The following is a Press Release from the Coalition of Co-operatives Coalition of Co-operatives and Concerned Citizens in relation to the recent FTC ruling – Blogmaster
Coalition of Concerned Co-operatives and Citizens
PRESS RELEASE
17 September 2022
The Coalition of Concerned Cooperatives is shocked at the decision by the Fair Trading Commission to grant an interim rate increase to the Barbados Light & Power Company three days before the substantive two-week Rate Hearing is due to commence.
In addition to the unfortunate message that this decision sends to the general public, and to intervenors in the substantive Hearings, about the Commission’s seeming predisposition towards the Company’s application, we are also particularly displeased that the Commission has dismissed, without comment, the position raised by the Coalition in writing to the Fair Trading Commission, that the Laws of Barbados – via the Utilities Regulations Act Chapter 282, in Section 15 (3) specifically directs that:
(3) The Commission shall not grant a request for a review by the same service provider
more than once in any year.
In our opinion, this clear stipulation in the Law restricts the BLPC from submitting an additional Interim rate application within the same year, after having submitted their substantive application. Surely, the acceptance of the BLPC ‘interim rate review’ therefore breaches the Act.
We continue to await a suitable explanation from the Commission as to how they could have ignored this clear stipulation in our Law.
We are furthermore concerned that, whereas the Act makes no provision for any special category of Rate Hearing such as an ‘Interim Rate Increase’, the Commission in its ruling, went to long, rambling, lengths, to accommodate this request from the Company, citing overseas precedents that would have been based on completely different laws.
At the same time, the Commission has completely ignored and dismissed our position which is a direct and unambiguous extract from the Laws of Barbados that apply directly to these Rate Hearings.
Additionally, the decision to arbitrarily award 50% of BLPC’s request, appears to be based solely on subjective information provided by the Company. It clearly lacks the kind of scrutiny that is mandated by the Act, and which will apply in the substantive Rate Hearing scheduled to commence on Wednesday.
The records show that whereas BLPC paid less than $10 million per year in dividends to shareholders before the last rate increase, this increased to nearly $50 Million annually since Emera took control of the company. As a result, some $538 Million have been extracted from BLPC since the last rate hearing.
How this company can now claim ‘cash flow difficulties’ and be accommodated with an ‘interim rate increase’ on consumers, is difficult to assimilate from the decision given by the FTC. We fully expect that Emera will simply increase their annual dividends extractions accordingly, since this matter has not been addressed in the ruling.
Also, to the extent that this so-called ‘Interim Rate’ has not been back dated, we are concerned that its only impact will be to prejudice the substantive Hearing with the preconception that the Company’s case is already being supported by the FTC.
The wisdom of the stipulation in our Law that only one rate application be entertained in any single year becomes quite apparent.
The Coalition calls on the FTC to urgently reconsider this flawed decision, and we reserve our rights in the matter.
Trevor Browne
Chairman
Coalition of Concerned Cooperatives
This is an interesting comment from the Coalition although the blogmaster is resigned to the fact the FTC as regulator decided to wave the big stick and that will be that.
No sir Mr Blogmaster, that will not be that! Should it become necessary for the Coalition to organize a march on and cause an incident at the FTC headquarters in order to remind it that the ‘F’ stands for “Fair”, then so be it. For too long this FTC was performed like a wing of the oppressor and not the oppressed. This temporary increase is a slap in the face of the Coalition and the public interest it represents. If an invitation to a cocktail party or a Christmas gift ham and bottle of whiskey can influence a decision of this magnitude, well it’s time to throw out the baby and change the wash water.
The President of the Barbados Association of Retired Persons made a call, only two days ago, for an extension to be made to the start of the hearing as a new legal council would only be in the job for a mere seven days. What does this band of incompetents do? Make a preemptive prejudiced decision days before the new council assumes office. If ever there was a justifiable reason for the dismissal of an entire board because of their suitability for the job, this would be it.
Unsuitability
David
David
David
This is your fault. You are the one who’s always blaming average citizens for the ills of this country because of our failure to promote democracy.
You are the one who supports Western styled capitalism as if that system has an ability to respond to the materials needs of citizens.
