Cabinet of the Turks and Caicos Islands Approves Draft Policy for Multi-sector Public Utility Regulatory Reform
Providenciales, Turks and Caicos 14 March 2024 – The Cabinet of the Turks and Caicos Islands (TCI) is delighted to announce its recent approval of the draft policy for the consultation of a Multisector Public Utility Regulatory framework. This critical step underscores the Government’s dedication to reforming and enhancing the regulatory framework for essential services including telecommunications, electricity, water, sewerage, and related services, ensuring they meet the needs and expectations of all Islanders.
Following comprehensive studies, this approved draft policy sets the stage for a unified regulatory oversight aimed at promoting innovation, environmental sustainability, and the delivery of high-quality utility services across the TCI. The policy aims to consolidate regulatory functions under a single newly established Commission, ensuring a streamlined, efficient, and consumer-focused regulatory approach.
In the next phase of policy development, the Energy and Utilities Department, led by its commissioner, will undertake targeted stakeholder engagements. This initiative aims to involve key stakeholders such as service providers, consumer groups, and industry experts in refining the policy. Their feedback will be instrumental in ensuring the regulatory framework is both robust and reflective of the diverse interests within the utility sectors.
Key Aspects of the Draft Policy:
Cabinet Approval: The Cabinet’s endorsement of the draft policy is a testament to the Government’s commitment to comprehensive utility sector regulatory reform.
Unified Regulatory Body: The formation of a Regulatory Commission to oversee telecommunications, energy, water, and sewerage, optimizing regulatory processes and service standards.
Principles and Objectives: Guided by the principles of transparency, independence, and public interest, the policy focuses on affordability, reliability, competitiveness, innovation, and environmental sustainability of utility services.
Engagement with Stakeholders: Directed by the Energy and Utilities Department, this consultation period is dedicated to detailed discussions with stakeholders, ensuring a wide range of perspectives are considered in finalizing the policy.
Disaster Recovery Trust Fund: An innovative approach to manage the financial impact of natural disasters on utility infrastructure and consumers, promoting rapid recovery and resilience.
Stakeholder Engagement Process:
Recognizing the importance of inclusive policy development, the Government invites all stakeholders to actively participate in the consultation process. The Energy and Utilities Department will provide information on engagement sessions, submission guidelines, and access to the draft policy through the Government’s official website and public notices.
This engagement phase is a pivotal opportunity for the TCI community to contribute to a utility regulatory framework that is aligned with our shared goals for sustainable development, technological innovation, and equitable service provision.
Additional information, when available on how to participate in the stakeholder consultations, will be posted on www.gov.tc.
END
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