WSC Signs New Regulatory & Legal Contract
Nassau, Bahamas – Water and Sewerage Corporation (WSC) recently signed a regulatory contract, valued over $900,000 with Hunton & Williams LLP, which is based in the US, David Stiggers, an advisor for Hunton & Williams, Ferreira & Company, based in the Bahamas and SEV Consulting Group, also based in The Bahamas. This contract follows an international competitive bidding process and is just another component of the $81Mn loan agreement between the Inter-American Bank (IDB) and WSC which was signed in 2011.
This recently signed contract will cover the regulatory component of the IDB loan programme, and will aid WSC with the approval of legislation to establish Economic and Environmental Regulators, and establishing regulators to handle the regulatory responsibilities.
As a part of the regulatory contract, new legislation will be developed to reform the legal framework, WSC will be relieved of its regulatory powers, becoming solely a service provider, and WSC will have to undergo checks to ensure they are operating as an efficient agency with improved customer service.
Hunton & Williams LLP is a full-service international law firm, with over 30 years’ experience advising governments and government-owned utilities throughout the world on matters relating to utility restructuring, regulatory review, strategic legal framework and institutional strengthening.
Ferreira & Company is a Bahamian environmental, legal and consultancy firm with extensive experience developing and implementing legislation and regulation reform for the electricity, water and sewerage sectors.
SEV Consulting Group is a local environmental consulting firm, which provides its clients with the highest standard of service through its knowledge of The Bahamas and its natural resources, familiarity with regulatory systems and government requirements for approval of development projects.
This contract is expected to last three years with the new legislation being approved within the first year of the contract and, the regulators being established within one year of legislation approval. The remaining time in the consultancy will be used to monitor the progress of the regulators and provide advice where necessary.
Glen Laville, WSC General Manager noted, “WSC is looking forward to working closely with the Government, URCA, the consultants and the IDB in this major step to improving service to its customers throughout the Bahamas.”