What internal contradictions.
We trust that this lesson would finally show you that rent seeking global corporations only interest is their share holders, maximizing returns, maximum extraction from the poor.
There can be no better example of people seeking social and economic justice and it being denied than in this case.
We cannot conceive of circumstances where this commission would have so ruled unless Mia Mottley had hid in the background and so directed. Her modus is all over this.
She is your champion. And after all her useless pretty talk all we can expect from this dictatorial regime is more actions by stealth.
@Pacha
Good you have been able to secure evidence to support your conclusion.
Respect.
The FTC board should now do two things – issue an unconditional apology to all Barbadians and then tender their resignations with immediate effect.
In its decision the FTC acknowledged submissions from two interveners, Tricia Watson and Ricky Went.
http://www.ftc.gov.bb/library/2022-09-17_interim_rate_request_Decision.pdf
David
No sir, Columbus
The history of Barbados is replete with evidence, proof, just that you consistently fail to acknowledge it.
After a few hours, again you will return to the make believe world so well imagined.
David
After thinking about this some more and given the quarterly reports for public companies at end of this month we would hate to think that this high handed decision was calibrated to make Emera’s performance such that a reduction in market valuation is avoided.
This Is the only rationale to explain the FTC’s hasty actions. We hope we are wrong. If we’re right, then only the maximum leader could have been the rain-maker for Emera.
Or indeed enhanced! Given that power companies everywhere are making a killing.
@Pacha
Given the personal and vicious nature the minister responsible attacked two intervenors under the protection of parliament, one can only wonder.
@ Pacha
Power companies always do well. As an essential service it makes sense that they do.
But shiite man!! if Emera has indeed been able to get themselves over half Billion in dividends since taking over the Brassbados company, when everyone else has been catching their donkeys to get 2% returns,
Then …this would be more like a massacre than a simple killing…
https://www.instagram.com/tv/CilETlPopGH/
ALL IS WELL AND THE USUAL BACK HANDNESS IN CORRUPT PARADISE WHERE THE MAJORITY BLACKS CONTINUE TO BE SUPPRESSED BY THEIR OWN BLACK SELL OUT PATRIOTS IN LEADERSHIP POSITIONS.
THE 2 X 3 ISLAND CONTINUES TO PUNCH ABOVE ITS WEIGHT.
NTSH
Why do we bajans keep blaming others for the way we made up our own bed.
Emera is a running a business, not a charity. Once they are providing returns for their shareholders and a robust service to their customers, they are holding up their end of the deal with us.
Emera did not start the power company, it was a successfully government owned and run company and they choose to sold their ownership. No one held a gun to the PM’s head when he sold it. The only one we can blame for our current rate hike concerns is government because they should never have sold majority share ownership it in the first place.
We can’t sell the prized family silver dinnerware then complain about the price we have to pay to rent it back whenever we want to use it for a fancy dinner party.
BL&P should have been kept government owned and run as a non-profit with a hurricane disaster reserve fund to keep electricity costs to a minimum for everyone i.e. manufacturing,, business and consumers.
Does anyone know how much overall taxes government collects vs Emera’s annual profits?
@CA
Your comment requires you to answer a question- what is the purpose of a fair trading commission? What is the purpose of a vibrant consumer advocacy body? What is the purpose of the office of public counsel?
David
If the above is not merely a good-sounding meme, well-worn, we also have a bridge to sell you.
The requirements of the financialized capital markets are not given to these misguided notions pretending equity or fairness.
Indeed, the opposite is true. Companies outperforming their benchmarks are more highly rewarded than those, as a practical matter, which try to be anathema by balancing needs.
Whoever is saying this cannot possibly understand the forces at work. In other words is an idiot.
Now you David, are looking for evidence to prop up an eniquitous, ultra vires, Mia Mottley corporate corruption at the centre of government.
@Pacha
You do your thing and the blogmaster will do same.
Some years ago the then minister Darcy Boyce cautioned Barbadians we should be careful how we go about setting a new dispensation for fuel generation and distribution in Barbados. His reason was that BL&P had served us well.
What the blogmaster gleaned from his utterance is that there is active offline communications between government, BL&P and possibly FTC.
