BVIEC spending more than earning- Info in HoA reveals
Information disclosed during the 11th Sitting of the 3rd session of the 4th House of Assembly on August 19, 2021, has revealed that BVIEC’s yearly expenditure has been exceeding its yearly revenue, at least since December 2018.
Premier and Minister of Finance, Hon Andrew A. Fahie (R1) was asked by Leader of the Opposition Hon Marlon A. Penn (R8) “what was the dollar amount of revenue and total expenditure for the BVI Electricity Corporation for the periods 1st January through 31st December 2018, 1st January through 31st December 2019, 1st January through 31st December 2020 and 1st January through 10th May 2021 respectively, inclusive of all the details of the revenue receipts and expenditure for the same periods?”
Revenues
Premier Fahie replied: “For the period 1st January through 31st December 2018, the audited revenue receipts were $46,297,458.00. For the period 1st January through 31st December 2019, the audited revenue receipts were $51,912,051.00. For the period 1st January through 31st December 2020, the unaudited revenue receipts were $44,390,452.00. For the period 1st January through 10th May, 2021, the unaudited revenue receipts were $12,775,964.00.”
Expenditures
The Premier then gave the total expenditures for the same periods.
“For the period 1st January through 31st December 2018, the audited expenditures were $58,380,895.00. For the period 1st January through 31st December 2019, the audited expenditures $58,195,351.00. For the period 1st January through 31st December 2020, the unaudited expenditures were $44,374,902.00. For the period 1st January through 10th May 2021, the unaudited expenditures were $13,322,535.00.”
Revenue vs Expenditure
According to the information presented, in 2018 the expenditure exceeded revenue by 12,083,437.
In 2019, expenditure exceeded revenue by 6,283,300.
In 2020; however, revenue was $15,550 more than expenditure.
For the period January 1 to May 10, 2021, expenditure exceeded revenue by $546,571.
This information comes as residents continue to complain about the inflated cost of electricity in the face of a pandemic and massive joblessness.
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26 Responses to “BVIEC spending more than earning- Info in HoA reveals”
More raising of current bills. Thank God it no expats alone feeling it. Wow.
In 2018 there was massive expenditure to repair the damage caused by IRMA which should also lead into 2019. By 2020 there was massive profit to offset most of that capital investment of the two previous year. Like wise, this year there should be a decent profit unless we get another devastating hurricane. So if there is no hurricane this year there should be a good ease up on the fuel charge for US. However prior to Irma we have quite a few years of no hurricane and I am assuming good Profits that should have been invested in Solar energy long ago.
Our bill is usually under $15, so we pay $250 in advance and never have an issue. Why so little? Conservation. Small, efficient fridge and washing machine. No dryer, no dishwasher, no A/C, no TV, no stereo. All LED bulbs.