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Jun 14, 2011

B.E.L.’s C.E.O. says government must negotiate directly with Fortis

Lynn Young

Government’s proposed take-over of Belize Electricity Limited has been in the headlines since last week. But how will the government come up with the money to buy Fortis’ majority shares (seventy percent) in the utility company? Government has been making pre-payments of four million dollars monthly for its utility bill, covering a period up to September.  But that’s a far cry from the value of the company.  B.E.L.’s assets stand at four hundred and forty four million dollars and its equity in excess of two hundred and eighty-five million dollars. Government said on Monday that it has made its final advanced payment, which will keep B.E.L., below its credit limit to Comission Federal de Mexico (C.F.E.). That final payment covers a twenty-one day period, the countdown of which begins this Wednesday. After that period, there will be no more prepayments handed over to the cash strapped utility company by the government.  It is anyone’s guess if indeed countrywide blackouts will be prevented. As an update, B.E.L.’s C.E.O. Lynn Young told News Five today that he has removed himself from the discussions or any negotiations and that government now needs to talk to the investor, meaning Fortis, or its representatives. This is to avoid misrepresentations down the proverbial rocky road.  According to Young, he continues with the day to day operations of the company.

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1 Response for “B.E.L.’s C.E.O. says government must negotiate directly with Fortis”

  1. Lindsay Howard says:

    Why doesn’t government just take the dams and the transmission lines through eminent domain instead. That would be legal and the valuation of those assets in the court process could take thousands of years.

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