By Belize Live News Staff: Reports have surfaced that the Government of Belize (GOB) is preparing to purchase Fortis Cayman’s 33% holdings in Belize Electricity Limited (BEL), a major development that could soon make the government the majority owner of the country’s primary power company.
Currently, the Government of Belize owns 31% of BEL, while the Social Security Board (SSB) holds another 32%. Acquiring Fortis Cayman’s stake would bring the state’s total ownership to over 60%, effectively placing control of BEL back under full Belizean management.
However, the move raises several important questions, including how much taxpayers will have to pay for the acquisition and how the government plans to recover its investment, especially given that BEL has been operating at a loss. Last year, the company reportedly recorded a loss of approximately BZ$9.7 million.
In 2015, the then Barrow Administration settled a long-standing dispute with Fortis by paying US$35 million (approximately BZ$70 million) to reacquire 33.3% of BEL’s shares. At the time, those shares were said to be worth over BZ$100 million.
There are also questions about the future of Fortis Belize’s three hydroelectric dams, which currently supply energy to BEL. It remains unclear whether these assets will be part of the new agreement or remain under separate ownership.
The proposed deal is expected to be discussed at the House of Representatives meeting on Friday, though details have not yet been publicly disclosed.
