{"id":142560,"date":"2026-06-11T09:33:32","date_gmt":"2026-06-11T09:33:32","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=142560"},"modified":"2026-06-11T11:50:32","modified_gmt":"2026-06-11T11:50:32","slug":"bermuda-renewable-energy","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/bermuda-renewable-energy\/","title":{"rendered":"Bermuda: Renewable Energy"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-142560","comparative_guide","type-comparative_guide","status-publish","hentry","guides-renewable-energy","jurisdictions-bermuda"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Carey Olsen<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2021\/01\/carey-olsen-jersey.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Carey Olsen<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2021\/01\/carey-olsen-jersey.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Renewable Energy laws and regulations applicable in Bermuda<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does your jurisdiction have an established renewable energy industry? What are the main types and sizes of current and planned renewable energy projects? What are the current production levels? What is the generation mix (conventional vs renewables) in your country?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Bermuda has an established yet small renewable energy industry comprising of a commercial 6MW capacity solar farm and five solar solutions in the private sector.<\/p>\n<p>Key renewable energy projects (other than residential) that have been implemented in recent years include Bermuda&#8217;s National Stadium and Sports Centre&#8217;s installation of solar panels and lighting upgrades that have already resulted in a 51% saving in energy costs. The National Museum of Bermuda created a solar installation consisting of 194 high performance solar panels along the museum&#8217;s ramparts in 2017 as part of Emirates GBR team&#8217;s Low Carbon project and participation in the America&#8217;s Cup.<\/p>\n<p>The Country&#8217;s current energy mix relies heavily on fossil fuels, primarily oil and diesel, for electricity generation. As Bermuda has no oil or gas production, its consumption is entirely based on imports, primarily from the United States and Canada.<\/p>\n<p>In 2022, the World Bank estimated renewable energy consumption in Bermuda, as a percentage of the total energy consumption, was approximately 0.9%.<\/p>\n<p>Current projections suggest a continued reliance on fossil fuels in the medium term, with a gradual increase in renewable penetration as infrastructure, regulatory frameworks and investment conditions evolve. This is being pursued through initiatives like developing offshore wind capacity as well as continued investment in large scale solar energy projects and improvements to applicable law and regulation. The Bermuda Government Bermuda has already deployed a significant number of electric buses, with 70 e-buses in service as of 2024, and is aiming to fully electrify its public bus fleet by 2030.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are your country's net zero\/carbon reduction targets? Are they law or an aspiration?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Bermuda&#8217;s Ministry of Home Affairs opened the National Electricity Sector Policy 2026 (&#8220;NESP&#8221;) for public consultation, pursuant to the Electricity Act 2016, conveying the Government&#8217;s policy intent to update Bermuda\u2019s electricity framework for the first time in over a decade, and to anchor the transition in affordability, reliability, and equity. While Bermuda has historically articulated ambitious renewable energy targets, including the 85% renewable electricity objective set out in the 2019 Integrated Resource Plan (&#8220;IRP&#8221;), the Government\u2019s Consultation Draft National Electricity Sector Policy 2026 marks a shift away from fixed targets toward a technology\u2011agnostic and least\u2011cost approach. Under this framework, renewable energy deployment is evaluated primarily on affordability, system reliability and overall economic benefit, rather than predetermined penetration levels.<\/p>\n<p>The NESP adopts a more conservative and phased trajectory for renewable deployment, with modelling indicating that, subject to cost-effective deployment, renewable penetration could reach approximately 7% by 2030, 35% by 2040 and around 50% by 2050.<\/p>\n<p>The Government of Bermuda has also proposed the reduction of transport related carbon emissions over the next 15 years starting with the electrification of government vehicles and public transportation and the banning of 2-stroke motorcycles.<\/p>\n<p>The IRP, NESP 2026 and other clean energy initiatives are aspirational. While the Electricity Act does have the stated purpose of promoting the use of cleaner energy sources and technologies, including renewable energy sources, there is currently no legislation requiring a specific reduction in fossil fuel use.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a legal definition of 'renewable energy' in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Electricity Act defines \u201crenewable energy\u201d as energy that comes from resources that are constantly replenished, and includes energy produced by solar, wind, biomass, landfill gas, municipal solid waste, ocean (including tidal, wave, current, and thermal), geothermal, or hydro resources.