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that the new license provided to BEL when Fortis Inc. became the majority owner did not specify exclusivity rights. In practice, though, BEL is the only operating business in the sector. Since Fortis Inc. is the majority owner of BECOL, the Canadian-based company controls all hydroelectric production in Belize, transmission, and the distribution of electricity. The Electricity Act makes no distinction between national and foreign companies, and there are no requirements on national ownership or management. The Electricity Act requires the PUC, inter alia, to: ensure that all reasonable electricity needs are met; ensure that license holders are able to finance the business for which they are licensed; protect the interests of consumers in general, and in particular in rural areas. The authorities note that the Government of Belize pays the difference, if any, in the supply of electricity in rural areas. Tariffs and rates are regulated by the PUC. Private individuals are allowed to operate their own electricity generating units. However, they must be licensed if these exceed 75 kW. The supply of electricity is exempted from the sales tax as it is considered an input in the production of other goods. The authorities note that exemption must be sought from the Ministry of Finance on a case-by-case basis. The legislation does not contemplate tax incentives for those who generate electricity by means of renewable energy technologies. 2.2.3 Petroleum Sub-Sector Currently there are no refineries in Belize and the country is served primarily by refineries from the Netherlands Antilles and, to a lesser degree, the United States. Tankers dock at the Port of Belize in Belize City every twenty days with refined fuels (carrying about 75,000-100,000 barrels per shipment). Refined fuels are delivered to service stations by trucks and barges in the case of small islands or keys located across the coast of Belize. Main petroleum derivates used are gasoline, kerosene and diesel, supplied by three main retailers: Esso Standard Oil, Shell Belize and Texaco Belize, and imported by the sole commercial importer, Esso. Petroleum products are sold in small, regulated open markets of about 70-85 service stations operated countrywide. In 2002, about 6,000 barrels of petroleum per day were imported for domestic consumption. That same year, oil represented 66% of primary energy consumption in both transport and power generation (see figure 8.1). In 2006, Belize began producing small amounts of oil2 —about 2,600 barrels per day (2007).3 The company leading this venture is Belize Natural Energy Ltd. (BNE).4 BNE manages exploration activities at the Spanish Lookout site, located to the west of Belize’s capital, Belmopan, in the central region of the country, in the 2 In the form of 38Þ-gravity API 3 Energy Information Administration; http://tonto.eia.doe.gov/country/country_energy_data.cfm?fips=BH 4 New York Times, Touched by Oil and Hope in Belize http://www.nytimes.com/2006/02/21/business/worldbusiness/21belize.html?_r=1 11PDF Image | ENERGY POLICY ASSESMENT OF THE ENERGY SECTOR IN BELIZE
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