LATAD Dissemination Note 19832 Power Sector Reform in Belize Rafael A. Moscote, LATAD Eduardo Zolezzi, LA3TF May, 1994 LAT Dissemination Notes are published to divulge the findings of work in progress and encourage the exchange of ideas among Bank staff and other interested in development issues. Dissemination Notes carry the names of thc authors, reflect only their views, and should be used and cited accordingly. The findings, interpretations, and conclusions are the authors' own. hqey should not be attributed to the World Bank, its Board of Directors, its affiliated organizations, or any of its member countries. BELIZE POWER SECTOR REFORM Dissemination Note Abstract 3. Several large companies, including those in the citrus, rice, lumber, and sugar industries, 1. Belize presents an interesting case of have self-generation capabilities but do not sell improved performance through corporatization to any other entities or consumers. There are and private sector participation in a small power also entities outside of BEB who generate, system. The statutory Belize Electricity Board distribute, and sell energy to small communities was transformed in 1992 into a stock corporation outside of BEB's area of supply. (Belize Electricity Ltd. - BEL), government retaining directly 51% of the voting stock and a 4. The installed capacity in the country, as further 11.5% indirectly, through the social of the end of 1993, was 52 MW, of which security board. The remainder of the stock was 32 MW are owned by BEB. The demand in the sold to private investors. Management of the interconnected system is about 25 MW, growing company, although still selected by government in recent years at about 13% per annun. is now responsible to all shareholders. As a result of these changes, BEL has noticeably improved its operating performance -losses have Structural Changes been reduced, collections and cash flow have improved and tariff reductions have been 5. The Belize power sector was reorganized forecast for the future, even though dividends in 1992 under the Electricity Act of 1992. The and income taxes are now being paid. In 1991, new Electricity Act provides - for: (a) the the company signed a power purchase agreement regulation and provision of electricity services; with a privately-owned independent power (b) the issuing of licenses for the generation, producer to purchase the full output of a 25 MW transmission and distribution of electricity; hydro plant, presently under construction and (c) the powers of license holders; and expected to be in service by early 1995. The (d) transfer of the assets of BEB to a successor company is also presently negotiating the company, Belize Electricity Limited (BEL). purchase of 25 MW from the Mexican government owned utility. 6. An important feature of the new Electricity Act is the establishment of a licensing mechanism for the granting of licenses Background authorizing any person or company to generate, transmit or distribute electricity in a specified 2. The Belize Electricity Board (BEB) was "authorized area". The new Electricity Act established in 1950 as the sole authority for moves away from the exclusive supply rights generating, distributing, supplying, and selling provided for BEB in the previous Electricity energy for both public and private use in the Ordinance, and provides instead an environment country. Initially BEB was primarily for competition under a licensing system. responsible only for supplying electricity to Belize City, while supply in the districts was the 7. Another new feature in the law is the responsibility of the town councils. establishment of a high level position, that of Director General for Electricity Supply, to assist the Minister of Energy and Communications in Belize - Power Sector Reform Dissemination Note administering the licensing mechanism, enforce objective of the sale of the Government's regulations and in all other matters concerning remaining shares in BEL would be to place the the implementation and application of the majority of shares in the hands of a core Electricity Act. The Director General's main investor with the experience necessary to duties include: (a) ensuring that all reasonable successful manage an electric utility. The demands of electricity are satisfied; (b) securing interests of Government and the public will be that license holders are able to finance the protected through Government retention of a provision of services they are authorized to carry "Golden Share" with rights limited to approval on; (c) promoting competition in the supply of of subsequent sales of shares, and the electricity; (d) protecting the interests of the implementation of the regulatory framework, consumers; (e) promoting efficiency and established in the Electricity Act of 1992. economy of electricity supply and use; and (r9 controlling safety regulations and standards. 