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Who are the key political and regulatory influencers for renewables industry in your jurisdiction? Is there any national regulatory authority and what is its role in the renewable energy market? Who are the key private sector players that are driving the green renewable energy transition in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Department of Energy of the Bermuda Government, the RA as Bermuda&#8217;s sole utility regulator and the Bermuda Electric Light Company (&#8220;BELCO&#8221;) as the sole electricity supplier and the owner and operator of the island&#8217;s only generating stations and all transmission and distribution systems, are the three key influencing organisations.<\/p>\n<p>The RA regulates the electricity sector in Bermuda and is mandated by the Electricity Act to evaluate and manage future investments in the production and sale of electricity for the long-term benefit of consumers and to promote the use of cleaner energy sources and technologies. The RA&#8217;s authority includes:<\/p>\n<ul>\n<li>licensing the generation of electricity;<\/li>\n<li>licensing the transmission, distribution, and retail sale of electricity;<\/li>\n<li>managing and reviewing the IRP process;<\/li>\n<li>setting electricity retail rates; and<\/li>\n<li>setting and monitoring service standards to ensure the adequacy, reliability and quality electricity services.<\/li>\n<\/ul>\n<p>BELCO currently operates two generating stations, both of which are fuelled by oil and diesel, all of which is imported. However, BELCO has committed to being &#8216;net zero&#8217; by 2050 through a combination of carbon offsetting and implementing wind and solar energy into their electricity generation infrastructure.<\/p>\n<p>The key private sector players include BeSolar, AES (Alternative Energy System), BAE (Bermuda Alternative Energy), Greenlight, Sunnyside Solar, Fuze (part of the Liberty Group, owners of BELCO) who collectively cover everything from residential to commercial large scale systems. Saturn is a commercial solar farm that contributes to the Grid and has up to 6MW of capacity. Electric vehicle adoption is on the increase thanks to the established automobile and motorcycle import and sales companies.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the approaches businesses are taking to access renewable energy? Are some solutions easier to implement than others? If there was one emerging example of how businesses are engaging in renewable energy, what would that be? For example, purchasing green power from a supplier, direct corporate PPAs or use of assets like roofs to generate solar or wind?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>BELCO holds the only transmission and distribution licences to buy and sell electricity in Bermuda and so the only access to green energy, other than the amount contributed to the Grid, is private installation of solar panels or wind turbines.<\/p>\n<p>The market for solar panels for self-consumption is growing rapidly in Bermuda. Many businesses and property owners have installed solar panels on rooftops to offset Bermuda&#8217;s high electricity costs and to help reduce reliance on fossil fuels. Surplus energy can be contributed to the Grid and sold to BELCO at a predetermined tariff that is fixed quarterly.<\/p>\n<p>The Government of Bermuda permits smaller solar panel installations (up to 400 square feet) without the need to obtain planning permission and is actively encouraging the increased adoption of privately owned solar panels by reducing import tariffs on solar panels and related infrastructure.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Has the business approach noticeably changed in the last year in its engagement with renewable energy? If it has why is this (e.g. because of ESG, Paris Agreement, price spikes, political or regulatory change)? What are the key developments in renewable energy in your country over the last 12 months?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The past 12 months have seen a fundamental shift in Bermuda\u2019s electricity sector framework. Most notably, the Government has introduced the National Electricity Sector Policy 2026, representing the first comprehensive update to energy policy in over a decade. Further to this, the Electricity Amendment Act 2024 (commenced 31 March 2025) expanded the Bermuda licensing framework to allow larger energy-generating entities (generating in excess of 500 kilowatts) to apply for Bulk Generation Sole Use Installations (&#8220;BGSUI&#8221;), allowing them to apply to the RA to distribute a portion of their generated electricity to the Grid.<\/p>\n<p>There continues to be positive change in the approach to renewable energy for two main reasons. International business and multinational corporations with offices in Bermuda are continuing to promote and adopt carbon reduction and renewable energy use as part of their ESG commitments whilst the general volatility in the price of energy, including the feed in tariff, is causing organisations and residents to reconsider their options.<\/p>\n<p>There has also been a notable increase of interest in residential battery capacity to retain self-produced energy due to the volatility in the fee in tariff which, being calculable quarterly, does not always align with project finance and fixed interest rates.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How visible and mature are discussions in business around reducing carbon emissions; and how much support is being given from a political and regulatory perspective to this area (including energy efficiency)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no formal or structured discussions around carbon emissions outside of Government, the RA and BELCO. However, there are annual conferences on climate change and digital technology that all have an environmental focus around carbon credits, renewable energy concepts and adoption. Energy efficiency is in constant development within both the public and private sectors, especially landlords and large property owners seeking to reduce cost alongside the environmental impact of their activities.