Utility watchdogs have demanded urgent access to audited financial statements from the Barbados Light and Power Company Limited, as a dispute escalates with the Fair Trading Commission over what they describe as a lack of transparency in the ongoing rate review proceedings, Barbados TODAY can reveal.
The intervenors, led by former utility manager Ricky Went, are rejecting the FTC’s position that their requests were submitted too late in relation to Light & Power’s rate review proceedings.
Barbados TODAY understands that the commission has stated emphatically that, as policy, it does not provide financial information about companies it regulates except as part of official regulatory proceedings, in which such disclosure is directly related to matters being decided.
The five requests sent by Went to the FTC between January 5, 2023, and June 5 this year were regarded as either too late or irrelevant to the rate review process, according to the correspondence.
But the intervenors are not accepting the commission’s argument that they are out of time with their requests for audited non-consolidated financial statements for 2022 to 2024, and the 2025 half-year results.
The watchdogs insist that while the utility regulator referenced its response to him in a letter early last month, it failed to include subsequent correspondence, which, according to the veteran intervenor, demonstrates they remain within the timeframe to submit legitimate requests.
Barbados TODAY also learned the FTC has indicated that, since it issued its decision and order on February 15 2023, Light & Power is no longer required to provide any financial reports.
But Went vigorously contested the ruling, arguing that the 2023 decision required the company to provide extensive information as part of a compliance filing, so that the company’s revenue requirement and rate base could be properly determined.
He told Barbados TODAY: “The order stipulated that BLPC needs to provide over 17 schedules or reports including, but not limited to (1) plant not used and useful, (2) construction work in progress, (3) cash working capital, (4) materials, supplies and prepayments, (5) deferred taxes, (6) operating and maintenance expense, (7) depreciation expense (8) corporation tax, (9) explanations and comments on adjustments, and (10) allocated cost of service study.”
Went noted that apart from his multiple direct requests, his lawyers—Hal Gollop SC, in association with Ralph Thorne SC—also wrote to the utility regulator regarding this ongoing rate review Decision and Order, which Light & Power has appealed and which remains before the High Court.
Went drew attention to page 41, paragraph 106 of the FTC’s Decision and Order of September 16 2022, which stated that the company proposed a basic average increase in customer rates of 74 per cent.
“An interim rate relief increase of 37 per cent granted by FTC is still in effect since it took effect from November 1 2022,” he said.
Went’s team wants to conduct a critical analysis of these figures ahead of the appeal hearing in December, he said.
He insisted that when the adjustments mandated by the FTC are factored in, including reductions identified by his team and other intervenors, the rate increase will be significantly less than the interim 37 per cent.
The lead intervenor predicted that the utility would be required to refund customers.
He was adamant that the case is still active, arguing that as representatives of the public, the intervenors must be allowed to critically assess Light & Power’s requests.
In support of this view, he agreed with the FTC’s position in its 2023 decision that “the commission and intervenors have not had the opportunity to review the minimum-system study for accuracy, errors, or reasonableness”.
Went insisted on the importance of granting intervenors a chance to examine the company’s performance since the interim rate increase was implemented in 2022.
He called on the FTC to require Light & Power to provide intervenors with the compliance filing and audited non-consolidated financial reports for 2022 to 2024 and the first half of 2025.
“Without these reports, intervenors would be in no position to verify that the BLPC is not over-earning and are deeply concerned that ratepayers could face rate shock,” he declared.
Barbados TODAY sought a response from the FTC. Its general legal counsel, Kevin Webster, told Barbados TODAY in a statement: “By letter dated August 5 2025, the Commission provided Mr Kenneth Went with its response to his request.”
Light & Power did not immediately respond to a request for comment.
emmanueljoseph@barbadostoday.bb
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