2003News

Government offers Cogentrix US$24 million

The Dominican Government has offered Cogentrix of San Pedro de Macoris a partial payment plan that includes a payment of US$24 million within three months as a step towards renegotiating the existing contract. At the same time, the government requested that Cogentrix start up one of its units to produce 100 megawatts under the terms of the existing contract. Minister of Finance Jose Lois Malkum said that the plan had been suggested by the Inter American Development Bank to attempt to resolve the impasse between the power company and the Dominican government. As originally negotiated, it costs the state less to keep the plant shut down than in operation.