11. As the holder of a Special Share, the The Director General is also authorized to Government has the right to appoint two of establish by-laws with respect to electricity BEL's Directors, and as long as the Government supply activities. is the holder of the Special Share and of at least 25 percent of the issued share capital, it may also appoint the Chairman of the Board. Of the Ownership Changes current nine directors in the BEL's Board, six have been nominated by the Government. 8. In accordance with the new Electricity However, three of the Government nominees Act, the assets and liabilities of the former come from the private sector while one Belize Electricity Board, a Government agency, represents BEL employees. were transferred to Belize Electricity Limited, a company incorporated under the Companies Act of Belize. The Government granted BEL a 15 Independent Power Production year license to generate, transmit and distribute electricity in all the areas where the former BEB 12. Pursuant to the 1992 Act, a private operated, covering about 75% of the country. developer group, led by Dominion Energy, Inc. of Virginia, U.S.A. is implementing, under a 9. In 1992, Government offered for sale 40-year BOT and power purchase agreements 49 percent of the shares and all the debentures with the Government and BEL, the Mollej6n of BEL. The offer was opened on October 5, hydroelectric development, a run-of-river 1992 and closed on January 15, 1993; 37.5% of 25 MW hydroelectric power plant, its associated the shares were sold. The remaining 139 km, 115 kV transmission line from the plant 11.5 percent were purchased by the state-owned site to Belize City and three intermediate Social Security Board. The Government has substations. Construction of the hydroelectric indicated that as a policy, during the transition plant and its associated transmission system is period to a private majority or fully private underway. Completion of the first unit is ownership of BEL, it will deal with its shares in expected by December 1994 and all three units BEL as an investor and not as a manager. will be completed by March 1995. The estimated total cost of the project is US$ 59 10. The Government is currently considering million, including US$ 6 million of financing options to transfer its remaining 51% shares in costs. The average yearly energy production has BEL to the private sector. The primary -2- Belize - Power Sector Reform Dissemination Note been estimated at 110 GWh, or about 71% of program of loss reduction was therefore started present requirements. in March 1992 and by December 1993 BEL had achieved a reduction of losses to about 10.5%2 International Interconnections 16. The Government has met its agreement to ensure that public sector bills are paid within 13. To firm up the capacity of Mollejon, the 60 days. This has been an important factor in output of which is highly variable and supply keeping receivables at a low level and an additional power and energy for the adequate cost flow. interconnected system, BEL is negotiating a long termn electricity supply contract with Mexico. Power and energy (up to 5 MW) are presently Prospects being purchased from the Mexican government utility, CFE. In order to effect the larger supply 17. Electricity power and energy demand requested by BEL to cover its 10-year demand requirements for the medium-term in Belize will requirements, the CFE plans to increase its be covered mainly by a combination of transmission capacity and expects to be in a indigenous hydroelectric resources, developed by position to supply a total of 18 MW by 1998 and the private sector, and imports from Mexico the maximum 25 MW requested by 2003. (both sources would be available in the near future through projects being implemented at present). This trend most probably will continue Rural Electrification in the future. 