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BEC outsources disconnection exercise
The Bahamas Electricity Corporation (BEC) has outsourced its disconnection exercise in light of the heavy volume of consumers whose accounts are in arrears, The Nassau Guardian has learned.
BEC's Public Relations and Corporate Programs Officer Arnette Ingraham said BEC hired 10 temporary workers to carry out the disconnections. She said whenever there is a need for additional personnel, BEC outsources work.
While Ingraham would not provide the number of people whose supplies have been cut over the last few days or the number of people still facing disconnection, she encouraged customers to make an arrangement with the corporation.
"Put something on the bill and work out a reasonable payment plan," Ingraham said. "Disconnection is always a last resort but there are some [instances] where we have to force the hand of our customers.
"We have high receivables so we have to disconnect. We want people to come in and make payment arrangements as it is not in BEC's best interest to disconnect."
BEC warned earlier this week that it is "intensifying its disconnection exercises" on all overdue accounts.
BEC said Sunday, "Effective immediately, the corporation intends to disconnect the electricity supply on all accounts with substantial arrears and where payments have not been made in accordance with BEC's billing policy.
"This includes customers who have made payment arrangements but are not honoring those commitments."
Ingraham said many customers took that warning seriously.
"Disconnections are being received well," she said. "Hundreds in the last three days have come in. "These people have been able to avoid having the supply disconnected."
Last year, BEC began offering payment plans to customers whose accounts were in arrears. However, officials said many of those people are not sticking to the plan.
To date, as many as 5,000 households remain without electricity because of non-payment, BEC officials said.
BEC General Manager Kevin Basden said last month that delinquent customers owe the state-run power provider as much as $14 million.
He added that disconnections are made on a daily basis.
The Discovery will be missed
It seems that when things cannot possibly get any worse in Freeport, they do. For some time now the economy of Grand Bahama has been in critical condition, going from bad to worse with no indication that there will be any improvement or turnaround in the near future.
BTC disconnects lines ahead of Irene
Nassau resident Gregory Saunders was shocked yesterday evening when - amidst all of his Hurricane Irene preparations - he found his home telephone line disconnected.
"It was bad timing," he told Guardian Business on his cell phone. "If they had done it from Monday and gave us some days to work with, at least we would have had Tuesday to pay it.
"But the day before the hurricane? I don't think anybody's phone should be off right now until next week sometime."
He was not the only one. The Bahamas Telecommunications Company's Vice- President of Marketing Marlon Johnson said the apparent disconnections on Tuesday affected "a handful" of customers. They were customers in preparation for a category three hurricane charging full steam ahead at the chain of islands.
Up to Wednesday, Irene had barreled through Puerto Rico with heavy winds and rains in tow.
It's a situation that even surprised some of the workers at BTC when Saunders called their customer hotline Tuesday night to inquire about the situation. For Saunders, the automatic disconnection had been an error that needed to be sorted out.
Johnson explained that the customers were not intentionally disconnected before the hurricane, given there was an automatic disconnection system. However, due to "technical issues" some customers found themselves cut off from communication as they battled with the approaching storm.
Complaints about the disconnections have sparked BTC - now operating under new majority shareholder Cable and Wireless - to discontinue suspensions until after the hurricane has passed.
"We will stay inactive until the hurricane warning has been lifted," Johnson added. "We do also want to encourage persons to appreciate how essential it is to keep bills current so they are not faced with an inoperable phone.
"It should be a priority to keep your phone on [because] it's critical to have access to your account."
Still, Saunders asserts efforts should have been made prior to the disconnection to ensure that nobody would be in the situation he found his self in.
They are similar to arguments made recently in the state of Maryland, when the Baltimore Gas & Electric company last month powered down air conditions on one of the hottest days on record in that. It was part of a normal program to conserve energy. But afterwards, many of their customers complained that someone should have had the foresight to keep it on.
It's Saunders' sentiment exactly, even after his service was restored Wednesday.
"They were wrong for that," he said. "That was more than an inconvenience."
