularly given the volume of regulatory work involved in facilitating the island’s ambitious energy transition targets in the Barbados National Energy Policy,” the firm said in a statement to Barbados TODAY.

“We appreciate the efforts being made by the minister of Energy and the FTC to address these challenges and remain committed to collaborating with them to ensure that the regulatory framework is robust and efficient.”

Despite the challenges, Senator Cummins assured that the FTC will be strengthened, with efforts already underway to expand its capacity. She urged patience as these reforms take shape.

“We know we need to scale up the Fair Trading Commission. We know we need to be able to have the capacity built up there, and that work is underway,” she said.

Noting that the island’s energy transition is being closely watched by the international community, the minister called on investors and businesses to remain engaged.

“I ask you for your patience. I ask you for your continued support. I ask you for your continued investment in Barbados,” she said. (SM)