GPL gets $4B to improve operations

The sum of $4B was on Monday approved for the Guyana Power and Light (GPL) Inc. through supplementary funding. The money forms part of the $44.8 billion financial paper which was presented to the National Assembly by Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh.

The investment is intended to improve the operations of the power company.

Defending the allocation of this sum, the Minister noted that GPL is owed in excess of $12 billion from other public sector agencies which cannot fulfil their obligations.

“Of course the challenges of GPL has been further compounded by the fact that the fuel price on the global market has increased tremendously moving from $40 per barrel when we assumed office to more than $100 per barrel and we have as a matter of policy given a commitment to absorb this cost,” he said.

In this regard, Minister Singh said “So, this $4 billion represents a further effort to liquidate the long-standing liabilities that are owed to GPL and ease the cash flow challenges that the company is currently facing.”

Since taking office, the government has invested heavily to improve the operations of GPL so that all Guyanese can enjoy a more reliable electricity supply.

The commissioning of GPL’s 46.5-megawatt power plant, Garden of Eden, East Bank Demerara, was one such investment which cost US$52 million.