The Belize Electricity Amendments Bill of 2025 went to the Senate today after it was pushed through the House of Representatives on Friday. As we have reported, the bill sees government domestically borrowing 256 million dollars to buy the three hydro dams on the Macal River from Fortis Inc, and using the Balance. To buy Fortis's 33% shareholding in BEL.
Today, the Senate debated the acquisition for about 5 Horus - and here are highlites:
Patrick Faber, UDP Senator
"So while the government boasts that these dams are national treasures, it forgets to mention that they are declining assets that will demand continuous reinvestment. The bill itself, Madam President, authorizes the government to divest these shares, to sell them again as soon as practicable."
"So after borrowing hundreds of millions to buy these companies, the government plans to sell them again quickly to so-called local investors. That is not nationalizations, my friend. That is speculative trading in the name of patriotism."
"It is the same cycle that has haunted this sector for 30 years. Sell, regret, buy back, then sell again. When the government comes and tells you that it is divesting to these entities, local entities, these people are in the business of making money."
"You tell me, Holy Redeemer Credit Union is not trying to make a profit. You tell me that the reason why you want to invest the Social Security monies in this company is not to return a profit. And if it is that you will say that that is not the intention, then you are going against the very grain by which Social Security monies should be invested."
"You want to reap a profit. You want to make sure that the people's money is turning over so that they can benefit later on. If you are telling me that this is charity we are running and that we're not trying to make profit and that the cost of electricity will go down and will be kept down because the credit union, because Social Security, because all of these people who are business people who are geared towards making profit, they're not worried about the profit. They will worry about the Belizean taxpayer first. They will worry about the suffering Belizean first, then I yield. But you cannot say that. What should be done is that indeed it should be left in the hands of the Belizean people so that you can have operations, you can have people running the show that aren't intent on breaking the bank, aren't intent on getting every last penny off the Belizean taxpayers back."
"If we are buying it back, it must remain in public hands. Not as a political trophy, but as national infrastructure."
Hector Guerra, PUP Senator
"The power that comes from the Belizean rivers have been powering the outflow of capital from our country."
"This bill is about ensuring that the strength that we harness from the Macal River can be used to power, to electrify Belize's prosperity. Why is this a good investment? Why is it that it makes sense that we enter into this transaction?"
"Number one, this is an extremely profitable business. The dams Fortis Belize Limited generate on an annual basis around 15 to 20 million dollars. Profits that will no benefit our Belizean people, profits that will be kept within the Belizean economy that will circulate for the benefit of all of us."
"The second point I want to highlight is that Fortis Belize Limited holds supply contracts for the supply of electricity up to 2060 so that there are no issues in relation to the supply of energy, in relation to ensuring that we're able to recoup the investment being made on behalf of the Belizean people."
"The third reason why this is a good investment is because it will help to stabilize the price of energy, Senator Farber, by removing the 1.5% annual escalation clause. Why is this a good purchase? It ensures that this dam that is critical, electricity is the lifeblood for growth."
"Without electricity, there's no good to be had. This keeps it within our hands. Not any foreign countries. Our hands, so we determine our destiny."
Luis Wade, Churches Senator
"But my friends, at the end of the day, the energies that Belize is spending its money on are the most expensive forms of energy that exist."
"And we must balance it with cheaper forms. And so I have to tell the people of Belize, number one, yes, we need to have national pride that this great resource is coming back into Belizean hands. But you know what? Buy some shares in FORTIS. When the government begins to sell shares, buy some shares. so that we as Belizeans, who can invest in FORTIS, can make some money off it, just like the foreigners were making money off it."
"That's one way that for those who invest in it, the cost of your energy will go down."
Chris Coye, PUP Senator
"This is an opportunity that has presented itself to the government of Belize. This is an opportunity that, in the way that the government of Belize has approached this opportunity, as reflected in the bill, is that this is an opportunity that will be available to the entire Belizean public."
Eamon Courtenay, Leader of Government Business
"FORTIS Belize is managed on a day-by-day basis by 48 Belizeans. Not FORTIS Canada, not FORTIS Ontario, not FORTIS Newfoundland, not FORTIS Arizona. Belizeans. That management is going to stay in place."
"Those Belizeans are going to continue in their jobs. There is absolutely no reason why anyone in their right mind would want to change that management team. It is at the significant discount that these assets are being acquired in the public interest."
"Every right-minded Belizean, every good-thinking Belizean should support this deal."
The bill was passed with support from multiple sectors.