<\/p>\n<p>Bermuda is also home to one of the world&#8217;s largest insurance and (re)insurance markets and several international financial, law and accounting firms. These institutions are increasingly embracing green initiatives globally as well as in Bermuda, demonstrating a commitment to sustainability and environmental responsibility. These efforts range from making carbon offset purchases, reducing carbon emissions, promoting renewable energy, supporting conservation efforts and addressing waste reduction.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are rights to explore\/set up, interconnect or transfer renewable energy projects, such as solar or wind farms, granted? How do these differ based on the source of energy, i.e. solar, wind (on and offshore), nuclear, carbon capture, hydrogen, CHP, hydropower, geothermal; biomass; battery energy storage systems (BESS) and biomethane?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>With the exception of small-scale solar panel installation on private property, the creation of renewable energy projects, no matter the energy source, will be subject to the RA&#8217;s approval and oversight in consultation with the Government of Bermuda and any applicable departments or ministries thereof, including, for example the Department of Planning, the Department of the Environment and Natural Resources and the Department of Energy.<\/p>\n<p>The RA will oversee and administer the procurement process for projects, which is carried out in three stages: an expression of interest, a request for qualification, and an invitation to tender. However, as Bermuda&#8217;s renewable energy sector is still quite small as a percentage of overall energy production, the procurement process and the granting of development\/ownership rights is likely to develop as Bermuda moves towards meeting its renewable energy goals. The latest wind farm proposals are an example of that development in action.<\/p>\n<p>The procurement of large-scale renewable energy projects has become more active, particularly in offshore wind, where the RA has initiated a formal multi-stage procurement process aligned with the IRP.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is the government directly involved with the renewables industry (auctions etc)? Are there government-owned renewables companies or are there plans for one?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Department of Energy of the Government of Bermuda is directly involved with the renewables industry as being responsible for energy policy and consults with the Department of Planning for energy-related development applications, including the proposed offshore wind farm referenced above.<\/p>\n<p>There are no government-owned renewable energy companies in Bermuda, nor are there any publicly known plans for one.<\/p>\n<p>The Government is not involved in any auctions or similar style activities related to renewable energy projects.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Please provide a brief overview of key legislation and regulation in the renewable energy sector, including any anticipated legislative proposals.<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Bermuda\u2019s renewable energy sector is primarily governed by the Electricity Act 2016, which establishes the licensing and regulatory framework for the generation, transmission, distribution and sale of electricity, and mandates the Regulatory Authority as the independent regulator of the sector. The Act also underpins the Integrated Resource Plan (IRP), which serves as the central mechanism for determining future generation capacity and energy mix.<\/p>\n<p>A key recent legislative development is the Electricity Amendment Act 2024, which came into force on 31 March 2025 and introduced the \u201cBulk Generation Sole Use Installation\u201d (BGSUI) licence. This framework allows large-scale generators (above 500 kW) to produce electricity for their own use while exporting a controlled proportion of surplus electricity (up to 30%) to the grid under Regulatory Authority oversight and subject to approved feed\u2011in tariffs.<\/p>\n<p>In addition, the Electricity (Innovative Licence) Regulations 2023 establish a regulatory \u201csandbox\u201d for testing new and emerging energy technologies, supporting innovation in areas such as storage and alternative generation models.<\/p>\n<p>At a policy level, the most significant recent development is the National Electricity Sector Policy 2026, which provides the overarching framework for the sector as further detailed in this Chapter.<br \/>\nThe Government of Bermuda has also introduced the Fuels Act 2022, which has the stated purpose of, among other things, ensuring the safe, efficient, economic and environmentally responsible operation of the fuel sector and promoting investments in the fuel sector in a manner which promotes sustainability. However, most of this legislation is not yet in force and it remains to be seen the impact, if any, it will have on the renewable energy industry in Bermuda.