Press Release - Belize Press Office, Belmopan - June 10, 2011 - The Hon. Prime Minister met today in his Belmopan Office with Mr. Lynn Young, President and Chief Executive Officer of the Belize Electricity Ltd (BEL) to discuss the current financial position of BEL.
Also present at the meeting were the Legal Counsel in the Ministry of Finance and the Financial Secretary.
The Prime Minister asked Mr. Young to convey to FORTIS INC., the majority shareholder in BEL, the Government’s interest in purchasing majority shares in BEL so as to assume control of the company.
Mr. Young undertook to immediately relay this message to FORTIS INC. and to convey their response as soon as possible.
In the meantime and in order to ensure an uninterrupted supply of power from CFE and other producers to BEL, and also to provide time for possible negotiations with FORTIS, the Government has agreed to pre-pay a further sum of BZ$4.0 million toward its future utility bills with BEL.