Jamaica Public Service Company (JPS) Bills Causing Major Concerns in Jamaica

Mirant Corp. (NYSE: MIR) acquired an 80 percent operating stake in Jamaica Public Service Company (JPS) from the Jamaican government for $201 million in 2001. The investors involved in this acquisition included Marubeni Corporation, Korea East-West Power, and the Government of Jamaica through the Development Bank of Jamaica. In July 2011, a mutual cooperation agreement was reached concerning their joint ownership of JPS. However, in recent years, the utility company has significantly increased its rates, with bills rising by as much as 300%. A comprehensive investigation into JPS bills has revealed issues related to potentially inaccurate readings, which contributed to the spike in charges following Hurricane Beryl. In August 2024, many JPS customers received electricity bills reflecting increases of 30% to 300%. While this surge in prices has garnered attention, the underlying issue may be even more serious than it appears. The critical question isn’t just why prices have risen, but rather the reasons behind these changes. This investigation aims to shed light on that situation. (Note: JPS stands for Jamaica Public Service Company, which is the sole provider of electricity in Jamaica.)