Martinelli: "No More Ruthless Capitalism"

"In my government, the interests of the people come first. For that the country needs abundant energy at a fair price".

Tuesday, August 25, 2009

The Panamanian Government announced measures to lower energy bills, and, in the words of president Ricardo Martinelli, they "must be effective, and reflected in lower fees to users".

"I will be personally involved in this topic, because in this country, law must be complied with", said Martinelli, adding that "we want businessmen, not ruthless ones ('empresaurios', in his own Spanish words) who engage in savage capitalism. Some international companies are hiding behind what is dubbed legal certainty; but nobody cares about the people's legal certainty".

More on this topic

Nicaragua: Companies Ask for Lower Electricity Rates

February 2015

The private sector will be asking the government to implement a differentiated rate for electricity companies in order to avoid losing competitiveness against the rest of the region.

In light of the governments refusal to reduce electricity rates, the private sector has proposed the creation of a lower differentiated rate for users who consume more than 150 Kw / h per month, which are mostly companies.

Private Interest in Darien Electrical Interconnection

July 2013

Colombian electricity companies are proposing private investments to finalize the project that would allow them to sell power to Central America.

Interconexión Eléctrica S.A. and Grupo de Energía de Bogotá have shown interest in making electricity interconnections between Colombia and Panama.

Distortion of Electricity Market Attributed to Distributors

February 2012

Through amendments to the law, the Panamanian government is aiming to improve conditions in the electricity market.

"The purchase of energy in the occasional market in Panama costs the state about $100 million annually, said the Secretary of Energy, Juan Urriola. Because of this, authorities have submitted to the National Assembly an amendment to the Law of February 6, 1997, which seeks to improve the national electricity market", reported PanamaAmerica.com.pa.

Electric Fees Will Be Lowered 10% in Panama

July 2009

A 10% reduction for business and residential fees will come into effect in the next weeks.

The announcement was made by president Ricardo Martinelli, at a meeting with the Union of Industry.

From newspaper La Estrella: "In the meeting, Martinelli informed them that the reduction was achieved after reaching a consensus with energy generation, transmission and distribution companies.

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