3 weeks ago
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The process of the government acquiring the three hydroelectric dams from Fortis Inc. and the accompanying 33 % stake in Belize Electricity Limited (BEL) is still underway. Today in an interview with Prime Minister John Briceno he cleared up the fact that with Belize soon to own Fortis, rights over the rivers will now be in local hands.
John Briceño, Prime Minister of Belize: “It belongs to us, it’s going to be for the Belizeans and citizens and we’re hoping that Social Security will be the anchor investor. So if Belizeans hold that right, it’s Belizeans we own it and not a foreigner and the whole idea behind this is also to find ways where we can capture more water as I mentioned the rubber dam to increase with rubber to capture more water. All of these things are going to be done, but it is going to be for and on behalf of our citizens of this country. I hope we could get thousands of Belizean citizens to invest, one thousand, five thousand, ten thousand, so that they could also be a shareholder. To me that is the goal, to have as many Belizeans as possible to be able to invest. And the same thing we want to do with the Port of Belize when we start the new building of the new port container and cruise port. I am looking at seeing if we can set aside probably, we don’t have the final numbers, but at least like a 10% that we could offer to our citizens.”
Briceno sees the Belize Social Security Board acquiring shares in Fortis as a solid investment adding that the deal will be divided into two parts.
John Briceño, Prime Minister of Belize: “We’re hoping I think it’s about 35% to be sold off as shares of the total figure. It’s about what, 160 somewhere around there, million Belize dollar and then the other part is going to be debt. And so we’re hoping that Social Security can buy debt and can buy into the shares of the company. Remember, now Social Security has approximately 190 million dollars that they need to invest.”
Belizeans will be able to invest in the company as well however, Briceno says he’s not yet certain what percentage will be set aside. Meanwhile, PM Briceno spoke of “Energy Transfer,” a Dallas based company that wants to provide natural gas to Belize via importation.
John Briceño, Prime Minister of Belize: “So while they’ve been here looking at what needs to be done they also feel that as a part of that investment that they could also provide the base load that Belize needs. We are in trouble right now with Mexico and as much as you all might not want to accept it, we are in trouble. And BEL is very, very concerned. When the heat is on they take advantage of us. They raise that price to $1 US a kilowatt. And so now here comes a company that says, you know, we could provide the base load, but now they’re looking long term. The base load is just the first start, the 50 megawatts, because their idea is then that having the natural gas, then eventually remember we are working towards to connecting to the Central American Grid. And the agreement that we have with Mexico, we could also, not only buy but we could also sell. And if they continue to have problems in the years to come, Mexico, at least in the next two, three, four, five years, we could also then be able to sell to them. So their vision is long term. The 50 megawatts is one to provide us that security that we need. So what we have done is we have signed a non-binding MOU that we have taken to cabinet, which we approved. We have discussed it with BEL and so BEL and the PUC and all of them are in favour for us to have the discussion to see what price we can get that is affordable but also can give us that load base, that security, that we need desperately more than ever.”
He ended by saying that “Energy Transfer” will also sell natural gas to Central America from Belize
English (US) ·