Debt blamed for possible delay of BEC reform

As of Friday, September 26, 2014

Prime Minister Perry Christie

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

PRIME Minister Perry Christie yesterday suggested that the government might delay its planned reform of the Bahamas Electricity Corporation.

Mr Christie explained that he felt it was best to prioritise management of the corporation’s legacy debt. He said the government was considering a firm with such capacity.

“I’ve intervened for the NAD model,” Mr Christie said, referring to the Nassau Airport Development Company, a private firm which manages operations at the Lynden Pindling International Airport.

“What I said was, before I get caught up in all this ‘who is the best to generate, who’s the best to distribute,’ let me just get a management team in there with the capacity to deal with the legacy debt and that’s what we’re doing now, and I’ve put a time line until the end of the year.”

While Mr Christie said the restructuring process was still in focus, his statements appear to contradict assurances by Deputy Prime Minister Philip “Brave” Davis, minister of works, who this week said the government had set an October date for a finalised short-list of bidders.

“We have our expert team and advisors now visiting sites,” Mr Davis told The Tribune this week. “They are viewing the operations and capacities first hand of the short-listed bidders to be able to advise us. Hopefully that will be completed by October 10. Then, once we get those reports, we will decide the way forward.”

Last August, Mr Christie announced plans to divide BEC into two separate entities. He said it was envisioned that one company would run the transmission, distribution and customer billing, while another company would offer power generation.

Initially, the government was supposed to select BEC’s preferred bidders by November 2013.

In July, a new deadline was set for August 30.

Two weeks ago, Bahamas Electrical Workers Union (BEWU) President Paul Maynard said his union would not support the government as it forged ahead with reforming BEC if the bidding process continued to be secretive.

Mr Maynard said union officials had met with KPMG, the government’s advisor for the restructuring process, but added that the meeting only left more questions than answers.

While confirming that no company had been officially chosen to handle BEC’s management and distribution, Mr Maynard said the field was narrowed down to three bidders. He said a deadline of sometime before November 1 had been tentatively set.

proudloudandfnm 9 years, 6 months ago

Friggin amateurs... Wow.....

jlcandu 9 years, 6 months ago

This is what happens when you don't know the difference between your a#$ and a hole in the ground!!!!

realfreethinker 9 years, 6 months ago

Will these assholes get anything right. Will they ever meet any deadlines. This is bordering on the comical. These guys are playing a dangerous game with the future of our country.

GrassRoot 9 years, 6 months ago

They cant even sell this to the Chinese? Ok its easy, US male life expectancy according to IRS tables is 84. So if the Commander in Chief gets USD 10 Mio trough the back door, that should suffice for a good retirement cushion. The only thing that is worse than selling to the Chinese is doing nothing.

lightsout 9 years, 6 months ago

It doesn't get any more PATHETIC than this set of clowns...pathethetic greedy liars. It is embarrassing that we ALLOW these incompetent persons to run our country! Sh*tting on us every single day must be their only goal and it is the only thing that gets done. Our governments are not held accountable for their actions EVER! If the head (gov't) is sick how can we expect to take care of the body (citizens). I am sick and tired of it all. I DO NOT encourage my children to return home from college as any effort they may make to change the crooked will only be stiffled.

killemwitdakno 9 years, 6 months ago

before I get caught up in all this ‘who is the best to generate, who’s the best to distribute,

that's called the Legal bidding process. the purpose is who's best to PROVIDE.

bout fkn "generate". profits ay? couldn't have meant generator.

killemwitdakno 9 years, 6 months ago

Can't quite have a management team to deal with BEC debt when 2 million of that debt was the chairman , your fellow colleague Miller. btw, what happened to the profits from petrocaribe that was supposed to prevent increase in fuel cost.

killemwitdakno 9 years, 6 months ago

his statements appear to contradict assurances by Deputy Prime Minister Philip “Brave” Davis

always and forever

Hogfish 9 years, 6 months ago

debt didn't stop these assholes from giving themselves a gaddamn raise!!!

PKMShack 9 years, 6 months ago

don't blame them, we all knew this prior to the last election, blame those who voted for them and the others who split the vote and voted DNA. They are getting again what they voted for. Who can say they are surprise at what is going on, it's more of the same of what they always do.

empathy 9 years, 6 months ago

The NAD model seems more sensible if chosen carefully and allowed to truly run BEC without government interference, which would include retirement of the Chairman position for that period of time.

If BEC can actually run as a competitive private company, even if as a US style "Nonprofit" where profits are pumped back into the company, then it would actually be "worth something" when it comes up for sale. Many folks thought that should have been the process prior to BTC's sale!

Now all that stated above is provided government has a watchdog agency oversee the "private firm" to avoid contract selling via "kick backs" etc. ;-)

killemwitdakno 9 years, 6 months ago

unfortunately nonprofit everything is our only choice. no more growth , just try keep what comes in regularly for any salary. capitalism gone.

concernedcitizen 9 years, 6 months ago

SELL / THERE IS NOTHING TO SELL .NO COMPANY IN THERE RIGHT MIND WOULD BUY OLD BROKEN DOWN EQUIPMENT ,DEBT AND WAY TOO MANY EMPLOYEES ..THE COMPANIES WERE BIDDING TO BUILD , OWN ,AND OPERATE ..THE ONLY THING WE THE PEOPLE ARE GOING TO GET IS THE DEBT ..

The_Oracle 9 years, 6 months ago

After the BTC fiasco, who the hell would trust these jokers not to renege on what ever deal was cut? meanwhile, Leslie has to embarrass his own Government into paying past due fuel bills, and by way of seeking kudo's exposes the fact that hotels do not pay their bills! This country is run like a Gypsie caravan, moving by night and stealing by day!

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