The High Court has denied the Financial Services Commission’s (FSC) application to intervene and make submissions in the electricity rate hearing matter.
It means that Barbados Light & Power Co Ltd’s (BL&P) appeal against the Fair Trading Commission’s (FTC) electricity rate application decision is now expected to go to trial on December 2 and 3.
In his written ruling, Justice Barry Carrington said the FSC “has not identified the authority that grounds its application”.
“Its appeal to the court to exercise its inherent jurisdiction did not satisfy the criteria for persuading a court to exercise its discretion and use its residuary power to grant the leave to intervene. In addition, I am not persuaded that the intervention will help me to determine the appeal,” he said.
Denied
“The [FSC’s] application for leave to intervene in the appeal proceedings and to make oral and/or written submissions to the court is denied.”
The judge also awarded costs to be paid by the FSC to intervenors Tricia Watson, David Simpson and Ricky Went, “to be assessed, if not agreed”.
The FSC applied to the court to grant it leave to intervene in the appeal proceedings and to make oral and/written submissions to the court specifically related to BL&P’s Self Insurance Fund (SIF).
In its electricity rate hearing decision, which considered a BL&P withdrawal of $99.5 million from the SIF, the FTC directed the company to “refund to customers the SIF amounts withdrawn that are not re-deposited into the SIF over a 30-year amortisation period”. BL&P is appealing against these rulings and submitted that the FTC “acted in excess of its jurisdiction”.
The FSC told the court it was the sole regulatory authority regarding matters concerning the Insurance Act while the FTC is the sole regulatory authority regarding utility regulation.
Subscribe now to our eNATION edition for the full story.
For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.
The post FSC shut out of BL&P rate hearing appeared first on nationnews.com.