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Powersecure And Bpl End Business Relationship

A BPL truck out on the road.

A BPL truck out on the road.

PowerSecure and Bahamas Power and Light (BPL) agreed to ‘amicably’ sever their business relationship as of Monday, September 18.

Works Minister Desmond Bannister made the revelation to the business community this morning during a “Meet The Minister” Power Breakfast at the British Colonial Hilton.

“In the period ending July 25, 2017, BPL has spent some $9,198,738.68 with PowerSecure. We shall have much time to reflect on the value of this investment,” said Mr Bannister.

He added: “Whilst PowerSecure undoubtedly meant well, there is much to be said for cultural knowledge. Placing an otherwise successful entity in the midst of an alien culture generally operates to the detriment of both. 

“There is also much to be said for familiarity with business norms, and for immunisation from local political influence.  I have every confidence that this new board satisfies both of those tests in a manner that will enure to the benefit of BPL and the Bahamian populace.” 

PowerSecure, now a part of Southern Company, had held a five-year operating agreement, which it signed in early 2016. That agreement provided provided for a maximum $25 million payout. It was signed in early 2016. Since taking the helm, PowerSecure’s efforts at restructuring the cash-strapped utility provider has been marred by island-wide power outages in the capital and on some Family Islands. Electricity bills have also increased under PowerSecure’s management. 

Comments

OldFort2012 1 year, 1 month ago

Let me translate this for you: "When you place normal best business practice into an environment where every single person is corrupt, you tend to find that they corrupt the best business practice and nothing of value gets achieved.That is why we have decided not to pay them any more, but to loot the money we would have given them ourselves, in the decades old Bahamian tradition." Now watch the net worth of the Bannister family shoot up by $9m per year while he is Minister. Minus kickbacks to other politicians, of course.

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John 1 year, 1 month ago

Your post makes no sense..none

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licks2 1 year, 1 month ago

I can see that you have no dang idea who Mr. Bannister is. . .that man is as "straight laced" as they come. . .even papa had problems with him last time around. . .he wanted to get rid of some of them "funny" peoples them that were papa's friends. . .it is know around public services that if ya work in his ministry. . .ya better watch ya tails! Remember now that he was the minister who fired over 40 teachers who was having sex with school children while he was in education! That man don't play. . .he does run a strict and clean ministry. . .he will sic the police on ya tail quicker that one billion dollars can get tief in the PLP!!!!

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Reality_Check 1 year, 1 month ago

THE 'LEGAL RISK' STRAW THAT BROKE THE CAMEL'S BACK:

Repost from yesterday: It is now quite clear that key senior officials of PowerSecure were engaged in serious illegal acts to the extent the secret list of "do not disconnect" elites has on it Bahamas government officials responsible for negotiating, entering into and later varying the terms of the BPL/BEC management contract. PowerSecure's misconduct in this matter is tantamount to having bribed various officials of a foreign government by wrongfully and illegally granting them outrageously generous credit and other privileges they should not have received under the terms of the contractual relationship. The quid pro quo was PowerSecure's ability to maintain and occasionally vary for its benefit its highly lucrative contractual relations with BPL/BEC. Carl Bethel as our Attorney General should be filing a formal complaint under the Foreign Corrupt Practices Act with appropriate officials of the U.S. Government - The Department of State and the Office of the U.S. Attorney General . It is unfathomable that any reputable U.S. corporation in its dealings with a foreign government would allow such a "secret list of elite", largely comprised of politically exposed persons, to be kept.

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Well_mudda_take_sic 1 year, 1 month ago

And so far The Tribune has only received 'a partial list' of the "do not disconnect" politicians and politically connected 'elites'. Minnis needs to once again be reminded that on many occasions during the last general election campaign he promised that his government would set the gold standard for transparency. WELL MR. PM, WE THE PEOPLE NEED MUCH MORE SUNSHINE THAN YOU HAVE SO FAR BEEN WILLING TO PROVIDE!

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DDK 1 year, 1 month ago

Keep up the pressure Mudda!

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licks2 1 year, 1 month ago

Now you stop encouraging bran with his dumb crap. . .he knows that the tribune must be careful in who they place in the papers. . .they can and did placed the government in the public. . .you need to encourage bran to get lost so his party can have a ghost of a chance of making a mark comes the next election! Him carry on like tal or birdie is not helping anyone. . .and mush more his party!!

