By Breaking Belize News Staff: Prime Minister John Briceño has rejected suggestions that the Government is simply giving money to Belize Electricity Limited, saying support for the financially strained utility should instead be viewed as an investment in a critical national asset.
Briceño compared the situation to repairing a taxi that needs a new engine, arguing that maintaining the asset is necessary for it to remain productive. BEL has faced significant financial pressure as the cost of generating and purchasing electricity has exceeded revenue collected from customers. Executive Chairman Lynn Young recently revealed that BEL’s debt to Mexico’s Comisión Federal de Electricidad had fallen from about BZ$55 million at the start of the year to roughly BZ$30 million, with government assistance helping the company meet its obligations.
Briceño said the longer-term solution is cheaper domestic generation, particularly solar energy. He said BEL is negotiating with seven prospective providers that could bring additional generation online within six months to a year at lower rates than some of the power currently being purchased.
The comments come as BEL has formally notified the Public Utilities Commission of an anticipated emergency in generation services, underscoring concerns over the country’s available electricity supply.
The post PM Briceño: Government support for BEL is an investment, not a giveaway appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Breaking Belize News Staff: Prime Minister John Briceño has rejected suggestions that the Government is simply giving money to Belize Electricity Limited, saying support for the financially strained utility should instead be viewed as an investment in a critical national asset. Briceño compared the situation to repairing a taxi that needs a new engine,
The post PM Briceño: Government support for BEL is an investment, not a giveaway appeared first on Belize News and Opinion on www.breakingbelizenews.com.