What a farce! What more can be said?
David
How well could it have served us if the last regime found it so necessary to sell it off to corporate gangsters.
And is the man thusly quoted not a central character in that discredited gang?
Our main point is that this dictatorial or even fascist regime is clearly lettings us know that the elements of fascism, the conjoining of political and economic elites, must be met.
@Pacha
BL&P was dumped for 30 pieces of foreign exchange silver. You forgot how desperate were those times?
Bushie 11 04
You obviously have a heart, a conscience, but unfortunately capital markets don’t.
These people and systems are brutal. They will take your eyeballs to increase share price, dividends, top and bottom lines.
Seems that Barbados is still playing checkers while the corps play chess.
@David September 19, 2022 6:51 AM
The FTC is a sham organization masquerading as a regulatory agency. Its government’s way of appeasing the public by pretending they have the power to control the actions of monopolies. If government were serious about the FTC, any business exceeding a certain percentage in market share would automatically fall under the FTC, have a cap placed on their maximum allowed annual profit and be subjected to annual external audits as long as their market share percentage remains in excess.
A vibrant consumer advocacy body purpose is to lobby government for laws to benefit consumers and inform consumers of their rights under existing laws and how best to exercise those rights. e.g. this body should be advocating for a small claims court as practiced in TV shows ala Jude Judy, etc.
Office of public counsel is another purposely understaffed and underfunded government agency. They should be providing a free call-in legal question answering service ala the former Lawyer on Call call-in program and handling small to medium sized legal matters of those proven to be too financially poor to afford the services of a regular lawyer.
@CA
To be clear you have no problem with what the three agencies should represent, it is how they are setup locally?
“After a few hours, again you will return to the make believe world so well imagined.”
not that easy this time, their fantasy world BLEW UP IN THEIR FACES..,,,magnificiently…
….just a matter of time before we witness the DEGREE of fallout…
TICKTOCK says the clock..
electric rates SKYROCKED just recently, some by as much as 3.-.6 hundred dollars,….THIS IS CORRUPTION….as is the norm.
The gov’t of Barbados was never a majority shareholder in BL&P. That is why the company was so easy to take over. BL&P held the upper hand. When the shares were sold at $30 something, I sold most of mine as it made no sense to keep them. Plus Emera owns several companies. Google it. I will never apologize for the few I keep and the returns I receive per quarter. Beats the banks and Credit Unions hands down.
@ CA
“The FTC is a sham organization masquerading as a regulatory agency. Its government’s way of appeasing the public by pretending they have the power to control the actions of monopolies. If government were serious about the FTC, any business exceeding a certain percentage in market share would automatically fall under the FTC, have a cap placed on their maximum allowed annual profit and be subjected to annual external audits as long as their market share percentage remains in excess.”
~~~~~~~~~~~~~~~~~
Amen!
You just said it all.
The whole system is designed to convey the IMPRESSION that public interest is paramount, while the brass bowls are being taken to the slaughterhouse and market.
It is the BIG MONEY gangsters who run things, They just do it from the background while sending forward their minions to BS the brass.
@ David
Your 5:35 a.m. video from the FTC is a classic example of the BS.
@ Pacha
It is NOT about Bushie’s conscience.
It is the bushman’s INABILITY to understand how supposedly intelligent people can be so open to being misused and abused…
shiite….!!
Even Bushie is still trying to come to grips with the EXTENT of brassbowlery bout here…
Is it Jeff that was once at FTC.
They managed to repel the crookery and scam back then to tief the oil terminal and sell it for a billion dollars to benefit said crooks..
but no Jeff to repel this…if i got the entity where he was prior to his new post right..
Waru
Are there not similarities between this thief, corruption, of public wealth by the FTC and the regime for the benefit of Emera
And the open thief of nine billion dollars of Afghanistan’s sovereign wealth by America. Afghanistan a country illegally invaded 20 years ago.
A poor country like Barbados but the international kleptocracy of which Barbados is a player in the same game.
Indeed, war reparations are owed to Afghanistan. Robin Hood in reverse!
We hope when the game changes and the Chinese or the Russians consign Western odious claims as worthless nobody complains.
