-debts to be reconciled, land value credited against balance
Guyana Power and Light Inc (GPL) and the Georgetown Mayor and City Council have signed a memorandum of understanding for the proposed transfer of approximately 0.97 acres of municipal land for the construction of a Princes Street substation.
The agreement also provides for the two entities to reconcile longstanding debts and offset the amounts owed to each other.
According to a GPL release, the vacant Princes Street property is to be conveyed to the power company for the construction and operation of a 69-kilovolt/13.8-kilovolt gas-insulated switchgear substation. The transfer remains subject to statutory approval and completion of the conveyance process.
Under the agreement, GPL will calculate the unpaid electricity charges for municipal buildings and street lighting, while City Hall will determine the rates and taxes owed on GPL properties.
The State Valuation Department of the Ministry of Finance will assess the value of the Princes Street property. That amount will be credited against the reconciled balance between the two entities.
The respective debts will then be offset, with any remaining amount to be settled under terms agreed by GPL and the council.
The memorandum was signed by Georgetown Mayor Alfred Mentore and Kesh Nandlall, Head of GPL’s Executive Management Committee.
GPL Director Ryan Ross, Deputy Mayor Denise Miller and Town Clerk Candace Nelson were among those present.
The proposed facility will form part of GPL’s transmission and distribution expansion programme and is expected to be linked to the New Georgetown and Kingston substations.
Nandlall said Princes Street was selected because of its central location.
“As we continue to develop our infrastructure, we also have to develop the infrastructure within the city,” he said.
GPL said the substation is intended to strengthen the capital’s electricity network and improve the reliability of the grid.
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