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 of, history and/or electricity:
“Throughout the history of commercial life nobody has ever quite liked the commission man. His function is too vague, his presence always seems one too many, his profit looks too easy, and even when you admit that he has a necessary function, you feel that this function is, as it were, a personification of something that in an ethical society would not need to exist. If people could deal with one another honestly, they would not need agents.”
—Raymond Chandler (1888–1959)
“The history of the Victorian Age will never be written: we know too much about it.”
—Lytton Strachey (1880–1932)
“Prudence and justice tell me that in electricity and steam there is more love for man than in chastity and abstinence from meat.”
—Anton Pavlovich Chekhov (1860–1904)