<\/p>\n<p>Recent discussions have also taken place regarding the creation of an Energy Policy Steering Committee (&#8220;ESPC&#8221;). The ESPC is proposed to advise the Ministry of Home Affairs on the development, implementation, and monitoring of the IRP. If created, the ESPC will issue directives to the RA to support Bermuda\u2019s energy goals. Additionally, the EPSC will propose strategies to reduce Bermuda\u2019s rising electricity costs and to decrease the island\u2019s dependence on fossil fuels by promoting sustainable and cost-effective energy solutions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any government incentive schemes promoting renewable energy (direct or indirect)? For example, are there any special tax deductions or subsidies (including Contracts for Difference) offered? Equally, are there any disincentives?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, the Government of Bermuda offers incentive schemes to promote renewable energy, primarily with respect to solar power. The Solar Photovoltaic Rebate Initiative (&#8220;SPRI&#8221;) provides rebates to residents installing solar panels on homes with annual rental values (&#8220;ARV&#8221;) of BM$120,000 or less. These rebates are tiered based on ARV, offering up to BM$8,000 for homes with ARVs under BM$30,000.<\/p>\n<p>The Government of Bermuda has also reduced residential planning permit costs and duty on energy efficient equipment, as well as zero duty on solar equipment.<\/p>\n<p>There are currently no incentive schemes promoting renewable energy on a large-scale. Amendments to the Electricity Act (as described above) will permit certain businesses and institutions generating electricity in excess of 500KW (primarily through the use of solar panels) to sell a portion of the electricity generated back to the Grid. However, to encourage widespread participation the licensing and electricity buy-back scheme would need to be cost effective and come with a level of certainty from both a procedural and tariff perspective.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How does the structure of the natural gas industry in your country impact the price of electricity? Are there any plans to de-link the price of renewable electricity from gas prices? Are there plans in your jurisdiction to keep open coal plants originally scheduled for retirement?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Whilst the North Power Station owned and operated by Belco has turbines that are capable of running on natural gas, natural gas is not currently imported or used for electricity production. Bermuda does not have open coal plants.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the significant barriers that impede both the renewables industry and businesses' access to renewable energy? For example, permitting, grid delays, credit worthiness of counterparties, restrictions on foreign investment, regulatory constraints on acquisitions; disputes\/challenges?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are several unsurprising barriers that impede both the renewables industry and businesses&#8217; access to renewable energy in Bermuda, including restrictions on foreign investment and ownership in Bermuda&#8217;s critical infrastructure. Whilst the Bermuda Government has taken proactive steps to change historical and outdated laws to promote foreign investment there remain administrative, legal, regulatory, permitting and environmental hurdles, including the island&#8217;s location and relatively small consumer base. This means that any successful large-scale project would require significant government support to offset the high initial cost of the project and the complexity of Grid integration.<\/p>\n<p>Conversely, Bermuda&#8217;s location, natural environment, innovative culture and regulatory sandbox is attractive to those seeking to research, test, develop and implement renewable energy technologies and systems prior to wider production and distribution at a global scale.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the key contracts you typically expect to see in a new-build renewable energy project?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Currently, residents participating in the SPRI are required to enter into an interconnection agreement with BELCO, which agreement governs the transfer of electricity generated by the residents&#8217; solar panels to the Grid and the quantum of the rebate given by BELCO in consideration for the electricity. We would anticipate a similar agreement would be required for any large-scale renewable energy project.<\/p>\n<p>We would also expect to see the following agreements for any new-build renewable energy project:<\/p>\n<ul>\n<li>project agreements (i.e. shareholders agreement or joint venture agreements between the parties sponsoring the projects);<\/li>\n<li>financing agreements;<\/li>\n<li>engineering, procurement, and construction agreements;<\/li>\n<li>lease or license agreement and easements for cables and access routes; and<\/li>\n<li>operation and maintenance agreements.<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any restrictions on the import or export of renewable energy, local content obligations or domestic supply obligations? What are the impacts (either actual or expected) in your jurisdiction of the implementation of the Net Zero Industry Act (EU) Regulation 2024\/1735 or the \u201cforeign entity of concern\u201d regulations in the U.S.?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no such restrictions in place. Due to several factors, including Bermuda&#8217;s isolated location in the Atlantic Ocean and Bermuda&#8217;s domestic energy production being designed to meet the domestic demand of consumption, energy exportation does not occur and will unlikely be feasible in the near term.<\/p>\n<p>Bermuda does not have local content or domestic supply obligations.