By Breaking Belize News Staff: Prime Minister John Briceño says his government is exploring financing options to help Belize Electricity Limited (BEL) overcome its mounting financial difficulties, insisting that any government assistance should be regarded as an investment in a publicly owned asset rather than a bailout.
Speaking to reporters on Thursday, Briceño acknowledged the financial pressures facing the electricity company, particularly the rising cost of diesel-generated electricity.
He emphasized that BEL belongs to the Belizean people and that the government has a responsibility to ensure the company can continue supplying electricity.
“We have to make sure that we can keep the lights on,” Briceño said.
His comments follow revelations by BEL Executive Chairman Lynn Young that the utility owes Mexico’s Comisión Federal de Electricidad approximately $20 million in overdue payments, along with a similar outstanding obligation to a domestic hydroelectric supplier.
BEL is also carrying nearly $30 million in unrecovered electricity costs, largely attributed to increasing generation and power-purchasing expenses.
Briceño said the government is considering several approaches to address the situation and hopes to meet with representatives of the Ministry of Finance, BEL and other stakeholders to develop a financing arrangement.
He did not disclose how much money the government intends to provide or identify a specific source of funding.
However, he argued that whatever resources are committed to BEL could eventually be recovered through improvements in efficiency and the introduction of cheaper electricity generation.
The Prime Minister said solar power and battery-storage projects are central to that strategy, allowing BEL to reduce its dependence on expensive diesel-generated electricity.
He maintained that the priority is to stabilize the utility without placing an additional financial burden on Belizean consumers.
The post PM Briceño says government working to rescue BEL as utility struggles with millions in unpaid electricity costs appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Breaking Belize News Staff: Prime Minister John Briceño says his government is exploring financing options to help Belize Electricity Limited (BEL) overcome its mounting financial difficulties, insisting that any government assistance should be regarded as an investment in a publicly owned asset rather than a bailout. Speaking to reporters on Thursday, Briceño acknowledged the
The post PM Briceño says government working to rescue BEL as utility struggles with millions in unpaid electricity costs appeared first on Belize News and Opinion on www.breakingbelizenews.com.
