Consultant Will Settle BEL Rate Standoff

And while the ownership of BTL is still very much up in the air, the battle over BEL's rates is playing out on the ground. The bottom line is that after a full tariff review, the PUC approved an average 8% rate increase, and BEL wanted a 14% to 15% increase. With that, BEL objected to the PUC's conclusion, and now the PUC has appointed an independent consultant to settle the matter. He is Londoner Dennis Colenutt and he will compile a written report with his findings by June 17th. After that, the public will have 20 days to submit its comments. BEL's position is that rising oil prices have created a cash flow crunch and forced it to fall back on its debt payments, and it needs the 15% increase if it wishes to remain liquid.