B.E.L. will report record profits at A.G.M. tonight

Belize Electricity Limited, one of the nation’s largest corporations, is tonight holding its annual general meeting. Despite the company’s current wrangle with the P.U.C. over a requested increase in rates, B.E.L. will report record profits of twenty-nine point nine million dollars on revenues of one hundred and fifty-nine point six million. Sales in 2007 grew by a robust six point two percent but return on assets dropped slightly to ten point three percent due to an increase in the company’s asset base. In addition to offering details of the company’s performance and forecasts for growth, C.E.O. Lynn Young, along with Stanley Marshall, President of B.E.L.’s majority owner Fortis will sound the alarm to shareholders on escalating world oil prices and make the case for higher rates. Although the Vaca hydro plant is set to come on line in 2009, as will as the Belcogen bagasse facility, for the next few years B.E.L. will continue to rely on petroleum based sources for a majority of its power requirements.