NIB calculating impact of discount rate cut
The National Insurance Board (NIB) is busy assessing how a reduction to the Central Bank's discount rate will impact its earnings prospects as it seeks suitable alternative investments for the fund.
The 75 basis points cut by the Central Bank took the discount rate from 5.25 percent to 4.5 percent, effective Monday, June 1. While it was welcomed news to many, for the NIB it means less income from the substantial government securities in its portfolio and a search for low-risk alternatives with a suitable return.
"We will consider all the investment opportunities available in our investment policy statement to manage any impact in reduction of revenues to the fund as a result of the reduction in the discount rate," director of the National Insurance Board Algernon Cargill told Guardian Business yesterday.
"We are currently assessing the impact of the change on the discount rate and will look for more creative and risk averse investments to ensure that we continue to maximize the investment opportunities for the fund resources."
Other pension providers and insurance companies will face some of the same challenges.
Pension funds have an actuarially assumed rate of return that must be met over a long period of time to satisfy all future pension benefits, Ken Kerr, president of Providence Advisors told Guardian Business yesterday. He explained that investors, particularly those in fixed income securities, will likely be unable to achieve the same levels of interest that they would have become accustomed to over the many years -- the last time the discount rate was changed was February 2005.
For pension companies, it will mean increased liabilities. The discount rate factors into calculations for future obligations - the lower the discount rate the higher the obligation that the pension will have to meet, Kerr said. Investment managers will likely have to be more aggressive in searching for investment opportunities.
There will still be opportunities for pension funds and investment managers to meet their liability obligations, according to Kerr, though they will have to adjust their risk profile and search for investments that offer yield growth. In traditional textbook terms, a fall in rates for fixed income securities means a more attractive equity market. Investors may turn from deposits that earn lower interest rates to equities, with capital growth and dividends earning potential.
Kerr cautioned that before making such a decision investors needed to thoroughly research the companies and their underlying fundamentals before investing.
Central Bank slashes discount rate to 4.5
Bahamians can expect some relief in loan rates with The Central Bank of The Bahamas knocking 75 basis points off the discount rate, reducing it to 4.5 percent yesterday.
For Bahamians and local businesses it could translate into a lightened burden for servicing existing loans, and borrowing for future projects should be less costly. Several leading Bahamian businessmen told Guardian Business yesterday that the rate reduction is welcomed, even if late.
"I think its long overdue in the sense that throughout the world and especially the western hemisphere the monetary policy response to the great recession was to lower interest rates in terms of providing additional stimulus to the economy," former Minister of Finance James Smith told this newspaper yesterday.
"In The Bahamas it seems to have taken a very long time, but it is a welcomed position to take."
With yesterday's announcement, the Central Bank is expecting to see financial institutions drop the prime rate from 5.5 percent to 4.75 percent, adjusting their lending schedules accordingly. While the discount rate represents the rate at which banks would borrow from the Central Bank and is under its direct control, the prime rate represents the lowest rate at which money could be borrowed from licensed banks and financial institutions. Banks usually have about three months before they must implement any changes.
Bahamas Chamber of Commerce and Employers Confederation (BCCEC) Chairman Khaalis Rolle said that while the rate reduction will ease the burden for many, businesses would have benefitted more if the relief had come earlier.
"It is welcomed news however late it may be," Rolle said. "I think considering some of the factors involved in the condition businesses faced at the outset of the crisis, I would have liked to have seen this done sooner. But its never too late."
Many businesses are struggling to recover from what Rolle described as "already out of control corporate borrowing issues," with not just the aggregate arrears continuing to mount, but the average number of days in arrears growing too. According to the Central Bank's April financial developments report private sector loan arrears were up $34.1 million or 3 percent, to $1.17 billion that month. Arrears in the short-term tranche of 31-90 days were up 5.1 percent or $24 million, while non-performing loans in excess of 90 days increased 1.5 percent or $10.1 million.
Rolle does not feel that businesses will generally be in the position to borrow a lot, though he said many may still benefit from the restructuring of their existing loans to a lower rate, where they may not have had variable rates previously.
"It's not a silver bullet, but every little bit helps," Rolle said.
