The Progressive
Liberal Party is deeply concerned over the very serious financial state
of affairs that has beset the Bahamas Electricity Corporation since May
2007. We are informed that the Corporation is seriously challenged to
pay its oil bill. Just recently Chairman Moss confirmed a BEC oil debt
of over $120 million which represents a sizable amount of the Country's
Foreign Banking Reserves. We urge the government to disclose why BEC is
purchasing Fuel supplies at spot market prices versus forward
contracting and the rate of interest being paid by BEC to its oil
supplier as result of long overdue delay in payments.
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