NewsWhore
11-30-2006, 02:20 PM
Latest reports show that things aren't likely to improve anytime soon for the energy sector. Today's Diario Libre reports that the government has yet to give the energy sector a US$45 million credit that would pay off an outstanding loan to private energy producers. This lag in receiving the credit and paying off the loan is causing the World Bank to hold back on giving the country a US$50 million loan intended for the energy sector. The World Bank has continually urged the government to pay the loan, which has remained unpaid since 2005. Radhames Segura, president of the State Run Electric Companies (CDEEE) had informed that the government recently reached a loan agreement with the Banco de Reservas, which would pay off the standing debt, and would then use the WB loan to pay off the Banco de Reservas. The overall WB loan is for US$150 million, but Diario Libre also points out that the Banco de Reservas has not even received the initial paperwork to begin the loan process.
Continuing with the energy problem, Hoy newspaper quotes Segura who continues to press the energy sector to renegotiate details of the Madrid Accord, and has asked the sector to reduce the cost of providing energy as a way out of this continual crisis. On a positive note, Ege Haina, Palamara-La Vega and the Puerto Plata Energy Company (CEPP) representatives have said that they are willing to renegotiate the Madrid Accord as long as the renegotiations respect the rights of those companies. Tito Sanjurjo, general manager of Ege Haina, speaking in Hoy, said that as a last resort Ege Haina is willing to go to international arbitration in order to reach a solution. Next week the CDEEE will go on TV and radio programs to present its case to the public and explain why there needs to be a renegotiation of the energy contracts.
More... (http://www.dr1.com/index.html#5)
Continuing with the energy problem, Hoy newspaper quotes Segura who continues to press the energy sector to renegotiate details of the Madrid Accord, and has asked the sector to reduce the cost of providing energy as a way out of this continual crisis. On a positive note, Ege Haina, Palamara-La Vega and the Puerto Plata Energy Company (CEPP) representatives have said that they are willing to renegotiate the Madrid Accord as long as the renegotiations respect the rights of those companies. Tito Sanjurjo, general manager of Ege Haina, speaking in Hoy, said that as a last resort Ege Haina is willing to go to international arbitration in order to reach a solution. Next week the CDEEE will go on TV and radio programs to present its case to the public and explain why there needs to be a renegotiation of the energy contracts.
More... (http://www.dr1.com/index.html#5)