BVIEC is not a 'cash cow'- Dr Neil M. Smith
Speaking during the September 8, 2025, episode of Talking Points on ZBVI 780 AM, Dr Smith said, “We’re a commercial institution that doesn’t get assistance…we get policy assistance, but we don’t get financial assistance.”
He added that everything done at the BVIEC is with a "commercial mindset", though mandated to be "customer-centric".
Co-host Damion C. Grange told Dr Smith, “You know the general perception is that BVIEC makes a ton-load of money…But listening to you, it sounds dismal on that end.”
Dr Smith responded by saying he would not call the situation at the BVIEC dismal but instead “extremely challenging”, adding that the BVIEC is "not a cash cow".
BVIEC is not a cash cow
Dr Smith revealed, “The BVI Electricity Audinance, which was passed in I think it would have been the Legislative Council then in 1978, the rates then are the same rates now.”
Elaborating on that point, Dr Smith said one dollar then is equivalent to about 20 cents today.
“So the BVIEC has to operate with the rates from 1978, which is almost 50 years ago, today, which will just pass through the fuel cost…that’s just a summary of the challenge we have to navigate.”
BVIEC will never advocate for an injection of funding
Further in the program, Mr Grange asked, “Based on your current revenue generation, can you see the organisation developing the way that it needs to based on that, or do you think you will require an injection of funding?”
Dr Smith said the BVIEC will “never” advocate for funding injection, but perhaps a revision of rates.
“We need to continue to evaluate what our future requirements will be and evaluate that in the context of what our current revenue base allows us to do.”
He added that most of the sister electricity companies in the region revise their rates every five years, like in the case of the Jamaica Power Service (JPS); however, they go through a regulator, which the VI does not have.
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8 Responses to “BVIEC is not a 'cash cow'- Dr Neil M. Smith ”
Unfair practices towards consumers and big salaries for persons doing nothing of great importance. Mr Smith its not all about revenues but the most important aspect is the unneccessary operating expenses that the operation has.
Instead of talking about rates talk about where the deparrtment can cut unnecessary cost.