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BEL Issues Response on PUP’s Allegations

Belize Electricity Limited issued a short release on the Confirmation and Assurance Deed that was signed by the Government of Belize in relations to the settlement with BECOL and Fortis Incorporation. In the release, BEL states quote, “GOB provided BEL with a draft of the Deed of Assurance five days prior to the execution of the agreement, although the Company is not a signatory” end of quote. According to BEL, they had to receive a copy of the deed because the agreement “recognizes all preceding agreements with regards to BECOL’s operations, inclusive of the Power Purchase Agreement (PPA) signed with BEL in 2001. This PPA was approved by the Public Utilities Commission in 2007. Also because, the agreement provides assurances that the preceding agreements between BEL and BECOL will not be affected as a consequence of the settlement between GOB, BECOL and Fortis Inc. BEL points out that quote, “It is important to also note that there has been no change to the existing PPAs between BEL and BECOL nor has there been any change to how these agreements will impact electricity rates in the future” end of quote.