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How has deployment of renewables been impacted in the last year by geopolitical uncertainties and other non-country specific factors: For example, the conflict in the Middle East, financing costs, changing tariff regimes, supply chain or taxes or subsidies (e.g. the impact of the One, Big, Beautiful Bill on the tax credits and other incentives created by the Inflation Reduction Act in the U.S.)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>As Bermuda&#8217;s electricity is currently generated almost entirely from imported oil and diesel, the increase in shipping costs and fluctuating cost of fossil fuels has led to an increase in electricity costs island-wide and an increased call for local renewable energy production.<\/p>\n<p>Overall, while geopolitical and international policy developments (such as U.S. tax incentives) have limited direct impact on Bermuda, global cost trends and energy price volatility continue to shape investment decisions and reinforce the importance of cost discipline in the island\u2019s energy transition.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Could you provide a brief overview of the major projects that are currently happening in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Bermuda is actively pursuing several major renewable energy projects, with a focus on solar energy and offshore wind and wave power generation. The island is also exploring the use of battery storage and electric buses. These initiatives are part of Bermuda&#8217;s broader commitment to transitioning to a more sustainable energy system.<\/p>\n<p>Bermuda is actively seeking developers for its first offshore wind farm, aiming for a capacity of 60-120 MW. The project is expected to be operational by 2030 and could meet around 15%-30% of Bermuda&#8217;s energy needs.<\/p>\n<p>Bermuda is also implementing rooftop solar projects on government buildings and exploring the development of larger-scale solar farms.<\/p>\n<p>In November of 2021, the Government of Bermuda announced an agreement with Swedish wave energy company, Seabased, for the development of a wave energy park pilot project. The project is still undergoing regulatory approval but is expected to have a 40MW capacity if and when completed.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are the business models in the renewable energy sector in your jurisdiction adapting to the increasingly significant pace of deployment of BESS? What percentage of deals are standalone, co-located or hybrid? How is the implementation of these business models impacting financing structures?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>NESP 2026 identified that investment in advanced grid infrastructure, especially BESS, is fundamental to reducing vulnerability and strengthening energy security, and has the potential to improve system efficiency, resilience and reliability. However, such investments also increase the regulated asset base and operating costs, placing upward pressure on retail tariffs.<\/p>\n<p>Bermuda is at an early stage in the deployment of BESS and business models are still evolving alongside the broader regulatory and policy framework.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is required in your jurisdiction to facilitate confidence in new development and financing in newer areas like offshore wind or hydrogen?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Due to the island&#8217;s location, Bermuda has potential to become a leader in offshore wind and wave power generation. Further, Bermuda experiences plenty of sunshine, making solar power a viable and economically attractive option. However, land scarcity will prevent Bermuda from being a leader in large scale solar power generation.<\/p>\n<p>Bermuda does not currently have the infrastructure or network for implementation of hydrogen as a power source and any project seeking to develop the concept would face the same fiscal, legal and environmental barriers as exist in other countries around the world.<\/p>\n<p>Confidence in Bermuda\u2019s ability to support new development in areas such as offshore wind or hydrogen depends primarily on regulatory certainty, bankable procurement frameworks and clear revenue mechanisms. NESP 2026 provides a structured framework centred on least\u2011cost planning through the IRP, but investors will require clarity on tariff methodologies, grid access and long term contracting.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are renewables projects commonly financed in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Renewable energy projects are financed through a combination of traditional project financing from commercial and development banks, equity investment and potential government loans or grants.<\/p>\n<p>Small-scale solar panel purchases and installations are financed through traditional loans, with some local banks offering lower interest rates through green loan initiatives.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How is the rising demand for data centres impacting the grid and electricity prices for consumers?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Bermuda has not yet experienced a material impact on its electricity grid or retail electricity prices as a result of data centre demand, largely due to the absence of large-scale data centre infrastructure on the island.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">3745<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/142560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=142560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}