No Pacha, all the stealing and scams occur in Barbados only.
David
Please, refuse the disingenuous!
It was Pacha who raise the sale.
It’s you who want to pretend that we’re not similarly desperate and not still on the same general trajectories.
Pick a fight noise with yourself Pacha. It is a beautiful day in BIM.
If members of the BU have questions for the Cooperative Coalition please post to BU or submit privately if it is your preference -the blogmaster will forward to that body for a response.
@David September 19, 2022 9:28 AM
Correct,
Barbados has always had wonderful visionary polices, structures and regulatory frameworks and agencies. Just having an agency named Fair Trading Commission does not mean we now have fair trading unless it functions effectively and efficiently.
Our problem has always been one of implementation and management our brilliant ideas. We have some of the best technocrats in the world in both public and private sectors but we constantly seek to hold them and their ideas back fr one reason or another.
How many times have you heard retired civil servants laugh at some new brilliant policy idea as something they wrote a paper on decades ago that went nowhere or something they already tried because of our unique environment and someone else now trying the same failed idea again?
“A poor country like Barbados but the international kleptocracy of which Barbados is a player in the same game.”
punching above their usual idiocy disguised as smarts……and the TRUE tale has FINALLY unfolded..
FRAUDS as established for decades…..
David 09 47
Let the record reflect that that is your view, not ours.
That we have most often avoided the canard that Barbados is an island.
Even here links to a global culture of kleptocracy have been made by this writer, alone.
Such acts requiring the deployment of the guillotine,
Critical Analyzer September 19, 2022 6:38 AM #: “Emera did not start the power company, it was a successfully government owned and run company…”
@ CA
When was the BL&P a state owned enterprise?
David
How beautiful a day could it be when your misguided governance thesis is in tatters?
Pacha…we can only keep our eyes on proceedings going forward with a smile…
“Such acts requiring the deployment of the guillotine,”
the people can now CONFIRM without ANY DOUBT that they have been had.
@Artax September 19, 2022 10:29 AM
Someone can correct me but I always believed the NIS and government combined owned more than 50% of the shares at some point in time.
how could they not know what is out there in volumes, when everyone else…..apparently except them, does…….
they can try pulling the other leg now, it’s free..
@ CA
At one stage, the BL&P, trading as Light and Power Holdings, had 63% locally owned shares, with the
remaining 37% shares being owned by an American company,
Leucadia.
By 2011, Emera had purchased 79.7%, becoming the company’s largest shareholder.
@Artax
I did some searching and the BL&P was an ideal public company with the major shareholder Emera at the time owning 38% in 2010 and the public owning the rest and I believe NIS would have been the next largest at around 28%.
Then in 2011, Emera owned 79%. If my memory is correct, had NIS not sold their 28% stake, other bajans probably would not have sold their shares either and Barbadians would still have a say in decision making process instead of depending on FTC.
@CA
There was an absence of leadership by the government regarding if BL&P was deemed a national asset. In this matter you are correct Tony Marshall and the MOF did not exert and ‘suasion’. Some will say that it would not have been ethical for them to do so.
@ David,
I hope you are listening to Brasstacks.
Major change in the ” Sugar ” industry.
As far as I am aware there are two kinds of shares. Common shares( you can vote), and preference shares. When push comes to shove the latter gets their money if the company folds. I would have to check my files on some of the other stuff I see here. I dabble in the Barbados Stock Market. May not be rich money wise but I have had some good teachers who encouraged me to learn about and invest in such. Now I would publicly like to say a big Thank You to Lynette Eastmond for her encouragement when I 1st started my small business. In my opinion, a woman with vision.😊
according to a buddy of mine who serenades me, let’s see how this story ends..
..what is being shared out there is not encouraging in any way and don’t let anyone sell ya a bill of goods or a pig with lipstick in a bag….complete with fairy tales and fantasies…..
The realty is money talks. Emera made an offer to the shareholders which they found too attractive to refuse. Its really that simple.
In the case of Massy the same thing happened. Their parent company made an offer to the BS&T shareholders that they found too attractive to refuse and they sold.
