The Barbados Light & Power Company Ltd

• Jurisdiction: Barbados
• Court: Fair Trading Commission (Barbados)
• Judge: Sir Neville Nicholls,Mr. Floyd Phillips,Mr. Michael Thompson,Mr. Delisle Weekes,Mr. Andrew Brathwaite
• Judgment Date: 25 February 2009
• Docket Number: No. 1 of 2009

In the Matter of the Utilities Regulation Act, Cap 282 of the Laws of Barbados;

In the Matter of the Utilities Regulation (Procedural) Rules, 2003;

And in the Matter of the Application by the Barbados Light & Power Company Limited for approval of the Depreciation Policy;

The Barbados Light & Power Company Limited

Applicant

Before:

Sir Neville Nicholls Chairman

Mr. Floyd Phillips Commissioner

Mr. Michael Thompson Commissioner

Mr. Delisle Weekes Commissioner

Mr. Andrew Brathwaite Commissioner

No. 1 of 2009

FAIR TRADING COMMISSION

INTERVENORS

Barbados Association of Non-Governmental Organisations

Olson Robertson

ORDER

1 In recognition of the issues that have been considered and determined at the Depreciation Hearing by the Commission.

2 UPON hearing Sir Henry de B Forde Q.C., Attorney-at-Law and Ms. Tanya Goddard, Attorney-at-Law in association with Mr. Ramon Alleyne, Attorney-at-Law, Mrs. Debbie Fraser, Attorney-at-Law and Ms. Nicola Berry, Attorney-at-Law of the firm of Clarke Gittens and Farmer for the Applicant;

3 AND UPON hearing The Barbados Association of Non Governmental Organisations and Mr. Olson Robertson;

4 AND UPON hearing the Submissions of the Applicant and the Intervenors.

IT IS HEREBY ORDERED AS FOLLOWS:

• 1. That the Application submitted pursuant to Section 16 of the Utilities Regulation Act, CAP 282 of the Laws of Barbados for approval of the Depreciation Policy of the Barbados Light & Power Company Limited is hereby approved.

• 2. That the Policy using the straight-line method, remaining life technique and historic cost valuation is hereby approved.

• 3. That the capital balances, remaining lives and depreciation rates arising from the policy and set out at Schedule 1 of this Decision are hereby approved.

• 4. That the Applicant shall at all times seek the approval of the Commission if it requires a change in the depreciation rates used for regulatory reporting purposes.

• 5. That the Applicant is hereby required to submit reports on an annual basis showing the financial results reflecting the depreciation rates that have been determined in this Decision as part of its regulatory reporting.

SCHEDULE 1

5 The Barbados Light & Power Company Limited

6 Spreedsheet based on Pages 1 and 2 of Exhibit A — American Appraisal — Depreciation Study

7 AS OF DECEMBER 31, 2006

8 DEPRECIATION FACTORS AND RATES

Dated this 25 ^th day of February 2009

Original Signed by...