BEL Seeks 5.55-Cent Rate Hike to Recover $87 Million in Energy Costs

Belize Electricity Limited (BEL) has applied to the Public Utilities Commission (PUC) for an increase of 5.55 cents in the average price of electricity starting January 1, 2026.  If approved, the adjustment would affect all residential, commercial, and industrial customers.  According to the press release issued today, BEL is seeking to recover BZ$87.5 million in energy supply costs accumulated between July 2023 and October 2025, which were not collected under the current rates. The utility is also projecting an additional twenty point nine million Belize dollars in energy costs between November 2025 and June 2026, for which no rate coverage currently exists.  If the adjustment goes through, households would see an increase in their monthly light bills, especially during the hotter, drier months when usage typically rises. Businesses, particularly those relying on refrigeration, manufacturing, or extended operating hours, would face higher operating costs. Large industrial users would also feel the impact as electricity is a major input in production.  BEL says the increase is needed to manage several expected challenges from January to June 2026, including higher national demand, increased reliance on costlier energy sources such as gas turbines, the deployment of temporary generation, and higher projected import prices from CFE Mexico during peak months.  To soften the blow, BEL proposes spreading the adjustment over two years, aiming to balance its cash-flow needs with the country’s priority of keeping electricity as affordable and predictable as possible.  Despite the proposed increase, BEL maintains it would still remain among the lowest in the wider region. The PUC will now review BEL’s ARP Amendment Application 2025 under its established regulatory procedures before deciding whether to approve, adjust, or reject the request.