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Legal drafters penning an 82-page law to create a unified regulatory office for Cayman’s utility providers did not solicit opinions from the half-dozen affected companies, instead they only consulted their controlling agencies.
Cayman Water has asked government to withdraw and rewrite a proposed bill investing a new utilities regulation office with broad unilateral powers to control the firm’s activities. The company says it was not consulted on the bill.
Utility chiefs have reacted cautiously to Monday’s publication of a draft law creating a unified commission to oversee water, electricity, telephone and fuel providers, while dissolving separate regulatory bodies previously responsible for each industry.
Under the new law, the Utility Regulation and Competition Office will create a four-member Risk and Audit Subcommittee, a Regulatory Committee, a Policy and Technical Committee for each regulated sector, and a Remuneration and Human Resource Committee, all drawn from URCO members.