The $80m diesel plant would improve reliability, efficiency and stabilize the cost of electricity on the island, according to the company.

Emera president and CEO Chris Huskilson said after acquiring majority ownership of GBPC, his company developed a three-step approach to improve efficiency and reliability of electric service.

"First, we brought rental generation onto the Island to stabilize the system in the short term, and then began construction of the new plant to provide more efficient generation for the long term," Huskilson added.

"Step three involves investigation of alternative renewables to better stabilize prices in the future."

Grand Bahama Port Authority chairman Ian Fair said, "This new plant will not only serve as a reliable and efficient energy source but as an economic stimulus for Grand Bahama."

Minister of Grand Bahama Dr. Michael Darville commented, "While the government appreciates your [GBPC] mammoth investment in power generation in Grand Bahama, we would like you to assist us in ensuring that Grand Bahamians see a significant decrease in the price of electricity, which will mutually benefit all stakeholders including your company."