Smith said that from a business perspective, much of the lending that takes place is in the form of overdrafts, which should see a quick reduction as a result of the discount rate decline.
As it turns out, had the credit sector generally been in better condition, the discount rate may have remained unchanged. Central Bank Governor Wendy Craigg told this newspaper yesterday that domestic credit, particularly in the private sector, is 'very mild'. With weak demand for credit, there is less pressure on the bank's foreign reserves to feed the additional credit demand.
"The existence of significant slack in the economy removes the near-term threat to the external position from an expansion in credit growth -- which has been muted at some 0.7% for the six month period to end April 2011," read a Central Bank release announcing the rate change.
Smith explained that it might have been a good time for the discount rate reduction from the Central Bank's perspective, as during the recent recession, unemployment and poor loan performance made the likelihood that increased credit would threaten foreign reserves positions unlikely.
In addition to the state of domestic credit, other factors leading to the rate reduction included an overall improvement in external reserve positions over the last two years, and prospective opportunities to keep foreign reserve levels high as the global economic outlook -- and by implication the local economic outlook -- improves.
"With an improved outlook particularly in tourism and foreign investment, we know that it would provide additional growth opportunities for external reserves so the external condition in terms of maintaining the stability of the exchange rate regime will not be in jeopardy," Craigg said.
Ironically, rates are often reigned-in or left untouched as economies expand as a safeguard against excessive inflation. Rates are often reduced as economies contract to stimulate economic activity.
For the average Bahamian consumer, the reduction means a year-and-a-half fight is over, according to retired Senior Banker Al Jarrett.
"At last the Central Bank has seen the wisdom in doing this when non-performing loans are at an unprecedented [high]," Jarrett said.
According to the retired banker, the move should help many Bahamians to save their homes and assets, with some additional breathing room to service their loans.
"I thank the Central Bank for a good policy decision and commend them for a good decision," said Jarrett, adding that he would have preferred a full percentage knocked off the prime rate.
Smith also congratulated the bank on the move. Some, he said, would argue that the flipside of the benefit to borrowers -- a penalty to savers -- would justify staying the course and leaving rates where they were.
Businesses that are obligated to make fixed payments to customers over time may find their liabilities increase as a result. They are likely to see lower rates in their investments. It is a consideration for insurance companies, defined benefit pension plans and the National Insurance Board, for example.
But savers are borrowers too, Smith said, though borrowers are more numerous.
"There are more borrowers than savers, so more people will be better off," Smith said.
The last time the Central Bank reduced the discount rate was in February 2005, a 50 basis point reduction that brought the rate to 5.25 percent.
The prime rate fell comparably then, from 6 to 5.5 percent.
Skin Discoloration Affects People of all Races and Colors
Skin discoloration is a problem we all face at different times of our lives. It attacks the young and old, and it is no respecter of persons. It affects all races, color and creed. It can be a problem for many people, particularly women and those in professions or hobbies in which their physical appearance is the first thing people see.
BEC intensifying disconnection exercises
The Bahamas Electricity Corporation (BEC) has warned that it is "intensifying its disconnection exercises" on all overdue accounts beginning today.
"Effective immediately, the corporation intends to disconnect the electricity supply on all accounts with substantial arrears and where payments have not been made in accordance with BEC's billing policy," said a statement from the electricity corporation yesterday.
"This includes customers who have made payment arrangements but are not honoring those commitments."
BEC offered a payment plan to customers whose accounts were in arrears, however, BEC officials said many of those people are not sticking to the plan.
To date as many as 5,000 Bahamian households remain without electricity because of non-payment, BEC officials said.
BEC general manager Kevin Basden said the number of homes without power remains in the thousands, despite several programs to restore power to delinquent customers and work out convenient payment plans.
During an interview with Basden last month, he said that delinquent customers owe the state-run power provider as much as $14 million.
He added that disconnections are made on a daily basis.
"As the corporation increases its disconnection exercises, customers are advised to bring their accounts up to date to avoid service disruption. Additionally, BEC continues to offer affordable payment arrangements to customers experiencing difficulty paying their electricity bills. These customers should come in to BEC's Blue Hill and Tucker Roads location or Mall at Marathon location to speak to a customer service representative as soon as possible," the statement continued.
