Energy deficit balloons

[NewsWhore]

Listin Diario is reporting that the deficit for the energy distributors will balloon to US$818.9 million by the end of 2008, according to the Action Plan for the Recovery of the Energy Sector 2008. This deficit is up 54% from 2007 when the deficit was US$380.7 million. Spending for the distributors is estimated at US$1.89 billion with revenues only totaling US$US$1.080 billion. According to Listin Diario, the distributors (EdeNorte, EdeSur and EdeEste) will purchase 47.2% more energy than they invoice. The purchase of energy equals 80% of the Edes' total spending, which is 3% lower than in 2007. Payment on interest for late payments alone will total US$24 million. According to the Action Plan, the government will spend US$342.85 million on covering the deficits.

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