Bright Horizons: Our breakthroughs in Energy Solutions
In 2023, Belize's economy grew by an estimated 4.5%, driven by the tourism, construction, retail and wholesale trade, transport, and business process outsourcing sectors*. The GDP projection for 2024 is at 3.5%, and is expected to stabilize at 2.5% over the medium term. The IMF also forecasts a medium-term unemployment rate of 3.4% and inflation at 1.3%, with fiscal policies favoring increased infrastructure investments, including in the energy sector. This economic landscape points to a rising demand for electricity in Belize and concentrated efforts to develop the sector.
BEL’s Strategic Initiatives
BEL forecasts an average annual energy demand growth of 6.2% in the medium term. To meet this demand, BEL is committed to modernizing its energy infrastructure an enhancing resilience against disruptions. The Least Cost System Expansion Plan 2023 – 2042 (LCEP) is central to this strategy, with projects underway to increase in-country generation capacity, such as the Westlake Gas Turbine upgrade and the installation of a Mobile Gas Turbine in San Pedro, both slated for commissioning by mid-2024. Future investments under the LCEP will enable the integration of utility-scale solar power and battery energy storage solutions.
Grid Modernization and Customer Focus
BEL's Grid Evolution Plan aims to improve transfer capacity to critical load centers, significantly reducing outage frequency and duration. Distribution system upgrades will enhance monitoring capabilities, introduce automation, and enable increased remote operations. In addition, BEL is transforming its customer service approach by leveraging emerging technologies to offer personalized solutions that enhance engagement and cultivate customer loyalty.
This strategy extends beyond merely diversifying energy sources, as it empowers consumers with greater autonomy over their energy usage, while simultaneously reducing costs and strengthening BEL's competitive edge in the marketplace. The Company will continue to drive energy sales with the ongoing "Electrification of Everything" campaign which advocates for the widespread adoption of electric-powered appliances and technologies, with a special emphasis on electric cooking and bikes. Additionally, BEL is also leading the transition to electric vehicle (EV) transportation within Belize, reaffirming its dedication to sustainable and innovative energy solutions.
**International Monetary Fund Publication