He signaled government's intention to renationalize Belize Electricity
Limited during his quarterly press conference earlier this week. And today
Prime Minister Dean Barrow made it official: government wants controlling
interest in the company. Prime Minister Barrow met with Chief Executive
Officer Lynn Young this afternoon and a commitment was made for a further
bailout of four million dollars. Reporter Patrick Jones spoke with the
Prime Minister about the decision.

Prime Minister Dean Barrow
"Because that is the only way to take the company forward. The company,
the meeting with Mr. Young confirmed this afternoon, is unable to pay its
bill, it is unable in particular to pay for the power supply that this
country needs. It can't pay BELCOGEN, it can't pay BECOL, it can't pay CFE
and as you know and as I have said it must be obvious that if BEL can't pay
for the power that we consume then the country will be without power and
the government cannot and will not allow that to happen. Since BEL is
unable to find the resources to pay for the power, BEL would like for
Government to find those resources. There is no way that Government can
find those resources simply to give over to a company over which it has no
control, that would be irresponsible on the part of Government. It would
be to saddle the taxpayers with a debt so as to provide money to an entity
in relation to which there are no assurances whatsoever. If Government is
to find the money to take BEL forward especially in terms of paying for a
stable electricity supply, then Government needs to be sure that it owns or
controls that company so that the interest of the taxpayers in whose name
the borrowing will be made can be protected."

Patrick Jones - Reporter
Prime Minister it may be easy to say we want to control of BEL but how will
your Government get the money to buy the majority shares in BEL.

Prime Minister Dean Barrow
"We obviously have to borrow that money; we obviously have to work out an
arrangement that would contain terms for payment of a purchase price would
be agreed, if agreement proves at all possible."

Patrick Jones - Reporter
Any idea what it would cost for Government to buy back BEL from Fortis?

Prime Minister Dean Barrow
"Not at this time but the point that I need to make is this, whatever
Government has to do to ensure a stable electricity supply it will do and
it is quite clear that BEL in its current circumstances cannot assure that
stable electricity supply. We had to agree at the meeting this evening
that Government will early next week find an additional, yet another 4
million dollars to give over to BEL so that it can make a payment on what
is owed to the three suppliers that I enumerated a while ago, BELCOGEN,
BECOL and CFE. Now this is the last payment that Government will be able to
make to BEL without resort to borrowing. And I say again if BEL cannot on
its own find the financing, if BEL has to rely on Government to go borrow
money to pay for power then BEL cannot expect that Government will simply
hand that money across without any say so as to how the money will be spent
and as to how the company will move in the future in order to get out
ultimately, finally, permanently of the current situation and to ensure
that it does not get back into the situation once it gets out of it."

Patrick Jones - Reporter
The first step was taken today to renationalize BEL, is there a time table
you are working on as to when this will be a possibility or a reality?

Prime Minister Dean Barrow
"Yes indeed and it all has to do with the money that BEL is asking
Government to find. According to BEL when we give them the 4 million
dollars that we have committed to give them early next week that will buy
about 21 to 26 days worth of breathing room, 21 to 26 days worth of power.
After that if no agreement has been reached BEL will simply be coming back
to Government for more money or saying sorry that's it we cannot pay so the
blackout starts, that then is the timeline. A permanent solution must be
found before that 21 to 26 days roughly expires because I repeat BEL cannot
come back to us after that for more money, we don't have it and we will not
go and borrow it to put in a company over whose affairs we have no
control."


Story at http://www.lovefm.com/ndisplay.php?nid=14080