Light & Power after Dominican plant

Barbados’ lone electricity company is on the verge of acquiring its Dominica counterpart. Light & Power Holdings Ltd. announced today that it had signed a letter of intent to buy controlling interest in Dominica Electricity Services Ltd. from WRB Enterprises Inc. of Tampa, Florida. At the same time, LPH, which is Barbados Light & Power Company Limited’s parent company, said it would be partnering with WRB on regional renewable energy projects. Officials said those involved were “working to complete the transaction before the end of 2012”. LPH Managing Director, Peter Williams, said the imminent acquisition was “consistent with our strategy to build a business of scale in the Caribbean”. “We believe our operational expertise, and our commitment to stabilising customer costs by introducing alternative sources of energy for electricity generation, create new potential for adding value to the benefit of customers in Dominica,” he stated. “We also look forward to maintaining a productive relationship with local investors, including the Dominica Social Security Scheme.” WRB President, Bob Blanchard, Jr. said selling to the Barbadian company, which is owned by Canada’s Emera Inc., was in DOMLEC’s best interest. “WRB is proud of our association with DOMLEC, and with accomplishments at the company over many years. This has not been an easy decision but we have come to know LPH and believe this decision will enhance the capacity of DOMLEC to serve its customers,” he said. He added that his company was working with LPH to implement a continuity plan to ensure change of control activities occur with customer service and employee alignment as a priority. As BL&P is to Barbados, DOMLEC is Dominica’s sole electric utility and provides service to 34,000 customers. WRB owns 52 per cent of DOMLEC, with 21 per cent held by Dominica Social Security Scheme and the remainder by other investors. The Dominican utility was once government owned. (SC)

Leave a Reply

Your email address will not be published. Required fields are marked *