US$73 Million Loss To Theft Pushing JPS Into Insolvency, CEO Says

Chief Executive Officer of the Jamaica Public Service Company (JPS) Kelly Tomblin says that the pressure from stolen electricity across the island is driving the power company into insolvency, the Jamaica Observer reported. Tomblin, speaking at a press conference at JPS’s New Kingston headquarters Thursday, said that in the two-year period 2012/2013 the power company lost US$73 million to stolen electricity. “The ship is going to sink under this weight. If this continues it might mean insolvency,” Tomblin declared at the company’s Knutsford Boulevard headquarters. She said that the JPS lost US$30 million in 2012 and a further US$33 million in 2013. Read more.