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Employers argue that the high costs of energy, transportation and social contributions are affecting performance of the sector.
The high costs of transportation, electricity and the new increase in employer social security contributions is threatening the industrial sector, despite the fact that in 2013 it grew by 4.6%. These factors, according to Rodrigo Caldera, president of the Chamber of Industries (Cadin), are preventing further growth of the sector.
The increase applies to the large consumer sector, which comprises of industrial and residential users consuming more than 150 kV hour a month.
Nicaraguan businesses are warning about a loss of competitiveness caused by this rate increase, as it will be very difficult to pass on to consumers.
According to David Castillo, president of the Nicaraguan Energy Institute (INE), the actual setting should be 15%, but taking into account the progress in changes to the energy matrix, it will be a 10.78%, but they are going to apply only 7.78% as $35 million was raised to finance part of the Caruna electricity tariff.
The COSEP of Nicaragua and the government are reviewing issues such as future tax reforms and social security, the new agreement with the IMF and the adjustments to the electricity tariff.
The Superior Council of Private Enterprise (COSEP) recently met with the counselor for Economic Affairs of the Presidency, Bayardo Arce Castaño.
"The second half of this year will be marked by fiscal and social security reforms, reviews of the electricity tariff, and negotiations with the International Monetary Fund (IMF) over a new economic and financial program. At least that's what was set out during a meeting held by the Monitoring Committee composed of the Superior Council of Private Enterprise (COSEP) and the Government, represented by the Economic Advisor of the Presidency, Bayardo Arce Castano," reported said LaPrensa.com.ni.
The Nicaraguan Institute of Energy has announced a 9% increase in electricity rates effective from January 7, 2012.
Analysts disagree with the rate of the increase, saying that it should be less, as there was an increase in 2011 in power generation from renewable energy sources.
Elnuevodiario.com.ni reports: "Authorities from the INE said ... that the government would allocate $26.4 million, according to a resolution adopted by the Board of Directors of the INE, which will cover the 11, 2% deficit in these energy rates.
The Nicaraguan government is studying the establishment of new fees that include an increase in generation costs and the amount of subsidies to be applied.
The high price of oil and other factors have increased the average cost of electricity generation in Nicaragua by 51%, of which only 7% has been passed on to the consumer with the remaining 44% being assumed by grants implemented by the government using ALBA funds.
The production of wind energy and hydropower have kept the average cost of energy generation under $170.
Energy production does not seem to have been impacted by increasing oil prices.
"According to the National Charge Dispatch (CNDC in Spanish), starting this month there will be an increase in wind energy production, directly benefitting the national electricity market, as it averages a cost of just $167 per megawatt produced.
Different agents in the Nicaraguan economy have expressed their complaints and concerns over the impact that the increase decreed by the government will have.
Commenting on the rate increase, unprecedented in the country's history, the economist Cirilo Otero said that its impact will be felt in the economy, "This increase of 41.8% will be passed on to the end consumer and cause a chain reaction, because when consumers can not purchase goods and services, companies will go bankrupt. "
The company is waiting for the Nicaraguan energy institute to approve the prices it presented, which are higher than the market average.
The sale-purchase contract signed by Blue Power with natural gas distributors and Unión Fenosa fixes the price of each megawatt at $104.50 with an annual increase of 3% over the next 15 years.
"Carlos Cuadra, Vicepresident of Blue Power & Energy, acknowledged that the offer was above the market average but explained that the difference is due to the interest rates agreed for the project's financing, as well as the technology being used," reports Elnuevodiario.com.ni.
2010 public service rates in Central America: water, electricity and telephone landlines.
SIECA, the Economic Integration Secretary for Central America, published a report called "Public Service Rates, first semester 2010", which provides information on the existing rates for water, electricity and phone landlines in 2010.
The data was gathered by SIECA's Economic Statistics Unit, and was submitted by the authorities of each country.
The Nicaraguan Energy Institute (INE) explained that the measure is in response to conditions imposed by the International Monetary Fund.
“The hike was signed and notified to Unión Fenosa executives through INE’s resolution 0999-04-2010”, reported Elnuevodiario.com.ni. “INE authorities reminded that rates had been ‘frozen’ since November 2009”.
Profits generated by energy producing companies in the occasional electricity market are being temporarily regulated until December 31, 2009.
The country turns to this market when there is a deficit in electricity generation. Fenosa buys all extra electricity from the companies at a higher price and transfers this margin to consumers in the rates which are sometimes absorbed by the Government in subsidies.
The price of regular and super gasoline went up yesterday, while in the rest of the Central American countries they have had a significant decline.
Between Wednesday, September 3, and yesterday, Sunday the 7th, the price of fuel has gone down in Costa Rica, Honduras, El Salvador and Guatemala.
Nicaraguan economics expert, Roger Cerda, explained that this particular behavior in Nicaragua which regard to the rest of Central America, is because while in those countries the petroleum sector receives a subsidy, that is not the case in Nicaragua.
The Salvadoran Petroleum Industry Association and the Ministry of the Economy published a comparative analysis of the region on August 15.
For unregulated markets, the price per gallon on that date was: El Salvador, $4.44 for regular gasoline; Nicaragua, $4.72; and Guatemala, $4.71.
In cases where there are Government subsidies or where gas station markup the price, the prices were as follows: Honduras, $4.33; while in Costa Rica it was at $5.21.