We've told you about Government's measured official response to what the Prime Minister calls BEL's Bankruptcy.
Government has stated that, quote "With great reluctance, it is prepared to acquire the company on an amicable basis if this is at all possible."
Well amicability just about got thrown out the door when the Public Utilities Commission blazed ahead with a public notice yesterday informing BEL that, quote: "the commission proposes to cancel the license granted to BEL….effective July 15"
Why? Well according to the notice, it is for the refusal-slash-failure of BEL to pay its annual license fees for the calendar years 2009 and 2010 as prescribed by its license.
Indeed BEL readily admits it has not been paying those fees, citing its chronic cash flow problems.
And how much are the fees? Well, it's 0.5% of gross revenues associated with electricity sales. For 2009 and 2100, that adds up to 1.88 million, less than one percent of BEL's gross revenue for that period.
Now is this part of government's plan to tie up BEL. Best information suggests it is not; PUC has been strongly cautioning BEL for some time about its fee delinquency - but for the regulator to step up now with a direct threat of license cancellation, has to be more than coincidence.
Email
Print