Headlines:
| JPS suffers Jan to March loss |
|
|
| Friday, 03 July 2009 | |
 The Jamaica
Public Service Company (JPS) is reporting that it suffered a financial loss for
the first three months of this year.On Thursday, the utility company released its January to March results which were quoted in US dollars in keeping with a recent decision to change the currency denomination of its financial data. It revealed a US$1.5 million or J$133 million loss for the quarter. During the corresponding period last year, JPS realized a US$5.5 million profit. The three month loss was linked to a US$67 million decline in revenue which amounted to US$158 million. JPS could see an increase in revenue later this year if the Office of Utilities Regulation grants its request for a tariff increase. Gov't keeping 20% stake of JPS In the meantime, the Government has signalled that it will be holding on to its 20% stake in the JPS.  There were
reports that the Bruce Golding administration was thinking of selling the
shares in order to finance the budget.Energy Minister James Robertson told Parliament on Wednesday however, that the Government had every intention of remaining a shareholder in the JPS which is preparing to expand its operations. "JPS plans to aggressively expand and modernize electricity generation by an additional 500 megawatts over the next five to 10 years. This would involve a mix of energy generation technologies including gas, efficient oil based equipment and renewable energy sources such as wind and hydro power," he said. The other 80% of the JPS is owned by Abu Dhabi National Energy Company and Marubeni of Japan. |