NewsWhore
07-11-2007, 06:20 PM
The Palamara-La Vega generation group has inked a deal with the CDEEE whereby it agrees to renegotiate 187 megawatts of energy that it has contracts for under the Madrid Accord. The renegotiation is expected to bring savings for the distributors, especially government-operated Ede-Norte and Ede-Sur of about US$19 million per year by means of a 2.13 US cent reduction in the price of a kilowatt hour. In exchange for this deal, Palamara-La Vega asked that the RD$32 million debt be honored by Ede-Norte and Ede-Sur. The CDEEE spokesperson said that US$15 million of this debt was being paid now and that the rest would be paid in quotas. This is the first successful renegotiation by any of the participants in the Madrid Accord. However, consumers will not benefit from this action until the more than US$400 million subsidy the government pays to the distributors is eliminated.
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More... (http://www.dr1.com/index.html#1)