On Tuesday, January 27, 2009, a Depreciation Hearing commenced at the Lloyd Erskine Sandiford Centre, where the Fair Trading Commission (FTC) continued its review of The Barbados Light & Power's application for a re-prescription of depreciation rates for its fixed assets and plant in service.
The hearing commenced with an opening statement by the Light & Power's lead counsel, Sir Henry Forde, followed by statements given by the interveners, BANGO and Olson Robertson. On the first day, evidence was given on the Company's application by the Chief Financial Officer, Hutson Best, who was then cross examined by the two interveners.
On the subsequent days, evidence was given by Light & Power's Chief Operating Officer, Mr. Mark King and the consultant, Mr. Peter Huck, who conducted the Depreciation Study that is being used as the basis of the company's application. They were also cross examined by the two interveners, BANGO and Olson Robertson.
The hearing concluded on Friday, January 30, with a summation by Sir Henry Forde, the company's lead counsel and the two interveners: In his summation, Sir Henry acknowledged the high quality of the evidence provided by the Company's three witnesses, Chief Financial Officer, Hutson Best, Chief Operating Officer, Mark King and Consultant, Peter Huck. He ended by suggesting that the Company had proven its case and recommended that the Fair Trading Commission (FTC) grant the rates requested. In their summation, the interveners, while very complimentary of the service our Company provides and their response to requests for information during the Hearing, suggested that the FTC should not grant the Company's request.
With the hearing over and Light & Power having submitted a final set of information requested by the FTC and the interveners at the end of the Hearing, it is now left to the Commission to conduct a final review and analysis of the information presented in the company's application and evidence during the hearing before making a decision.
This decision is expected by the end of February, after which further analysis will be done and an application for a rate review will be prepared.