Phillip Paulwell, former energy minister in Jamaica, has the nerve to be stating that the electricity monopoly enjoyed formerly by Mirant Corporation ('Mirant'), that his government entered into a contract with in 2001, is onerous to the taxpayers of Jamaica.
At one time this former energy minister had entered into a contract with Net Serv and that contract had not realized what was agreed resulting in a loss of millions of US dollars for the cost to Jamaican tax payers.
At that time former Prime Minister PJ Patterson, the worst Prime Minister Jamaica ever had, characterized Phillip Paulwell's screw up as ''youthful exurberance".
The country they left was in a trillion Jamaican dollars debt and a chaotic society due in large part to the PNP's philosophy of 'the law is not a shackle'.
Mirant Corporation paid USD$240 million to the Government of Jamaica for 80% equity stake in the Jamaica Public Service company to be the sole provider of electricity to Jamaica under the Electric Lighting Act of 1887 and left Jamaica in 2008 selling their 80% equity interest to Marubeni for USD$800 million.
Mirant had been found guilty of price gouging in California and yet still that company was contracted with to provide electricity to Jamaicans.
The company Mirant was, as I recall, contracted with over other energy companies at a higher bid price because Mirant was suppose to improve the energy infrastructure. Well Mirant has not improved the energy infrastructure and their contract with the Government of Jamaica guaranteed them 17.5% profit on their operations.
Furthermore JPS charges Jamaican legal consumers 13.5% on their bills for stolen electricity enjoyed by thieves.
The current administration should terminate the contract with Marubeni and enter into a new contract with another electricity provider.
Cheers,
Kent
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