Belize power company heads to court

The country\'s sole electricity provider has announced its decision to legally contest a decision by the Public Utilities Commission, to deny a rate hike for the second time this year.



BEL\'s President and Chief Executive Officer, Lynn Young, said the ruling threatens the financial health of the company.



She said the company would not be able to meet its financial obligations if the increase is not granted.



The Commission said the existing rates would remain in effect for the annual tariff period July 1, 2008 to June 30, 2009, until otherwise adjusted under the new Rate Setting Methodology.



The new methodology will reportedly provide for an automatic adjustment mechanism, to change the cost of power component of rates on a monthly basis to reflect the current price.