BEL Loses $9.7 Million Amid Energy Market Volatility

Belize Electricity Limited (BEL) has reported a significant financial loss of $9.7 million for the fiscal year ending December 2024.

Chairman of the Board of Directors Andrew Marshalleck attributed the downturn to “volatility of the energy environment rather than a failure of operational management.”

Unusually high temperatures and supply constraints from Mexico, its primary external energy provider, were also contributing factors.

Marshalleck called 2024 the most unpredictable year to date, noting that the company experienced both its highest single-month profit and its steepest single-month loss within the same period.

Despite the mounting financial strain, the Public Utilities Commission (PUC) rejected BEL’s application for a rate increase in its Final Decision for the tariff period July 2025 to June 2026. The PUC cited its legal responsibility to ensure reasonably stable and affordable electricity rates, and opted not to alter any regulated charges or fees.

Instead, the PUC has instructed BEL to submit a comprehensive filing by June 30, 2025, including a plan to establish a new wholesale generation subsidiary, Synergy Power Belize Limited, as well as a detailed proposal for a cost-reflective tariff structure.

“The energy sector must adapt,” Marshalleck stated, calling for a new model that abandons the idea of unlimited low-cost electricity and instead prioritises.

He said, “A paradigm shift is required – one that rebalances our national priorities and reimagines how we organise to meet our energy needs. That shift must focus on reliability, stability, and empowering Customers to make informed energy choices. That paradigm shift is not the responsibility of BEL alone; policymakers, regulators and Customers must also play their part if we are to navigate even more challenging times ahead.”