BEL reports steady performance

Posted: June 22, 2016. 6:30 p.m. CST.

By Aaron Humes: State-run Belize Electricity Limited (BEL) reports steady performance in 2015, BEL-Barrow0001announcing net earnings of 29.4 million dollars, resulting in dividend payments, similar to the previous year, of 15 cents per share.

Shareholders will meet tonight at the Annual General Meeting at the Belize Biltmore Plaza hotel to hear more.

But in a press statement issued before the meeting, BEL announced that it has repaid the $10 million loan it obtained from the Social Security Board in 2012, combining robust financial performance with all-time low electricity rates though they are expected to take an uptick for the next few years.

Belize Electricity LimitedBEL says it invested $27.7 million to reduce outages, increase access to power supply and improve power quality.  25 additional communities were connected to the national grid in 2015 and the company is seeking more renewable energy sources.

Chief Executive Officer, Jeffrey Locke, has told shareholders that quote, “BEL will continue to pursue bold initiatives that will increase access to safe, reliable and affordable electricity, and improve quality of service whilst securing a fair and reasonable rate of return for shareholders” End quote.

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