The reality is the buyers in both cases saw a future for both companies that the current owners did not see hence the companies changed hands. So having said that they have now to seek a return on the investments they made and as a result their decisions will be guided by their balance sheets.
Is it unfortunate? Yes it is unfortunate that we lost two major entities but who yuh goin blame?
@ Artax
At one stage, the BL&P, trading as Light and Power Holdings, had 63% locally owned shares, with the
remaining 37% shares being owned by an American company,
~~~~~~~~~~~~~~~~
It was the reverse – about 37% local.
…and BL&P and Light and Power Holdings are/were two separate entities.
The supply of Electricity is an essential service.
John A
With respect neither deal was ever as simple as that.
I would like to make a correction here. Now I….Lynette Holder….
Pacha….saw a speech where western countries are being urged to become more civilized, which would mean ending the savagery associated with colonialism…..
Waru
That is impossible. Has history not proven that these barbarians can only be?
Separately, we note that Charlie has inherited one trillion in looted wealth.
Yet, the bible-reading asshole here defends White criminals like Elizabeth under the ignorance that them and a stinking god are one.
The evidence point to the Nordic countries being light years ahead of the rest of the world in implementing renewable energy. Should Barbados be developing a strategic relationship to benefit from their expertise?
The blogmaster is having a read of this document which stresses the need for uncomplicated legislation and process to govern this emerging sector. Are we there yet?
https://cor.europa.eu/en/engage/studies/Documents/local-energy-ownership.pdf
“That is impossible. Has history not proven that these barbarians can only be?”
it really is wishful thinking, that savagery runs way too deep in those who are control freaks and believe they are entitled to control our earth and the people on it…
there are certain people only useful for avoiding like the plague, politicians, their imps, pimps, fowls, and the Slaves are No. 1…..they cannot be anything but, that’s like asking barbaric colonials to change their ways…never going to happen, the hypocrisy in the former runs too deep, and they are not worth much of anything, but to hear them tell it, you would believe someone needs them….. that’s why i dismiss them as unworthy of my time, energy or attention…tell them what i gotta say and 9 times out of 10, they don’t like it, but tough.
Charles was bound to inherit a lump sum….do you think that would assuage any future greed…
Gospel 📖👩💭🧔🏽♀️✝ | 🙏📖👄 | 📕✝ House 🏠
Sounds of Blackness
The Pressure (Frankie Knuckles Classic Mix (With Intro))
My back is against the wall more bills than money to pay
But I know just who who to call on
When I need relief I pray to help me fight
The pressure, the pressure, the pressure, pressure of the world.
The pressure, the pressure, the pressure pressure of the world.
The pressure, the pressure, the pressure pressure of the world.
Playin’ on the tension and your weakness are addictions,
That lure your mind You can fight it. You can win
For your deliverance, just bow your head and pray.
To help you fight the pressure, the pressure, the pressure
Pressure of the world.
We all have our burdens to carry.
I know when mine get to heavy.
He’s always there to bear the load
Give me strength and comfort any time I need relief
From the pressures of the world I just believe.
Pacha….gotta tell ya, as i said recently, the Slaves and bloodline traitors are our biggest THREAT…massive DANGER to Afrikan people, as they have been historically…..we see their UGLY mindsets every day, once they are identified, the rest is easy,,,,
A trillion in looted wealth spells GUILTY!
You cannot keep the loot and claim innocence.
Case closed.
David
You boys like to continually talk about the Nordic countries so lovingly. Wunna too love wunna White people.
Don’t you see that these fuckers are on the leading edge of fascism? Have you not seen the fa-rightists they are electing.
It is because of your mental disposition that these have been washed in the blood which makes them appear not to have been deeply involved in slavery.
Is there not a contradiction. That countries deep in ice for nine months every year must teach us about alternative energy. Is this not mental slavery posed by you as a good idea?
@Pacha
The blogmaster mentioned the system governing effective RE implementation.
Far rightists
“It is because of your mental disposition that these have been washed in the blood which makes them appear not to have been deeply involved in slavery.”
upfront in our bloodlines, our cousins…..a LONG LIST OF THEM…
Pacha…..it’s so real, that if you look really closely, ya will also find traces of the Ottoman Empire.
