NewsWhore
02-11-2009, 02:10 PM
The government has reached an agreement with power generators to ensure improved reliability of the service. The press reported that the companies agreed to accept a US$250 million bond emission from the government to reduce arrears. The bonds will yield 10.6% and 8% if Congress passes a tax exemption. According to a news release appearing in several local newspapers, with this the government reduces its frozen accumulated debt with the power generation companies from US$413.7 million in 2004, to US$202.64 million as of 31 December. Reportedly, the generators have received US$5.14 million of US$5.31 billed in the past four years, or 97.5% of the total. A remainder of US$85 million is pending.
State Run Electric Companies vice president Radhames Segura signed the agreement on behalf of the government while Marco de la Rosa and Tito Sajurjo signed the agreement on behalf of AES Dominicana and EGE-Haina.
According to Hoy, as of 31 December the government owed the generators upwards of US$440 million for billed energy. On this amount, other payments had been made, with funds from the government, the power distribution companies and the CDEEE, says Segura. De la Rosa explained that the government owed AES US$170 million and the bonds would pay off US$104 of that debt, while Sajurjo explained the government paid EGE Haina US$76 million.
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State Run Electric Companies vice president Radhames Segura signed the agreement on behalf of the government while Marco de la Rosa and Tito Sajurjo signed the agreement on behalf of AES Dominicana and EGE-Haina.
According to Hoy, as of 31 December the government owed the generators upwards of US$440 million for billed energy. On this amount, other payments had been made, with funds from the government, the power distribution companies and the CDEEE, says Segura. De la Rosa explained that the government owed AES US$170 million and the bonds would pay off US$104 of that debt, while Sajurjo explained the government paid EGE Haina US$76 million.
More... (http://www.dr1.com/index.html#1)