PM Briceño: Don’t Call it a “Bailout”, We Own BEL

Prime Minister John Briceño says the government’s support for Belize Electricity Limited is not a “bailout”. In an interview today, Briceño said, “ I think we need to stop using the word bailout because remember we own BEL, it’s our asset that we own.” 

The government put $73 million into BEL earlier this year. BEL now says it needs another $20 million to pay Mexico’s Comisión Federal de Electricidad (CFE) and keep the supply steady.

Briceño called the money an investment he hopes the government will recoup, “not necessarily by keeping prices high,” but through cheaper energy. “We have to make sure that we can keep the lights on,” Briceño added.

BEL has signed solar suppliers at an average of about 13 cents per kilowatt hour, he said. Diesel power sometimes costs as much as 80 cents. Batteries would store solar energy for use at night, when prices peak. 

Briceño is expected to meet with the Minister of Finance, BEL and other stakeholders to develop a solution.  

Government to Pump $73M Into BEL as Utility Seeks Higher COPA Charge

The PM also pointed to the previous administration for the state of energy the country is in presently. He said, “This problem started in 2012 when the previous government did nothing to bring new sources of power. We have been working arduously in trying to address this issue since we got into government.” 

Briceño stated that his government had been working to address the shortage but delayed plans for solar power last year because of concerns that moving ahead could jeopardise Belize’s Millennium Challenge Corporation compact.

The first solar supplier could come online by December or January, according to Briceño. By the middle of next year, he said, there will be enough solar to avoid running diesel engines.