Waru
It was the first globalization project. Everybody profited, except us of course. Though many modern day slaves would disagree on that last point.
Pacha…now we know why they never wanted to send genetic testing kits to the Caribbean….when i first got that reply, my immediate response was….WHAT YALL HIDING…..
then to find out not too long after….DEM GOT NUFF TO HIDE….
@Pachamama September 20, 2022 8:07 AM
What is your definition of a far rightist? and a far leftist while you at it.
Who’s getting carried away?
His argument was spot on and that is ALL that I am interested in. Yours, on the the other hand, is not.
I noticed at the end that his call was for an admission of the debt and symbolic reparations only.
I don’t hold out hope for reparations. But I DO love shoving the debt in the white supremacist faces. All those who believe that they did it on their own and we should be grateful to the barbarians for “civilising” us will be getting a dose of reality.
Smashing the myth of white supremacy to pieces is more valuable in the long run than money. It would set my people free, FINALLY!
They were simply the best at being the worst, the worst thieves, the worst murderers, the worst savages.
Nothing to be proud of at all.
Regulators are part of Government and Industry and whitewashing complaints is the usual MO.
The remedy is make more complaints at the next level.
Faith
He Moves
https://www.youtube.com/watch?v=2mvruTLAVDY
There is that man Franklyn again!
Source: Nation
Source: Nation
Not going to be prolix.
Not going to repeat what I wrote earlier.
75% of requested hit granted.
Company and FTC claims ‘a win’.
Anything longer than four sentences can be safely ignored.
Pacha…William, TLSN etc…..Kush Quarterly October – December published a little earlier today, when you have some time, check out the New Talk and other articles….
oh….and don’t forget to check out the Fowl on the back page…..famous as ever..
Pacha…notice that there is a touch of Fanon.
Waru
Thanks much!
Most welcome..
David
And while we’re embroiled with things local, like you are want to so do.
We beg to suggest that escalation in the Nato’-Russian conflict is seemingly inevitable given the current correlation of forces.
Indeed, the contours of a global war are emerging both within the European theatre and the South China Sea.
The wars may be starting in these places but the impacts of arsenals will be felt within the cities of Western belligerents as well. We kid you not!
In these circumstances, we should expect Emera to return to the unFair Trading Commission for several more increases as oil prices approach 500 dollars a barrel.
Putin has given a speech due for release today where it is expected that the SMO, Special Military Operation, will be upgraded to the self defense of the Russian Federation as the republics in the Donbass hold referenda by month’s end on their incorporation.
In addition, Russia will vastly increase its troops from 200k to maybe 400k. The Nato trained Ukrainian Army is estimated at 600k.
On the other front of this two-front war, the West continues to poke the dragon of the South China Sea, as if they even have a snowball’s chance in hell to win.
On the first day of battle the Chinese will sink all their ships with hypersonic torpedoes. For which there is no countermeasure.
And despite the much publicized recent Russian strategic withdrawal from Izyum, which was claimed as a victory in Ukraine and Western capitals nearly, 20,000 Ukrainian soldiers lost their lives many more injured. in a misbegotten offense. Connon fodder!
At root, the West is caught in a classical Thucydedes trap. On the one hand, it wants to continue to rule the world. And on the other, it’s nadir has arrived. Either way is a lose-lose for the West.
Indeed, they have already lost the economic and technological wars to China and Russia but like you David they do not want to lay down even to play dead 🤣
https://www.facebook.com/ftcbarbados/videos/792459882088926/
“Putin has given a speech due for release today where it is expected that the SMO, Special Military Operation, will be upgraded to the self defense of the Russian Federation as the republics in the Donbass hold referenda by month’s end on their incorporation.”
i have been listening to and watching this for days.
i have been listening to and watching this for days…..of course you have, probably the featured article in the next edition of Krush quarterly.
Very interesting discussion about a resolution to delay rate proceedings to recognize the fact public counsel was recently replaced due to illness.
Very interesting. We wait with interest to see how long a simple decision to make will take the FTC commissioners.
Source: Nation
Source: Nation
Source: Nation
Source: Nation
The FTC Hearing so far has become mired in procedural matters.
