Union Fenosa, the Spanish company that controls two-thirds of power distribution in the Dominican Republic, says it has amassed debts of RD$14.5 billion in its first four years of operation. The company, in a letter dated 19 December 2002 and signed by executive vice president Antonio Pantoja de Andres, asks that the government provide assistance to the tune of US$200 million.
According to the letter sent to President Mejia, Edesur and Edenorte owe half of that amount (RD$7 billion) to the mother company, Union Fenosa, and its affiliates.
In the letter the company also points out that the Dominican government has not kept up its half of the capitalization process, and urges it to do so as expediently as possible. The letter is published in its entirety in today?s El Caribe newspaper.
