Economy

xchrom

(108,903 posts)

26. Bolivia announces expropriation of four Iberdrola subsidiaries

Mon Dec 31, 2012, 10:16 AM

Dec 2012

http://elpais.com/elpais/2012/12/30/inenglish/1356890499_647492.html

Bolivian President Evo Morales on Saturday decreed the expropriation of four subsidiaries operated by Spanish power giant Iberdrola in the Latin American country.

The government alleged that the companies were charging consumers in rural areas more than twice the going rate, and said the move will ensure better service and coverage for all parts of the country.

This is the second nationalization of a Spanish-controlled business in less than eight months. In May, Morales expropriated Transportadora de Electricidad, a firm owned by Red Eléctrica de España, and has yet to offer compensation.

"We've been forced to take this measure to ensure electricity rates are fair and the quality homogenous in the rural and urban areas," said the Socialist leader.

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