The Belizean government has announced its acquisition of Fortis’ 33% stake in Belize Electricity Limited (BEL) at a significant 60% discount, amounting to over a quarter billion Belize dollars. Prime Minister John Briceño revealed the deal during a press briefing, emphasizing its strategic importance for the nation. While the exact financial details will be disclosed in the National Assembly tomorrow, Briceño highlighted that the purchase price is six times BEL’s earnings, a stark contrast to the 35-times-earnings valuation used in the previous government’s acquisition of BTL. The Prime Minister described the transaction as a ‘solid investment’ for Belize, though he cautioned that it does not guarantee lower electricity rates for consumers. BEL has been selling electricity below cost, a practice that has placed the company in a precarious financial position. Briceño acknowledged the need for a thorough review of BEL’s operations to address its financial challenges, while also commending the company for its efforts to operate within constrained pricing. The deal follows negotiations with Fortis, which had expressed its intention to sell its BEL shares. The government’s ability to secure the stake at a substantial discount reflects its commitment to stabilizing BEL’s operations and ensuring its long-term viability. However, the Prime Minister acknowledged that addressing BEL’s financial woes may require unpopular decisions, including potential rate increases.