2006News

Power agreement on hold?

Finance Minister Vicente Bengoa has announced that the power agreement signed between the governmental CDEEE and distribution and generation companies needs to remain on hold until his department has reviewed it. According to El Caribe, he said that his department had not been invited to the negotiations and explained that anything that has to do with debt, be it foreign or domestic, as per the new Public Credit Law, needs the approval of the Ministry of Finances. He said he sent a letter informing this to the director of the Corporacion Dominicana de Empresas Electricas Estatales (CDEEE), Radhames Segura yesterday. Meanwhile, the country has been suffering the effects of the shutdown of 26 of the 42 generation plants, leading to an increase in blackouts, as under the power agreement the distribution companies are limiting their purchases from the generation companies to what the government has agreed to pay.