Energy Nationalization Rumours Refuted
The Minister of Environment, Planning and Infrastructure Strategy Marc Bean issued a statement refuting any rumours that his Ministry has any plans to Nationalize Bermuda’s Energy Utility.
The Minister’s statement follows yesterday’s newscast on VSB which reported that some sources are suggesting that Government is seeking to Nationalize the Energy Utility after the Commission’s recent decision to reject parts of the BELCO rate increase.
Minister Bean said: “For more than 100 years, Belco has been serving the public well. Bermuda’s energy needs have been consistently met, outages are infrequent and dealt with promptly. There is no desire on the part of the Commission, the Department, or the Ministry to change that level of service.
“There is no precedent, nor indeed any desire, for Government to be appropriating private property.”
The Minister continued: “The Ministry envisions an energy sector where competition will be encouraged through regulation, mainly in generation. Alternate and renewable energy technologies will be encouraged to produce electricity, but it is envisioned to be transmitted and distributed in partnership with BELCO, who own, maintain, and operate the transmission and distribution system.
“It has never been this Ministry’s vision to exclude BELCO from the new energy arena, nor has it ever been this Ministry’s intent to force them out of business.”
Regarding the Energy Commission’s recent rate decision the Director of Energy, Jeane Nikolai said: “The purpose of the Energy Commission is to make its decisions in as balanced a fashion as possible.
“While it is clear in the Energy Act of 2009 that the role of the Commission is in part to consider the interest of the public (Section 13(2)d), it is also their role to consider the needs and the finances of the Specified Business itself – i.e. BELCO (Sections 13(2)b and c).
“Nowhere in the Act is there a provision or allowance that will provide for the Specified Business (BELCO) to be taken over or otherwise operated by Government or the Commission. To do otherwise would therefore be a contradiction of that Act.”
The Minister concluded: “So long as renewable energy sources provide intermittent energy and not a steady source of energy, BELCO’s generating capacity will be involved. When the sun isn’t shining, and the wind isn’t blowing, there is still a need to reliably run appliances and equipment.”
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Category: All, Environment
I am glad he refuted this because … LOL … can you imagine if the PLP were in charge of the electric utility? Candles anyone?
“There is no precedent, nor indeed any desire, for Government to be appropriating private property.”
What about the Bermuda Cement Company issue, or are memeories that short?
I thought that was more a transfer of private property between private hands facilitated by the State (through questionable means and motivations)…
“facilitated by the state”
lol, you must write for the party.
@ J starling,
The Bermuda Cement Company ‘Transfer’ as you put it was outright Robbery plain and simple,(through Very Questionable means and motivations)there’s no way that can be sugar coated!!