And we also reported that BEL's financial outturn for 2024 was its worst in years, recording a loss of 9.7 million dollars. That's after years of reporting profits in the many millions - going as high as 47 million in 2021. According to Marshalleck, the main reason for the loss is climate change. He added that the projections for 2025 aren't much different.
Courtney Menzies:
"What accounts for that?"
Andrew Marshalleck, Chairman, BEL Board of Directors
"Largely, temperature. As we went into the heatwaves, demand for power went up beyond the capacity of Mexico to produce it. And prices went through the roof. And as prices went through the roof, we kept having to have to buy it at the high prices while still selling it at the fixed, cheaper rate. BEL made profits for eight months out of 12 months last year. It was June, July, August, no, May, June, July, August. And those losses in those months were more than enough to offset all the rest of the gains for the rest of the year. And the variable, the most obvious variable is those were the hot months. I'm not saying that they're not other things that feed into the result, but the obvious answer is heat and climate change."
Courtney Menzies:
"So how is it financial year looking for 2025, especially in comparison to 2024? Because we are you know, in July."
Andrew Marshalleck, Chairman, BEL Board of Directors
"We're looking at the same thing. I think we've gone from $16 million into deficit already this year and another six for this month. But it's still less than the 50 million we went into the hole last year. So why are we still going in the hole, we're not going as deep or as quick in the hole as we did last year. And the difference is, again, the temperature."
