P.U.C. & B.E.L. in public spat over rates, finances et al

In other news, there has been much back and forth between Belize Electricity Limited and the Public Utilities Commission, enough to give anyone whiplash. The latest flurry of press releases started last Thursday when the P.U.C. released a statement on the “state of affairs of the electricity utility sector.” In the three-page document the commission opined that since June B.E.L. has embarked on quote “negative campaign seemingly designed to create a perception of instability … and to present itself as a utility company in severe financial crisis that threatens its ability to survive and to provide services.” (end quote) The P.U.C. then proceeded to “set the record straight” saying that BEL used unacceptable accounting when stating its revenues, concluding that there is no liquidity crisis as B.E.L. would like the public to believe. That of course prompted a response from the electricity company, who today called the P.U.C.’s statements disturbing and appalling. The utility says its financial statements are prepared in accordance with international accounting standards; are audited annually and reviewed quarterly by an independent firm and that up until November 2008 the P.U.C. has never questioned their financial statements. B.E.L. says it categorically denies the accusations and is considering its options with its attorneys.