Panama: $315 million Trust

This fund will cover the additional costs of buying electricity that the Esti hydroelectric plant is unable to produce.

Thursday, November 10, 2011

The damage to the Esti hydroelectric dam, which is due to be operational again in May 2012, has forced Empresa de Transmisión Eléctrica S.A to sign a trust agreement for $315 million with the Ministry of Economy and Finance (MEF).

This will offset the cost of purchasing the power that cannot be generated by the dam, equivalent to 120 megawatts.

Prensa.com reports: "The authorization for the MEF to create this trust was given at the last Cabinet meeting. A statement from the Presidency suggests that this mechanism will compensate the energy distributors for the amounts owed to them due to the electricity rate increase.

The months of low rainfall have had the greatest impact on electricity tariffs, because at that time power was generated by plants that use bunker fuel or diesel."

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