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Jun 13, 2011

Prime Minister says 21 days countdown for B.E.L. starts on Wednesday

Dean Barrow

The press release from Canada also said, “Fortis owns Belize Electric Company Limited (BECOL), a non-regulated hydroelectric generation business that operates three hydroelectric generating facilities in Belize.” That description of BECOL is one that the Prime Minister squarely disagreed with today.  He says that BECOL is a public utility provider over which there is a degree of Public Utility Commission authority. The Prime Minister said that this coming Wednesday the government will make its final prepayment of four million dollars of toward its future utilities with B.E.L. and it is essentially a countdown for the Fortis owned company.

Dean Barrow

“We would expect to give them the money by Wednesday. So, he’s not sure it’s twenty-one. He says it will buy us I think at least twenty-one days, so, it might be a little more. But indeed Jose, I would say the countdown starts from about next Wednesday and we would have to be able to reach an agreement on a voluntary buyback within, if there is just like one week to go before that time expires and B.E.L. comes back for more money; and we have not been able to reach an agreement, then government will have to act because we can’t, simply—for us to continue paying B.E.L., to continue finding money for B.E.L., we will have to go and borrow. And I don’t see us borrowing just to hand over to B.E.L. If you borrow to float a company or to try to recapitalize or to give working funds to a company that the government and people own, that’s one thing, but I can’t see borrowing to give B.E.L. when there is no—there is no assurance at all it will stop anytime soon. There is no assurance that B.E.L. will come out of the crisis. So no, that can’t happen.”

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4 Responses for “Prime Minister says 21 days countdown for B.E.L. starts on Wednesday”

  1. Lindsay Howard says:

    How much is a bankrupt company worth? And, why is Fortis characterizing BECOL as unregulated? Because it’s true, maybe?

  2. Benqueno says:

    well, well, well, to my knowledge B.E.L. is indebted with BECOL with 16M$$$$$$…anyone interested call BECOL and find out for yourselves….if GOB is paying them GOB must own it…because that 4M$$$$$$ being paid on behalf of BEL to CFL is my money and i want a discount on my light bill this month for JUNE!!!!!…

    NGO’s “COLA” etc….instead of holding protest for simple things such Bus issues and illegal squatting in Belize….you guys should re-direct your focus because in the next coming weeks WE will be out of ELECTRICITY/POWER….

  3. Gilbert says:

    NATIONALIZE!!!!!!!!!!!!!!!!!!!!!!!!!

  4. Zeus says:

    Nationalize again? Belize is becoming scary. Do you know how many people worldwide hear that type of talk and get turned off from investing in Belize?

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