By Breaking Belize News Staff: Belize Electricity Limited says its outstanding balance with Mexico’s Comisión Federal de Electricidad (CFE) has fallen from roughly $55 million at the beginning of the year to approximately $30 million, but around $20 million remains overdue.
BEL Executive Chairman Lynn Young said Government has assisted the utility in reducing the arrears as BEL struggles with electricity-generation costs that have at times exceeded what it collects from customers.
Young said BEL collects approximately $6 million per week in total revenue while its diesel bill alone is presently more than $3 million per week.
He also revealed that there have been occasions when CFE warned BEL that electricity supplies could be affected if outstanding payments were not made, forcing the company to seek Government assistance.
BEL says the recently introduced 1.5-cent-per-kilowatt-hour COPA will provide some additional revenue but will not fully cover the difference between what the company is paying for electricity and what it recovers from customers.
Young said CFE electricity can cost only several US cents per kilowatt-hour during lower-demand periods but can climb to 30 or 40 US cents during peak periods and, on occasion, reach as high as US$1 per kilowatt-hour.
The post BEL owes CFE about $30 million; roughly $20 million is overdue appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Breaking Belize News Staff: Belize Electricity Limited says its outstanding balance with Mexico’s Comisión Federal de Electricidad (CFE) has fallen from roughly $55 million at the beginning of the year to approximately $30 million, but around $20 million remains overdue. BEL Executive Chairman Lynn Young said Government has assisted the utility in reducing the
The post BEL owes CFE about $30 million; roughly $20 million is overdue appeared first on Belize News and Opinion on www.breakingbelizenews.com.