It added that only BEC representatives can disconnect service to consumers.
"For security purposes, customers are reminded that only authorized BEC personnel are allowed to access meter boxes. BEC disconnecters are dressed in BEC uniforms and/or wear a vest embossed with the corporation's logo."
All disconnecters drive a BEC vehicle or a vehicle with BEC's decal, the statement said.
Customers who are concerned about any individual who presents themselves as a BEC representative are asked to contact 302-1682-5 or 302-1624.
Discovery Letter 2011
Happy
Discovery Month, Bahamas! Another October month is upon us, the five
hundred and nineteenth (519th) since 1492. That celebrated Discovery
for the Europeans through the lead sea captain and explorer, Christopher
Columbus, was a new awareness to the Europeans, which established a new
trading route and link between the 'old world' and a 'new' hemisphere,
the Americas. This 'new world' was always there, however, it was a
discovery to the Europeans who acquired for their first time the
knowledge of its existence.
Discovery is the attainment of knowledge or awareness of things not known of before. People are discovering every day...
Discovery Letter 2011
Happy
Discovery Month, Bahamas! Another October month is upon us, the five
hundred and nineteenth (519th) since 1492. That celebrated Discovery
for the Europeans through the lead sea captain and explorer, Christopher
Columbus, was a new awareness to the Europeans, which established a new
trading route and link between the 'old world' and a 'new' hemisphere,
the Americas. This 'new world' was always there, however, it was a
discovery to the Europeans who acquired for their first time the
knowledge of its existence.
Discovery is the attainment of knowledge or awareness of things not known of before. People are discovering every day...
GBPC reconnects 50 of disconnected homes
More than 120 customers of the Grand Bahama Power Company (GBPC) have had their lights turned on after signing up for the firm's residential customer reconnection program.
GBPC officials released the numbers to Guardian Business exactly one week after the program's cut off date for interested customers to join.
Philcher Grant-Farquharson, corporate communication officer at GBPC, noted that the program has been progressing really well, as just over 50 percent of its disconnected customers have been reconnected as a result of the program.
"We are very pleased with the reaction that we have been getting from our customers," she explained. "Based on our estimates, 220 of our residential customers were disconnected due to non-payment. I can report that 121 persons have signed up and joined the program."
Through this initiative, Grant-Farquharson noted that they hope to ease the burdens of its customers, considering today's economic climate on that island.
"This program isn't about generating income for our company. It was really a chance for us to reach out to our customers. We only required them to pay one month's bill and then we put them on a generous three-year payment plan," she added.
Last month, GBPC launched its reconnection program for those residents who have had their electricity disconnected for non-payment.
"The Grand Bahama Power Company understands that a number of our customers have been struggling due to the tough economic climate in Grand Bahama," said Katherine Demeritte, GBPC's customer service director.
These customers were given two weeks from March 26 to April 10 to come in to the GBPC's Freeport location to register for the reconnection program.
Grant-Farquharson pointed out to Guardian Business that this reconnection program is only one of their payment plan options that are available to them.
She continued: "We told our customers that we will work with them. We encourage those customers to come in and speak with one of our representatives and arrange a payment plan."
The GBPC was seeking to bring relief to those residents that experienced the similar fate on Grand Bahama.
"When we were approached by the government about offering a residential reconnection plan for our customers, we thought it was the right thing to do," Demeritte explained.
The program required qualified residential customers to agree to a three-year payment plan for the balance of any arrears, and to pay one month's bill.
The company waived the standard reconnection fee. Failure by the customer to properly service the plan will result in the plan's cancellation and disconnection.
Earlier this week, head of BEC's corporation communications Arnette Ingraham noted that a total of 7,313 people have signed on to the program offered by the utilities company.
"It is the most we have ever done," she said. "Even when we did it in the past, it hasn't been this high. What we offer now is a bit more friendly than before. The last time you had to pay one-third of the outstanding balance and the rest over time."
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