The proposer of a $650 million waste-to-energy plant yesterday backed the Government’s decision not to break the Bahamas Electricity Corporation (BEC) into two, and instead select a management company to operate it.
Dr Fabrizio Zanaboni, Stellar Energy’s chief executive, said that based on his experience dealing with mergers and acquisitions, the privatisation of a loss-making monopoly such as BEC was not a good idea.
“Over the years I have been involved in many mergers and acquisitions,” he said. “You never privatise a company losing money, it’s bad business. I’m not criticising anyone, I know the Government has their own advisors, but the initial idea to sell BEC or to split the power generation and distribution up when BEC was in deep financial trouble was a bad idea.
“It looks now that the Government took the right decision in so far as BEC can remain 100 per cent owned by the Bahamian people. PowerSecure will make BEC profitable, reduce the tariffs and we can contribute to that. From that point of view, I think the Government took the right decision. Whether PowerSecure was the best company we leave that to Mr Davis and the Task Force. We shall see.”
The Government moved away from splitting BEC into separate generation and transmission and distribution (T&D) arms, as initially proposed in August 2013, and instead decided to pursue a business model which mirrored the Nassau Airport Development Company’s (NAD) arrangement for Lynden Pindling International Airport’s (LPIA) management.
Under the new arrangement, the Government will retain 100 per cent equity ownership of BEC even after the private sector manager is in place.
The Government has selected Power Secure as the manager, and plans to give it a five-year contract to oversee BEC’s generation and transmission/distribution for BEC, although the deal has not yet been finalised.
Comments
Sickened 8 years, 11 months ago
His partner Brave instructed him to say this huh!
John 8 years, 11 months ago
Why ie everyone experiencing problems with BTC's data plan? At first post paid data use to last the entire month. Then you started getting notifications around the 25 saying that the data has been used. Now here it is just the middle of the month and BTC says all the data has been used. Some people are saying that they put a 30.00 data card on their phone and it's gone in 3 days. That totals out to $300.00 a month to keep data on their phone. TEN TIMES MORE THAN WHAT IT SHOULD BE!!! No wonder BTC can afford to paint the town blue.
ohdrap4 8 years, 11 months ago
it seems that unlimited data has its limits lol.
i have NEVER paid one cent for data. still keep a bubbler.
And i only use internet at home.
Major_Pain 8 years, 11 months ago
John and others using "smart phones" probably don't realize that anyone can hack into their phone over wireless (or downloaded via a trojan through a website or email/app update) and install spy software to track everything they do and say on their phone from a remote location.
Every call they receive or number they dial, can send a SMS message to the remote user who can then simply call the phone and listen in on the call or audio of the surrounding area, record the call, and even view the camera's video and take photos. There is nothing left to the imagination these days. Even the best security is easily cracked, passwords revealed, and the smart phone user's every move is tracked online and off. This applies to ALL IOS and Android phones and tablets, and some Blackberry and Symbian.
Other than tracking them, this also compromises any data they have on the phone/tablet, and any gets the logins to sites like facebook, tritter, google docs, etc. Meaning all their online data is also compromised.
The "bubbler" is still the safest choice, at least when it comes to data and tracking.
But hey, if they want to give all their money to BTC they are free to do so, but they are also supporting the danger to our health imposed by EMFs from all the BTC mobile towers being installed in residential areas. Wireless so powerful will never be safe to the human body - there are other health risks besides cancer, everything from stress and sleep disorders to birth defects, and Alzheimer’s. EMFs from cell phone towers are impossible to escape.
If BTC cared one bit about the people of the Bahamas, they would install more PAYPHONES and less of these mobile cell towers. Payphones are not only safer for the human body, they are also cheaper for the end user at 25 cents a call, compared to the minimum of $1 needed for cell phone "minutes".
GrassRoot 8 years, 11 months ago
I welcome the new set up, with the Government owning BEC (yes, the Government - and not the People), and a private company running it. This is the only way how the incestuous relationship between the Government and he Unions can continue, with the added benefit that they have found a dumb private entity that will have to grease the whole apparatus. So we are at the status quo ante, with the difference that there is huge potential for the saving made through more efficient energy generation and management to be used to line the pockets of a few and give only crumbles to the herd of paying BEC-monopoly "customers" (= "us").
proudloudandfnm 8 years, 11 months ago
The doctor has a case against him. The COO is a convicted thief.
Is our government actually considering these two sheisters to run a waste to energy program?!?!?!?!?
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