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| Caribbean-Latin America | |||
| Bolivia nationalizes power companies | |||
| 2010-05-02 | |||
Bolivian President Evo Morales has ordered the nationalisation of four private electricity companies.
Corani is half owned by a subsidiary of France's GDF Suez.
President Morales said that the government now controlled 80% of electricity generation in the country. Last year, Mr Morales announced the takeover of a subsidiary of British oil company BP, which supplied jet fuel across the Andean nation. He has recently nationalised oil and gas reserves to redistribute wealth to Bolivia's indigenous majority. The four companies seized on Saturday account for more than half of Bolivia's electricity market. They emerged following the privatisation of the state National Electricity Company in the 1990s.
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| Posted by:lotp |
| #12 Perhaps they ought to consider staying domestic. Who would kill the piratez? Who would beat the Poms off the Capes? Are you talking about France, Shipman? I just meant the GDF Suez company. |
| Posted by: trailing wife 2010-05-02 14:44 |
| #11 (government motors! LOL) The U.S. and Canadian governments together own 72.5% of the company. |
| Posted by: Pappy 2010-05-02 14:22 |
| #10 RJ, I get that. Same logic applies (can THEY make them?). Plus, power plants need smaller stuff too - like sensors & such, right? And they have to break a lot more often than giant shafts? |
| Posted by: Glenmore 2010-05-02 13:04 |
| #9 The onward march of decivilization. "A Thigh-Bone Beating On A Tin-Pan Gong." |
| Posted by: Besoeker 2010-05-02 12:08 |
| #8 I wonder how long the power plants will last before stuff breaks and nobody knows how to fix them - and they can't get repair parts anyway. Ummm, I'm a Machinist, you don't buy huge Parts Like Power Generators or Dam machinery, most of the time they're One-of-a-kind anyway. You MAKE them. |
| Posted by: Redneck Jim 2010-05-02 11:59 |
| #7 Hell, screw GM (government motors! LOL) how about AIG! Damn now, there's a... ummmmm... never mind. That was a mere liquidity crisis. |
| Posted by: Shipman 2010-05-02 10:20 |
| #6 Just hope Obama doesn't read about this. Too late. Remember that little car company, GM? Check out the sales figure, post-Bambi, relative to FOMOCO. |
| Posted by: USN, Ret. 2010-05-02 10:14 |
| #5 Bolivia does have some strategic metals, so I am sure China will be happy to help them maintain their facilities - for a 'price'. And Evo wouldn't dare say a word against them. |
| Posted by: Glenmore 2010-05-02 10:12 |
| #4 I wonder how long the power plants will last before stuff breaks and nobody knows how to fix them - and they can't get repair parts anyway. |
| Posted by: Glenmore 2010-05-02 10:10 |
| #3 First they lost that cute little canal in Egypt, now they're being kicked out of Bolivia. Perhaps they ought to consider staying domestic. Who would kill the piratez? Who would beat the Poms off the Capes? Who else would have sold us such damn high quality gun powder --- from the labs of Lavoiser himself the inventor of the Sac du Gasse! |
| Posted by: Shipman 2010-05-02 09:49 |
| #2 We've got a much better plan for destroying our power system, competition. Break it up into generation, transmission, and distribution. Then let there be competition for generation. But don't allow any new entrants to generation for environmental reasons. This will allow existing operators to start acting like OPEC and doing lots of wild and crazy things on Wall Street for the benefit of donk contributions. In transmission, don't allow any new transmission lines to be built so that the network designed 50 years ago fits less and less well with the locations of supply and demand every year. And let environmentalists stop any project that can get off the drawing board. In distribution, well that's the monopoly of wires to your house. Can't really have competition here, so we'll regulate it so severely no one can make a profit and then they won't maintain it. Watch Caliphornia this summer. They're furthest down the trail. Make sure you can hook the generator up to supply power your house. It's not all Obumble's fault. We've been implementing this policy for the last 40 years. Since the first earth day. |
| Posted by: Nimble Spemble 2010-05-02 06:56 |
| #1 Cause it's working so well for Hugo and Bob Magabe. Just hope Obama doesn't read about this. |
| Posted by: DMFD 2010-05-02 03:50 |