Natural Gas Act (No. 10 of 2024).

The objectives of this Act are: (i) to establish a legislative framework to regulate the importation, regasification, shipping, transportation, and retailing of natural gas to ensure these activities are performed in a safe efficient effective economic and environmental manner; (ii) to promote access to gas in an affordable and safe manner; (iii) to provide higher fuel efficiency to lower costs for consumers; (iv) to promote the global effort in reducing emissions that contribute to global climate change, thus serving to sustain the environment for future generations. This Act lays down provisions on the import, regasification, storage, transport and retail of natural gas, licensing of natural gas facilities and terminals, and safety standards in the natural gas sector.
This Act sets out principles and objectives governing the natural gas sector policy and gas supply regime in accordance with the aims and goals of the National Energy Policy, as follows: (a) to promote natural gas as an environmentally friendlier, secure, stable and economically efficient source of energy; (b) the promotion of competition by liberalizing entry into the industry; (c) adopting competitive and fair trade measures with due regard to public welfare and the financial viability of industry participants; (d) to secure a diverse and viable long term gas supply; (e) the advancement of The Bahamas economic growth and development and international competitiveness; (f) the introduction of a structure for the sector that is overseen by an independent regulator; (g) the employment of practices and technology that are designed to protect the natural environment; (h) the promotion of private investment and innovation in the gas sector; (i) the creation of incentives for sector participants in the gas sector to continuously improve performance in operations and customer service; (j) the provision of investments and investment opportunities for the citizens of The Bahamas; (k) the provision of a regulatory structure that balances the interests of and affords opportunities and input from all stakeholders, honours contractual commitments and encourages investment.