Regulatory Authority Starts Inquiry Into BELCO

December 12, 2023 | 7 Comments

The Regulatory Authority of Bermuda [RA] announced the “commencement of an inquiry into the operations of the Bermuda Electric Light Company Limited [BELCO].”

A spokesperson said, “The RA, entrusted with a mandate focused on consumer protection, stakeholder interests, and overall investment welfare, has raised substantial concerns regarding the operations of the north power station.

“The RA’s investigation will specifically determine whether any costs associated with the operation of the BELCO generation plant, in particular the North Power Station, have been unreasonably incurred. This examination is in line with the RA’s commitment to ensuring that entities operate transparently and responsibly within the established regulatory framework.

“The investigation has been initiated in response to information provided by BELCO as part of the ongoing 2024 and 2025 Retail Tariff Review. The data and insights gathered from this investigation will be crucial in informing and concluding the RA’s comprehensive assessment during this tariff review exercise.

“Should the inquiry reveal any impropriety or breaches of fair practice, the RA is prepared to take further necessary actions. The RA emphasises its right to conduct this inquiry within the bounds of its authority as defined by law.

‘This inquiry serves as an unequivocal assertion that the RA rigorously monitors all regulated entities, emphasising the non-negotiable stance against unfair practices, dishonest conduct, or any operations that violate the law within the confines of Bermuda. Due to being a “fundamental part of the fabric of Bermuda, with a commitment to serve the local community, and operate in the long-term public interest”, the RA anticipates full cooperation from BELCO as it pertains to this line of questioning.

“The RA reaffirms its unwavering commitment to its mandate for the betterment of Bermuda as a whole and maintains a steadfast dedication to protecting consumers and stakeholders.

“Subsequent to this announcement, the RA anticipates a formal Fuel Adjustment Rate [FAR] submission from BELCO. The information provided in this submission will play a crucial role in determining the course of action, and based on its content, the RA expects to approve a reduction in the FAR.”

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Comments (7)

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  1. Vote for me says:

    The result is a no brainer to please the voter base. The price of oil has dropped significantly since the increase, but the reduction in the FAR will be announced by Roban that the RA has listened to the PLP, and haven’t we done brilliantly to reduce the FAR. The drop in oil price will be barely mentioned.

  2. Hilarious! says:

    This is the same RA that had no problems with consultants recommending spending about $4 MILLION more of taxpayers’ money on consultants to “de-risk” the upcoming offshore wind farm Expression of Interest/Request for Proposal/whatever.

  3. puzzled says:

    Best buy portable turbines to put under Flatts Inlet and charge your Chinese batteries………….
    Yah think?

  4. Truth is killin’ me… says:

    Yah having a laugh??

    • This is a joke says:

      Absolutely a joke! They are launching an investigation into the cost after approval of the increase in the FAR. Burt’s BF is the chairman of the RA and the inquiry is going to be a sham just like when Roban overruled the advisory board in regards to the SDO. This chairman of the RA also has a consultant position in government at the quarry and the Attorney General’s offices gives testament to the “friends and family” dealings within this government. However it won’t be long before the truth surfaces and heads roll. Remember this comment when the current premier faces charges similar to Biden’s impeachment trial, only this time he will be caught RED HANDED!!!

      • Joe Bloggs says:

        “similar to Biden’s impeachment trial”

        The attempt to impeach President Biden was a political stunt by the GOP. It was never a real attempt at impeachment.

        And it is very doubtful that heads will ever roll in Bermuda for political cronyism.

  5. Joe Bloggs says:

    What is there to inquire into? Didn’t Minister Roban tell us plainly that there would be a reduction in fuel adjustment charge? Why not just do what the PLP Government says will happen?

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