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With almost a quarter billion dollars in gross revenue - BEL is the most money making company in Belize.  And its 17.8 million dollars in profits put it right behind BTL as the second most profitable company in the country. 

And a large part of that success has been owing to CEO Jeffrey Locke’s leadership.  He took the helm of the utility in 2011 when government was forced to take it over from the private majority shareholder, Fortis - which was in a cash flow crisis.  

And while Locke’s tenure has been stellar, he’s told the company that he won’t renew his contract when it expires in June of 2019.  A statement from BEL’s Public Relations Department on his behalf says the CEO gave notice in October 2018, and that it was a personal decision.  The statement adds that he gave the company sufficient time to find a replacement and allow a smooth transition.  

And that search is on.  In today’s newspaper, BEL is advertising a vacancy for a CEO.  Government sources tell us that one of the Prime Minister’s favourite board appointees - who is a former BEL employee - may be the frontrunner for the post.  That’s John Mencias and he told us he has not applied but plans to do so.  Mencias is currently on the BEL, BTL, Central Bank and APBEL Boards - the last two which he chairs.  

We note that the vacancy notice has been published two weeks after BEL asked for a politically unpopular rate increase.  Sources tell us that Locke had friction with minority shareholder Fortis, and that he was frustrated with the politics of PUC’s inability to license low cost power providers.  BEL’s last release called on the PUC to initiate a new request for power, or RFP exercise.