” Government will end the mask-wearing mandate and travel protocols related to the novel coronavirus (COVID-19) at midnight on Thursday in Barbados.
Acting Prime Minister Santia Bradshaw said mask wearing in general was now going to be optional, but she said it remained firmly intact for select places across the island.
Canada will drop its Covid-19 vaccine requirement for visitors by September 30, government officials have told the Globe and Mail and other Canadian news outlets. On the same day, the country is reportedly also going to end random Covid arrival tests and make the ArriveCan app optional. But the requirement to wear masks on domestic flights and train trips will remain, according the sources.
Emera will be busy.
https://www.cbc.ca/news/canada/nova-scotia/canadian-hurricane-centre-fiona-briefing-1.6593160
BarbadosToday pages 2 and 3.
https://barbadostoday.bb/2022/09/24/bteditorial-the-power-is-with-the-blp/
@Hants
Wondering if BT was being mischievous.
BLP vs BL&P
@ TheOGazerts,
It is probably just a typo by a sleep deprived employee.
He was probably maving sure that he/she got the BTMI BMF story on page 42 correct.
More bALONEY racing.
@TheOGazerts,
Hope you read page 3. re BL&P returning $100 million to Emera in 2015.
The front page was very “dramatic”
Fiona is devastating in Nova Scotia. Emera will be busy.
https://www.cp24.com/video?clipId=2528412
Nova Scotia Power Inc. is a vertically integrated electric utility in Nova Scotia, Canada. It is privately owned by Emera
Why do people gripe.
Barbados is the most developed island in the Region and far surpasses the UK, Canada and Britain.
We are the envy of the world.
No one can touch us.
Seems to have been much talk, and correctly so, about the repatriation of profits, a.k.a dividends.
People seem less aware these are not $BDD. So an entity which doesn’t earn Fx, but spends plenty of it, for its primary input (oil), then gets to convert its profits ($BDD) to Fx, and export them.
This is the perennial dilemma of having a currency, which has no value beyond the island’s shores.
Source: Nation
Source: Nation
BLPC under-earning
FINANCE HEAD SUGGESTS COMPANY MAY MAKE ANOTHER REQUEST FOR AN INCREASE
By Emmanuel Joseph
The Barbados Light and Power Company’s Director of Finance has suggested that it is likely to go back to the regulators for a new rate hike if it is unable to get the 12.5 per cent increase being sought now.
Ricaido Jennings put this position to the Fair Trading Commission’s rate hearing on day eight of the proceedings which are considering a request from his company for an increase in electricity rates.
Jennings was testifying on Friday when he defended the possibility of seeking another hike. He said even if the current application is successful, the BLPC will still be challenged with how it is going to earn its returns.
He said the company was under-earning with a rate of return on investment of eight per cent – excluding the impact of a tax in 2018 – and in light of the 10 per cent that was approved by the FTC previously. He identified a number of factors that would have contributed to the BLPC not achieving the 10 per cent to justify the request for an increase.
“If you exclude the impact of the tax in 2018, the rate of return is near eight per cent. In 2019 you are under 10 for sure. By then in 2019, we entered construction of a clean energy bridge which is a significant amount of investment and you are not able to earn your return in 2019 even without the clean energy bridge.
“You then add the impact of the clean energy bridge, that pushes you even further.
Even with the dip in 2020, the inflationary pressures that you were facing [and] the growth in expenses…you are at that stage,” the witness testified.
The finance chief agreed with intervenor Worme that even if the company were to be granted the rates for which it applied, it would be under-earning again in the first year after receiving the hike.
“So my question is if eight per cent or 10 per cent is too low, having gotten this rate, you are expected to come back to have another increase?” Worme queried.
“You are right, we are in a similar type position. It is something we are going to have to continue to look at and assess and find what’s the right construct. But, you are right,” Jennings replied. “This application is based on a test year of 2020. 2021 has passed…we know that we were well under five per cent. So that is a significant challenge. We are near the end of 2022 and for all intents and purposes, it does look to me like we are going to head around that same four per cent.
“We did get an interim relief decision which gives us some relief for the remainder of this year,” the finance director told the hearing.
