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Posted by: dfr3xcda16 (IP Logged)
Date: April 08, 2017 05:41AM

Despite expending billions of dollars to upgrade operations to reduce technical and commercial losses, the state-owned Guyana Power and Light Inc (GPL), continues to operate at a loss. From 2007 to 2011 the company had capital investments totaling $33B, says GPL?s 2011 annual report.Winston BrassingtonThe company?s annual reports for 2012 and 2013 were not laid in the National Assembly.In 2007, GPL recorded 33.9 percent in technical and commercial losses and 31.6 percent in 2011. After four years and the injection of billions of dollars, the company was only able to secure a mere 2.3 percent loss reduction.With loans being granted by international financial institutions for upgrades, the undesirable performance of the company would essentially burden this and future generations. Yet, without a comprehensive study, Government continues to derive figures that would supposedly rectify the company.This is according to Ramon Gaskin, Financial Analyst and former Chairman of GPL?s Board. His sentiments are echoed by several technical personnel attached to GPL, who are displeased with management?s incapability of finding sound solutions and execution of projects relevant to Guyana?s situation.In October 2008, Government signed a Memorandum of Understanding (MOU) with the EXIM Bank of China for US$39.6M to implement GPL?s transmission programme. And, the company was expected to benefit from an IDB/GOG US$5.5M facility in 2012 to assist in its loss reduction,[url=http://www.cheapnfljerseysmr.us@#$%&/]NFL Jerseys Supply[/url], GPL?s 2011 annual report said.However, Winston Brassington, Chairman of GPL in the company?s 2011 Annual Report, said losses increased from 31.3 percent in 2010 to 31.6 percent in 2011. Technical losses increased from 14.3 percent in 2010 to 14.5 percent in 2011. This was largely on account of the transmission and distribution network, reflecting its aged and limited capacity relative to demand.Therefore, the reduction of technical losses requires significant capital investment. It is hoped that the US$39M infrastructure development project currently ongoing would greatly assist in improving the network and reduce the level of losses, Brassington said.GPL is currently building a US$26M Wartsila power plant at Vreed-en-Hoop. It also added another power plant at Kingston, Georgetown.According to Gaskin, the execution of the transmission upgrade programme should have already been implemented since the MOU was inked in 2008. In addition, the loss reduction should have been 12 or 15 percent.Gaskin pointed out that in 1999 when the Guyana Electricity Corporation was sold to CDC/ESBI (Electricity State Board of Ireland), an agreement was made with Government to reduce total losses by 12 percent over a five-year period.But,[url=http://www.cheapjerseysnear.us@#$%&/]jerseys nfl wholesale[/url], because of CDC/ESBI?s failure to achieve the 12 percent loss reduction in 2005 it gave up its shares,[url=http://www.footlockershop.us@#$%&/Eqt-10/]http://www.footlockershop.us@#$%&/Eqt-10/[/url], making the Government of Guyana and by extension taxpayers, the owners of GPL.Ramon GaskinGaskin stressed that 14 years later technical and commercial losses of GPL are 31.6 percent and this is unacceptable.With GPL Transmission Upgrade programme nearly completed Prime Minister Samuel Hinds said, ?For the first time, sub-stations?at points in the network, will about halve the load on feeders, with consequential improvements in technical loss-reduction, greater conformity with the standard voltage levels, and reduced trips.?But similar considerations apply to the secondary distribution circuits and feeders, and GPL Inc. is working at this, the Prime Minister assured. As a matter of fact, the official warned, it could cost twice as much as the transmission upgrade ? about US$100M.The Prime Minister said that the US$100M figure mentioned is simply a ?rough estimate? and not based on any definitive study. Such a study would require several million dollars and a number of years, according to Hinds,[url=http://www.cheapnfljerseysmr.us@#$%&/]NFL Jerseys Outlet From China[/url], depending on the level of specificity required.This reasoning by Hinds was rejected by Gaskin, who stressed that Government should invest in a comprehensive study because GPL continues to experience losses. For instance, in 2011 the company experienced an after tax loss of $3.3B.The company blamed its 2011 loss largely on rising fuel costs. The 2011 annual report said that in 2011 the fuel cost was $22.5B,[url=http://www.cheapjerseysnear.us@#$%&/]cheap nfl jerseys online[/url], a $5.9B increase over the 2010 figures.But, according to Gaskin,[url=http://www.cheapnfljerseysmr.us@#$%&/]Cheap NFL Jerseys Supply[/url], 32 percent of the fuel used to generate electricity is wasted on producing electricity that is not sold to anyone. Therefore, if the company halves its technical and commercial losses it would break even.While the company continues to generate a loss, managers have been rewarded with hefty salaries. In 2006, the remuneration paid to 15 key management personnel totaled $165.9M. This amount was increased to $244.7M in 2007. And,[url=http://www.cheapjerseysnear.us@#$%&/]cheap nfl jerseys china[/url], in 2011 remuneration paid to 32 key management personnel totaled $318M.According to technical personnel of GPL, while the number of key management personnel of the company has doubled, it is questionable how many of them are capable of running a technical company.He said that a study should be conducted to see the qualification and experience of the management staff. He believes that GPL is equipped with technical qualified staff at the lower level, who would be able to contribute to effective decision making of the company. However, this would require the depoliticizing of the company, he added.The staff related that GPL lacks a think tank group to study solutions relevant to Guyana. GPL should be looking at solutions relevant to Guyana rather than at solutions that work for other countries.



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