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Fiji Time: 3:05 AM on Tuesday 22 April

/ Front page / Business

Step to equal electricity rates

Ap
Monday, December 31, 2012

LA PAZ, Bolivia - Bolivia President Evo Morales has nationalised electricity distribution subsidiaries of the Spanish energy company Iberdrola.

In a public ceremony on Saturday Morales issued a decree allowing the takeover of shares in Empresa de Electricidad de La Paz (Electropaz) and Empresa de Luz y Fuerza de Oruro (Elfeo), which supply energy in the Andean nation.

In the ceremony at Bolivia's government palace, Morales also announced the expropriation of an investment management company and a service provider belonging to the Spanish energy giant.

Morales said he had "been forced to take this step" to ensure that electric service rates remained "equitable" in the regions of La Paz and Oruro.

Soldiers guarded the installations of the electricity distribution companies, marked with signs reading: "Nationalised."