“Even if we are successful with this application which I am hopeful we will be, because I think we made a pretty strong case for it, we still are going to have challenges with how we are going to earn our returns,” Jennings stated.
Under cross-examination by intervenor David Simpson, the witness suggested making a fresh bid for an increase was a possibility.
“There is quite a bit that is changing in the industry now. With the changing times and changes in what’s happening, it is going to have to be evaluated as it unfolds.
I am not able to sit down here and testify to say that you are not going to end up right back here. I am going to say you are going to try and manage as best as you could as we have always done.
“Seeking a rate increase is always the last thing that we are looking to do,”
Jennings declared. However, he told the commission that the company must ensure it is able to recover its costs once there are “prudently” incurred, and when that happens, “the determination made, gets done.”
Also in Friday’s session, the tribunal hearing the rate request was told that the agency which conducted a study into the status of the BLPC’s self-insurance fund, was also a beneficiary of the value of any adjustment.
This information was revealed by intervenor Stephen Worme while he was cross-examining the company’s finance director as he gave evidence before the hearing.
“Last night we received a document in response to the queries about the selfinsurance fund and the value of what it was. And what struck me was that that study was done by the same company that was the beneficiary of any adjustment.”
Noting that he was not ascribing any motives regarding the discovery, Worme, a former BLPC employee, said “I think these are companies that have high integrity and I actually know one of the persons that did the report and he is very much above board.”
Worme told the commissioners. “My question to you is, from an optics point of view, is that reasonable?…Here you have a company that is going to be receiving the benefits of any recommendations or maybe costs, [and] are the ones to have actually done the study to determine what that should be?” the intervenor asked Jennings.
“I think the more important piece is whether the people who’ve done the study are adequately qualified to do it and whether the study itself is robust and whether the study is reasonable,” the finance director responded.
The hearing resumes on Monday at 9 am at the Accra Beach Hotel and Spa.
emmanueljoseph@barbadostoday.bb
Source:BT
How are you doing Barbados?
I haven’t asked you that for a little while now. I heard this song and began to feel a little homesick. I miss you. I love you. I wish you well.
https://youtu.be/EPcCA4HThS4
And this is for the old geezers like myself. Just play it next to the old girl and make certain that she listens.
Have a great day. I am out.
https://youtu.be/TOO55qc0WOQ
https://barbadostoday.bb/2022/10/01/interim-hike-now-included-in-bills/
“At the same time, the company, which is currently engaged in a rate hearing as it seeks an 11.9 per cent increase, is giving the assurance that should it receive a rate hike that is lower than the interim rate of 5.95 per cent, customers would be reimbursed.”
BLPC mathematics made simple
Lesson (1) Give the BLPC a lower amount than requested.
Footnote1: This signal they will get an increase. It also takes the sting out of a large one time increase.
Lesson (2) Give them an additional increase but the two increases do not add to the requested amount.
Footnote 2: When the second increase of 2.95% is given several things will happen
–(a) The FTC will say it protected the the citizens of Barbados and gave only an increase that could be justified
–(b) BLPC cries fowl and claims they will have to come again for an increase(NB: If the FTC had given twice as much as requested, you would have seen these jokers before the FTC in the future. That is Rule 1 of the silly game.)
–(c) The 2.95% increase is now all you hear of. The Barbadian public forgot the initial 5.95% that was already given and you will hear the FTC only gave them 8..95 percent instead of 11.9
(Please note that the total increase will be 8.925%.. It would not surprise me if this is rounded to 9%)
Next!
I missed this gem
NO
“Seems to have been much talk, and correctly so, about the repatriation of profits, a.k.a dividends.
People seem less aware these are not $BDD. So an entity which doesn’t earn Fx, but spends plenty of it, for its primary input (oil), then gets to convert its profits ($BDD) to Fx, and export them.
This is the perennial dilemma of having a currency, which has no value beyond the island’s shores”
On this contribution his classification has changed from lightweight to super-lightweight 🙂
I am losing tracks of the issues that are on the table.
Calling on the clean-up man
Mr Hants, is this FTC thing done or have we moved on to the next bright shiny object?