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Belize Energy Sector Diagnostic PUC 35 In 1992, the same companies entered into an Assignment Agreement, pursuant to which the GOB and BEB (shortly thereafter BEL) assigned the rights and obligations of IEEI and DEI under their agreements to the Belize Electric Company Limited. In September 1992, BEB and BECOL entered into a Transmission Facility Agreement, wherein BEB agreed to provide BECOL with the access to, and authority over, national and private lands in Belize to enable BECOL to perform under the agreement.109 In December 1996, the power purchase agreement was renegotiated and in November 2001, after two prior agreements, BEL, BECOL and GOB entered into the Third Master Agreement. This agreement amended the existing agreements but maintained the substantive agreement between BEL and BECOL, in which it was agreed that BEL would agree to purchase the power provided by BECOL at an agreed price, and would refrain from purchasing from any third party source unless all energy from the project was purchased for the operating year.110 GOB would continue to support and guarantee BECOL’s investment by legislating an attractive investment climate and providing the resources such as land and tax concessions to allow BECOL to bring in its equipment duty free, operate the facility and repatriate its profits. To this end, a number of legislative instruments were enacted. These are: ß Mollejon Hydroelectric Project (Exemption from taxes and Duties) Act, Chapter 59, 1994 (rev. 2000). As its name implies, this act confers upon BECOL exemptions from taxes and duties payable to the Government of Belize, its agencies, departments, and political sub-divisions and other levels of government granted under section 3 of the act. ß Macal River Hydroelectric Development Act, 2003, which grants BECOL the right to design, finance, construct and operate the Chalillo Project, as defined by the Third Master Agreement. The Chalillo Dam BECOL, the IPP who owns the Mollejon hydro electric facility is pursuing the development of the Chalillo Project, an upstream storage and generation facility that will increase average Mollejon hydro energy production by BECOL from 80 GWh to more than 160 GWh. BEL has publicly stated that the increased energy production from Chalillo is the least-cost energy alternative in Belize and will provide a number of significant long-term benefits for customers and for the country. The Chalillo Project is expected to increase reliability of service through more consistent production of electricity and will enable more stable electricity costs due to reduced reliance on fossil fuels. It will also improve energy autarky in direct relation to the increasing demands of energy consumers. Construction of the Chalillo Project was scheduled to commence in early 2003 with completion in 2005. Substantial opposition from environmental groups concerned about the human and environmental effects of constructing a dam on the Macal River has forced BEL/BECOL into court and subsequently to defer the project. In early 2003, the Belize 109 Although the Third Master Agreement between GOB, BEL and BECOL, November 21, 2001 was the source, it is important to note that the Transmission Facility Agreement is a provision of the First Master Agreement and subsequently retained in the second and third master agreements. 110 ibid, section 2.1, pg. 7PDF Image | Energy for Sustainable Development Toward a National Energy Strategy for Belize Energy Sector Diagnostic
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