分类： business

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.

The Belizean government’s recent announcement of its acquisition of hydro plants and Fortis’ shares in BEL has sparked significant controversy. The Opposition, led by Tracy Panton and the U.D.P. caucus, has raised serious concerns about the lack of transparency surrounding the multi-million-dollar deal. They argue that the process has been rushed without adequate disclosure to the public, questioning whether an independent valuation, cost-benefit analysis, or regulatory review was conducted. The Opposition has also cast doubt on whether the acquisition will lead to reduced electricity costs for citizens. Additionally, they warn that a special budget appropriation for the deal could result in increased borrowing, higher national debt, and a greater financial burden on taxpayers. In response, the Opposition is demanding the immediate release of all financial documents and valuations related to the acquisition. These concerns are expected to be a focal point during Friday’s House Sitting in Belmopan, where further scrutiny of the deal is anticipated.

Belize Water Services (BWS) has initiated a public consultation process to discuss a proposed 20% increase in water tariffs, marking its first review in a decade. The company argues that the hike is essential to sustain operations and finance critical infrastructure upgrades. Without the increase, BWS claims it cannot maintain service quality or meet future demands. The proposed rates, if approved, are set to take effect in April 2026. Prime Minister John Briceño acknowledged the necessity of the adjustment, citing BWS’s significant capital investment of $130 million and its marginal profitability since its last tariff increase in 2015. The public consultation, scheduled for Friday night in Belize City, aims to provide transparency and gather community feedback on the proposal.

Belize Telemedia Limited (BTL) unveiled its state-of-the-art Signature Plus Store on October 16, 2025, marking a transformative moment for the company and the nation’s telecommunications sector. Situated at BTL’s corporate headquarters on St. Thomas Street, the store is more than a retail space—it’s a beacon of innovation, offering the latest in connectivity technology and cutting-edge products. Designed as a hub for learning, engagement, and creativity, the store underscores BTL’s commitment to redefining Belize’s digital landscape.

During the grand opening, BTL Chairman Markhelm Lizarraga emphasized the company’s ambitious five-year strategy to modernize and expand its operations. Since 2021, BTL has invested heavily in upgrading its infrastructure, improving network reliability, and enhancing customer and employee experiences. Lizarraga described the store as a milestone that reflects BTL’s vision for the future.

Prime Minister John Briceño also lauded the initiative, highlighting BTL’s remarkable turnaround under effective leadership. He noted that BTL’s earnings surged from $1 million in 2019 to its current success, attributing this growth to strategic governance and employee dedication. Briceño expressed pride in BTL’s achievements, which he sees as a testament to Belize’s potential for technological advancement.

The Signature Plus Store is not just a retail destination but a symbol of BTL’s evolution and its role in shaping Belize’s digital future. With its focus on innovation and community engagement, the store is poised to become a cornerstone of Belize’s tech ecosystem.

Amid swirling speculations about a potential merger in Belize’s telecommunications sector, Prime Minister John Briceño remained tight-lipped when questioned about the rumored acquisition of Speednet Communications by Belize Telemedia Limited (BTL). The rumors, which first surfaced in July 2025, have yet to be officially confirmed or denied. During a recent event hosted by BTL, reporters seized the opportunity to press the Prime Minister for clarity. However, Briceño deftly sidestepped the inquiries, redirecting journalists to his brother, Jaime Briceño, with a curt response: ‘Talk to Jaime. His number is 670-1234.’ When pressed further, the Prime Minister firmly declined to engage, stating, ‘I am not going to go into a banter with you.’ This evasive stance has left the public and industry stakeholders in suspense, fueling further speculation about the future of Belize’s telecom landscape. The potential merger, if realized, could significantly reshape the competitive dynamics of the sector, but for now, the government’s silence continues to cloud the situation.

In a historic move, the Government of Belize (GOB) has finalized a groundbreaking agreement with Canadian energy giant Fortis Inc. to acquire its entire electricity sector assets in Belize. This includes Fortis’s three major hydropower plants and its 33.3% ownership stake in Belize Electricity Limited (BEL). Prime Minister John Briceño is set to announce the deal in the House of Representatives on Friday, where he will introduce a Bill seeking parliamentary approval for the acquisition. The proposed legislation will authorize the purchase of Fortis’s hydropower facilities on the Macal River, which consist of the 25-megawatt Mollejon Plant, the 7 MW Chalillo Plant and Reservoir, and the 19 MW Vaca Plant. Collectively, these facilities generate over one-third of Belize’s annual electricity supply. Commissioned between 1996 and 2010, these plants have been pivotal in Belize’s renewable energy infrastructure. The government aims to complete the acquisitions by November 15, 2025, with funding allocated through a special budgetary appropriation. Post-acquisition, the government plans to issue domestic equity and debt offerings to recoup the initial investment. Financial specifics of the transaction will be disclosed when the Bill is presented. The existing power purchase agreements between the hydropower plants and BEL extend to 2050 for Mollejon and Chalillo, and to 2060 for Vaca. David Hutchens, President and CEO of Fortis Inc., expressed his congratulations to the Belizean government, highlighting Fortis’s long-standing partnership and operational success in Belize since 1999. The new entity, Hydro Belize Limited, will be headquartered in San Ignacio, Cayo District, under the leadership of CEO Kay Menzies. The company’s 48-member team will be entirely Belizean, with an Interim Board chaired by Ambassador Lynn Young, a seasoned professional with experience at both BEL and Fortis Belize. Advisors to the government included NERA Consulting UK, Hallmark Advisory, Marsh LLP, and Sukhnandan Consulting LLC.