Economy August 2, 2016 | 10:42 am

Dominican electric utility to shed questioned contracts ‘now’

Santo Domingo.- Dominican Republic’s State-owned electric utility(CDEEE) on Monday said the basis for the tenders on new power purchase contractsare in their final phase.

As the process unfolds however, the electricitydistributors (EDEs) will continue to buy energy on the "spot" market,which includes the inefficient power plants.

The CDEEE’s announcement comes as the expiration of the questionedcontracts called the Madrid Agreement looms.

"Starting now electricity purchases will be madethrough contracts arising from government tenders, which will prevail theinterest of the State, consumers and businesses that make up the stateelectricity sector," the Utility said.

It said the tender is being conducted with the help ofmultilateral institutions such as the Inter-American Development Bank (IDB), andlocal and international legal and financial agencies.

It adds that the new contracts are short-term, in the caseof already installed plants, and longer term for the new ones.

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