Identifying the problem here should not be that difficult. A comparison of the income and expenses of BEL between profitable years and non-profitable years should shed light on the issues.
If BEL must purchase the power from suppliers, then a look at that cost to see if it has increased would be the first issue to look at. The second issue should be a look at the other expenses the company has that are directly in its control. After paying for the power it purchases, where did the rest of the revenues go?
If it is controlling expenses, other than the cost of purchasing power, then a rate increase would be in order, unless a lower rate could be negotiated with its suppliers.
If those other revenues are not being managed or are going “someplace” they should not go, then that is an issue.
I don’t think Barrow should talk of nationalizing the company until those questions are answered.
If it is a cost of power issue, then the government should work with BEL and its suppliers to negotiate a better price. If it is a miss-management issue, the stockholders should demand a change of management. I seriously doubt that the government managing the company would change anything other than, if there is money going somewhere it should not go, then it would be going where those in government want it to go - if you know what I mean.