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Power companies get US$350M, blackouts expected to ease

Santo Domingo.- The CEO of the State-owned Electric Utility (CDEEE) on Friday announced a US$350 million payment to the power companies, or around 50% owed by three energy distributors.

Ruben Jimenez Bichara said the money came from a US$250 million loan from the State-owned Reservas bank, and US$90 million budget allocation, and US$10 million from internal funds.

He said disbursements start today and end Tuesday, with US$345.2 million still left to pay.

The announcement comes after one week of rolling blackouts which have sparked protests across the country, and just days after the official admitted that the outages result from a lack of payment.

Source: DT

Category: DR News |

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Last updated October 24, 2016 at 6:05 PM
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