RA Invite Comment On Proposed BELCO Sale
The Regulatory Authority [RA] is inviting the public and other interested parties to comment on the proposed purchase of BELCO by Algonquin Power.
A spokesperson said, “The Regulatory Authority is inviting the public and other interested parties to comment on the proposed ‘Change of Control’, a proposed transaction concerning the acquisition of control of the Bermuda Electric Light Company by Algonquin Power and Utilities Corporation by May 4, 2020. Specifically, the RA is seeking comments which address the following:
Whether the proposed transaction will likely:
- Promote and preserve competition;
- Promote the interests of the residents and consumers of Bermuda;
- Promote the development of the Bermudian economy, Bermudian employment and Bermudian ownership;
- Promote innovation;
- Fulfill any additional functions specified by sectoral legislation;
- Create an entity with a dominant position or enhance an existing dominant position in any relevant electricity markets;
- Substantially lessen competition in any relevant market; or
- Harm the public interest.
Whether the proposed transaction seeks to:
- Protect the interests of end-users with respect to prices and affordability and the adequacy, reliability and quality of electricity services;
- Ensure the safety, sustainability and reliability of electricity supply in Bermuda, so that Bermuda continues to be well positioned to compete in the international business and global tourism markets;
- Provide sectoral participants and end-users with non-discriminatory interconnection to transmission and distribution systems;
- Encourage electricity conservation and the efficient use of electricity;
- Promote economic efficiency and sustainability in the generation, transmission, distribution and sale of electricity; or
- Bermuda’s energy plan for renewable energy or Integrated Resource Plan [“IRP”].
“Comments should be sent to the RA at: electricity@ra.bm or by visiting the RA’s website at www.ra.bm and selecting the Public Consultation/Comments link on or before 11:59 p.m. on May 4, 2020.”
FFS..The RA has had months to do this already and bearing mind the majority of the public are ignorant. Let it happen already – Bermuda is going to need the injection.
“The Regulatory Authority [RA] is inviting the public and other interested parties to comment on the proposed purchase of BELCO by Algonquin Power.”
Why? The Government has already said it will not allow the sale.
The ex belco Chief now RA Chief was already highlighted in previous media reports to have a conflict of interest. Surely this consultation is a waste of time. Just give another strategic away to the Canadians.
All this fuss after all this time this is a stall tactic by the government to try and grab it. They didn’t have all these delays with the hospital nor the Airport. Just complete the sale and lets get on with business.