History of The Electricity Sector
Guyana Power & Light (GPL) was originally named the Guyana Electricity Corporation, wholly owned by the Government of Guyana. In late 1999, a 50/50 equity partnership was established between the Government of Guyana and a consortium comprising the Commonwealth Development Corporation (CDC) of the United Kingdom, and the Electricity Supply Board International (ESBI) of Ireland which created the new Company, GPL. This partnership was dissolved in 2003 and GPL reverted to 100 percent ownership by the Government of Guyana.
The failure of GPL to significantly cut back its technical and commercial losses has been deemed to be largely due to the lack of incentives for efficiency due to its ownership structure. Accordingly, its privatization was expected to generate commercial incentives to improve efficiency, while also enhancing private funding to develop the system. However the privatized venture failed to deliver the results expected and, after a few years returned to Government ownership. A future re-privatization of GPL is unlikely to occur before the regulatory and institutional framework of the sector is improved.
Read more about this topic: Electricity Sector In Guyana
Famous quotes containing the words history and/or electricity:
“To history therefore I must refer for answer, in which it would be an unhappy passage indeed, which should shew by what fatal indulgence of subordinate views and passions, a contest for an atom had defeated well founded prospects of giving liberty to half the globe.”
—Thomas Jefferson (1743–1826)
“There are two great unknown forces to-day, electricity and woman, but men can reckon much better on electricity than they can on woman.”
—Josephine K. Henry, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 15, by Susan B. Anthony and Ida Husted Harper (1902)