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Well_mudda_take_sic 1 year, 1 month ago

Wow! Only one year into the five-year $25 million contract and already $9.2 million has been spent. At that rate BPL would have paid PowerSecure $46 million by the end of the five year contract! Obviously the original contract was varied in a way that would have proved to be exceptionally lucrative to PowerSecure in the aftermath of each and every hurricane to hit the Bahamas. PowerSecure clearly knew that it had the upper hand in dealing with and taking advantage of the highly corrupt Christie-led PLP government.

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concernedcitizen 1 year, 1 month ago

Not really , what do you think top PLP were getting in US dollars in a US bank from PowerSecure ,,both PowerSecure and the top of the Christie lead government were reaping in the benefits on the backs of the average Bahamian .Wherever B Bethel goes there is a skim for the top of the PLP ,Pindling /Christie lead faction paid in foreign currency ,usually US . They did not trick Christie it was a well oiled looting of the Bahamian public , w a way for PGC etc to get US dollars ..

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licks2 1 year, 1 month ago

Now if you will hang around as a politician. . .talk sense like you are doing here. . .

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Sickened 1 year, 1 month ago

I still want to see the PowerSecure agreement and their million dollar plan!

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sheeprunner12 1 year, 1 month ago

There is nothing to thank these greedy, lousy foreigners for ........ or the PLP sell-outs

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TalRussell 1 year, 1 month ago

Comrades, What is this?

{ Works Minister Desmond Bannister made the revelation to the business community this morning during a “Meet The Minister” Power Breakfast at the British Colonial Hilton }.

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proudloudandfnm 1 year, 1 month ago

I wanna know how much kickback the PLP got with this incredibly stupid deal...

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jackbnimble 1 year, 1 month ago

I was just about to post the exact comment.

Man aren't you glad that crooked crew didn't get back in?? Bunch of sellouts!

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The_Oracle 1 year, 1 month ago

The "foreign corrupt Governments" rule or law is a U.S. law, designed to prevent U.S. corporate involvement with foreign Governments. I doubt that will come into play as "BPL" gave credit, not Power secure. I seriously doubt they exposed themselves to a law with teeth! However, There is no way anyone from Government ever told Power Secure the truth about BEC, truths which would have obviously been discovered once engaged. Had they done so, they probably would have never signed on. The real question is, what are we going to revert to? Leslie Miller? Maybe in 5 years if Bannister doesn't get busy cleaning shop. The rot runs deep.

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Reality_Check 1 year, 1 month ago

You need to familiarize yourself with key provisions of the U.S. Foreign Corrupt Practices Act. PowerSecure effectively had day-to-day operational control of BPL through the terms of its contractual arrangements with BPL and the Bahamas government. PowerSecure did nothing to do away with the "do not disconnect" list because it did not want to jeopardize its lucrative contactual relationship. It seems PowerSecure knowingly participated in the wrongful and illegal granting of financial favours to officials of a foreign government via BPL, an entity that it managed, in order secure and maintain that lucrative business relationship. Under U.S. law, that could be a big problem for the officials concerned at both PowerSecure and its ultimate parent company.

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The_Oracle 1 year, 1 month ago

Quite possible Reality-Check, and I'm sure legal minds could argue it either way.

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John 1 year, 1 month ago

Seems like another foreign company walking away with "all the meat."

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John 1 year, 1 month ago

Yet ya'' say Bahamians are corrupt, incompetent, lazy among other things. Yet look how much millions (including the elaborate false check scam) BPL can walk away from BEC with leaving that corporation more cripple and dysfunctional. Cry shame!

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concernedcitizen 1 year, 1 month ago

You think PowerSecure walked away w all of that 9 million they got paid ..I will beat you dollars to donuts money was deposited in US accounts for the top PLPS that approved the power secure deal .This was a classic skim ,the usual when B Bethel is involved ,,PowerSecure and the PLP upper cast split that 9 million they paid powersecure . Just like all the foreign consultants they hired ,even on the numbers baloney ,,just a way to get kick backs in foreign banks and currency ..

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sheeprunner12 1 year, 1 month ago

Follow the money ........ Cayman, Panama, NYC, London, Switzerland ....... Who were the 55 Bahamians with Swiss bank accounts??????

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birdiestrachan 1 year, 1 month ago

I am sure they will have to pay to end the contract. Mr: Banister will do well to tell the Bahamian people how much.

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licks2 1 year, 1 month ago

Pay what. . .yinna PLP does act so cheap. . .pay for what. . .THEY GET FIRED. . .hell the USA Government may put them criminals in court for corrupt practices. . .

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proudloudandfnm 1 year, 1 month ago

Birdie you is one dumb human being...

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