When Kelcy Warren purchased 52% of RECO (Roatan Electric COmpany) earlier this year, it seemed as though he had a plan. He told Islanders of his wonderful "love" of the Island people. How he wanted to "help" out Roatan's inhabitants. And, how he was in this for the long haul....
Just a few short months later, he's raised the utility bills by more than 100%, alienated Islanders from Guanaja down to Roatan, and pretty much gone back on everything he promised he "wouldn't do". Warrnen's claims that the troubled utility company he took over is loosing more than $1M per month is hard to swallow. If this were true, then the company would have been more than $50M in the hole instead of the $6M it actually was when he took over.
Also, businesspeople have business plans. One would think this Billionaire had a better plan than more than doubling the rates in his first 4 months of control. What about a 5 year, 7 year or even 10 year plan? What happened to good business sense and wanting to help the Island people? Surely raping their pocketbooks doesn't equate to helping them.... If Mr. Warren was indeed willing to help this struggling economy, why not gradually (over 18-24 months) increase electricity rates? Why not absorb the losses now, and when the underwater cable from the Hydro-electric damn on the mainland is installed, enjoy the benefits of lower overhead, no diesel nor generator costs, and still maintain the same rates charged to the user? Wouldn't a nice profit margin based on a 60 month plan make more sense and be a less bitter pill to swallow than jacking rates up inappropriately?
Another point to ponder...... If there are indeed 60,000 users of RECO on the Island.... then only a $20 per month increase to each of them would MORE THAN COVER any losses RECO is incurring. $20 per month we can handle... but Mr. Warren has chosen to double our rates, effectively putting $$Millions into the RECO coffer each month. Most people are paying hundreds and even thousands of dollars extra.... when only $20 more, would put RECO in the black. Sorry Mr. Warren... your math just doesn't add up.
To coin a phrase from Shakespeare.... "there's something rotten in the State of Denmark"....