Fernandez submits bill

[NewsWhore]

President Leonel Fernandez submitted a bill to the Senate for approval of a letter for stand by credit for US$30 million. The State Run Electric Companies (CDEEE) requested the guarantee on behalf of the Pepillo Salcedo Consortium, which is constructing two coal powered energy plants in Monte Cristi. The letter sent to the Senate explains that the credit will serve as guarantee the Energy Transformation Contract (ATE) for the building of two coal energy plants in Montescristi by the Pepillo Salcedo Consortium. One of the details of the ATE is that the CDEEE will open a bank account at the BanReservas so that the consortium can withdraw funds in order to cover the costs of fuel and carbon used at the plants and also to cover the payment of 2.9 cents per dollar per KW/hour of energy billed.

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