D’Aguilar: Tariff Caused $100m To ‘Pour Out’
Dionisio D’Aguilar, a former Bahamas Electricity Corporation (BEC) director, recently blasted the first Christie administration for the basic tariff reduction that caused “$100 million of equity to pour out” of the utility.
Warning that the monopoly electricity supplier was “steadily imploding”, Mr. D’Aguilar told Tribune Business that despite BEC requirements to “significant structural and traumatic reform”, this was never going to happen due to constant “meddling” by rival political parties.
Stating that nothing was done to provide for the “huge drain” this caused on BEC’s cash flow, Mr. D’Aguilar claimed to be “stunned” at the scale of the Corporation’s losses.
“I left that Board eight-nine months ago, and we were looking at making nowhere near that loss, if a loss at all,” Mr. D’Aguilar said. “I’m just shocked that it’s so significant. But BEC is in a terrible condition.”BEC, Dionisio D'Aguilar, tariff reduction