Local December 13, 2012 | 3:03 pm

Power companies to get US$300M as blackouts loom

Santo Domingo.- The CEO of Dominican Republic’s State-owned electric utility (CDEEE) noon Thursday said the payment of US$300 million to the power companies has already started, for which the transactions await only the financial institutions.

Ruben Jimenez Bichara said the representatives of some power companies have already gone to the banks to submit their bills, to then receive payment for the CDEEE’s debt.

In press conference, the official said ‘factoring’ is being used, through which the payment is processed and negotiated by a group of banks, headed by the State-owned bank Reservas.

The power companies grouped in ADIE recently voiced their concern over delays in payments to its affiliates, and affirmed that the current debt is four months in arrears and exceeds US$700 million.

Major energy deficit

Thursday morning local media report that several plants were taken offline from the national grid totaling 500 megawatts compared with last week, raising the energy deficit to more than 700MW.

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