Ecuador To Settle Electricity Bill

Ecuador is to pay off its electricity debt – owed by distributors to power generators – by using money from a special fund that will be financed by issuing bonds. The government has barred distributors, since 1999, from passing on the true cost of electricity to the end-consumer. So distributors have been running up debts with generators, who in turn have gone into the red with state-run Petroecuador. Congress late last week approved reforms to the electricity law to allow the debts to be settled.