14. Following the arrangement between the 18. New generation in Belize will be in the Government and the former BEB, BEL hands of private developers. The future split undertakes electrification of rural villages on between imports from Mexico and local behalf of the Government and receives generation will depend on the economics of the reimbursement for investment costs but not for available alternatives and the requirements of operations and maintenance which are financed local reserve for reliability and security reasons. through cross subsidization from the urban areas. Pursuant to this arrangement, nation-wide 19. Due to the size of the market and the electrification has already reached more than electrical system, both transmission and 80 percent. distribution will continue integrated in the hands of BEL for the foreseeable future. It is expected that the private sector will eventually own the Financial and Operational performance majority of BEL's shares. 15. BEL's system losses have been high in the past. In 1984, when BEB first introduced Conclusions loss reduction measures, the total losses were about 26.5% of net generation. As a result of 20. By corporatization and introducing the implementation of a Bank financed project,' private sector equity participation and the losses had been reduced to 14% by 1991. The corresponding membership in the Board of reduction was not totally sustained and in 1992 Directors, Belize has managed to improve the losses increased to about 16%. A supplementary performance of its utility. The possibility of -3- Belize - Power Sector Reforn Dissemination Note new licenses now allowed and the IPP being Annexes: developed will go a long way towards ensuring sustainability of the improved performance. In Summary sector description recognition of the small size of the system, Map Belize has not attempted to institute direct competition in generation. Endnotes 1. Loan 2449-BEL of 1986. 2. This figure represents basically subtransmission and distribution losses on existing facilities. With the implementation of the new 115 kV transmission plant it is estimated that losses will increase in around 2.5% -4- BELIZE POWER SECTOR DATA SUMMARY SHEET NE 'LDAT Epoye42 50 Cuistomers e Emlye7 69 ~~~~~~~~~~~~~. . . . . . . . . . . .. . . ,.-- . . Are 'O0SqK 2 23.0 WeIizes per .... 2 2.00 ,., .... ......, . G,.D?S-, ilio of tT' 311 45 198 SpaiEnr cnupto e A N ecj Shies Growth....................... -ate,-;. . rg(wIE % 25 25................... 88~ ~oisui~, pe~ ~p~~a*1~7. . 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I. - ... ..........., ...'... .:...- IBRD 25745 8s*a* 8VS30, les'oo 8r30' 18-3o ,/chgn;chetunuail q~~~~~- M E xI CO ¶630 a ( Cbet ° s:/ n . M E X I C O PatchacangCosozztl --. E Lo ylsawt| e SanVitrt I}>'-.e4 Douglasi3 a .'; ? 5 /ci S'y J c4 Z t2nge'ihaI DISTRICT G 8 0t; - / g < St /am¶tita1ABERGRIS iO*OO (/ 1 } Pine Ridge4i\ )/./ glas~~~~~~as~l Noustat San Anelipe0 OROZAL --A NeusiaC (SanFeiipe ) X \ m ii ~~~BELIZE --NG - AL i' S . nt a Cohj SECONDPOE ~~ DISTI~~ CCT ng k DISTRIPOWE ;ilo' ! , i'it S anvd! BELIZE ELECTRICITY LIMITED (BEL) Ladg . dyv !. i' *r3~~~~~~~~~~~ eie )3°, _E L 9+ t r0 ,ELl E - _ , ,-F I 1.;e ' i^ 44w / L / @\ ISiANDiS Dole. V I / ! o - : rs wO 7wb \1 X]|s;\ g Proposied 115 kcV iin. <: / * Kianl9nai-iG v ~~~~~~~~~~~~~~ces ee <*-v Proposfled 34.5 kV Subsoorine Cobs. I _ ff3 nqua t t ; _ | 2~~~~~~~~~~~~~~~~f Proposed Subshtiotlo ~~| Ylelei drel i armen Middisex t i A _ _ _ _- - - 115 kV Line. Under Constuctior 1t730. k I-,' CAYO DISTRICT 3 A g n g a ,.' |UnderComitructiUe suoon ' !,^ 4 STANN ( 4 jl 'i / ~~~~~~~~~~~~~~~ [ Substations. Under CanstnscIian f J RE .Jv> * E>sisting Diesel Power Stotions _ ~~~Kendial sS *i q * Main Roods j /' ~~~~~DISTRICT | ,:i\!c° Other Roads [~~~ ~ ~~~~~~~ I /' | Notional Capital 1ze cRr u it, District CapitOls 1/ _ t> MILES O1 o 3 TOLEDO HeR rIjT U , r30h ISten Antonlo MedinFalt _g_J0ie G Prop USAekVtin e 30 o a Prosa 34o kVi Line@e5> GUI ML C4-.,. Putt , ¢bo goh,on, O,,J3co--J @nr F H oe bttiorrsot rar riny jtn°onoYr titmt°t>S g 4 >,,, >, C-rshrpozAPS 19 GUATEMALA ~ ~ ~ ~ ~~~~~~~~~~~~~~~~~~~~~~~Eitn Oiwe Po-o St Peatco.oP>i>vro ,, DISTRICT~~~~~~~~~~~~~~~~~~~~~~~~~~~~~AR, Othr Rad