B.E.L. says $30 Million owed to consumers will keep electricity cost constant

The Belize Electricity Limited is applying to the Public Utilities Commission for a rate adjustment because it says that since July, the cost of acquisition has been thirty percent above the approved cost of power. If the adjustment is approved, B.E.L. says that it will have little or no impact on your electricity bill in 2013. That is because B.E.L. owes customers thirty point two million dollars and it is applying to offset a potential increase to customers by staggering the money owed to customers in the bills. According to the release from B.E.L., the company is, “also proposing to temporarily reduce its mark-up, Value Added Delivery until its energy suppliers have recovered from their present challenges. In effect, this would result in a lesser adjustment to the electricity rates and in return B.E.L. will pay off customers over a one-year period instead of the four year period prescribed by the P.U.C.” Chief Executive Officer Jeffery Locke has said that the company has been managing this situation towards minimizing impact on customers and will pay back customers at a much faster rate than the P.U.C. had prescribed.