7 News Belize

BEL Says No Secret In Power Purchase Agreements
posted (October 28, 2015)

Yesterday the PUP held a press conference to reveal what the party called a "secret agreement" signed by the Prime Minister. The opposition alleges that the agreement binds taxpayers to bail out BECOL if it makes any losses as a result of BEL's operations.

Well today BEL sent out a statement saying that it received a draft of the Deed of Assurance five days before the agreement was signed. Now, BEL was not a signatory to the deed of confirmation and assurance, but says it needed to know what was in there because the new agreement includes BECOL's Power Purchase Agreement signed with BEL in 2001. According to BEL, the agreement also provides assurances that those agreements between BEL and BECOL would not be affected because of the settlement between GOB, BECOL and Fortis Inc.

BEL says that, quote, "there has been no change to the existing power purchase agreements between BEL and BECOL nor has there been any change to how these agreements will impact electricity rates in the future."

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