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Nicaragua Nixes Spanish Electric
Corp
Nicaragua s Finance Ministry (Contraloria
General de la Republica)
Thursday annulled the contract
with the Spanish Consortium
Union Fenosa, blamed for the
severe energy crisis in the
country.
The CGR claims the transnational
consortium has not substantively
complied with the six-year-old
contract to distribute
electricity.
Nicaragua has suffered daily
water and power cuts of eight
hours, worsened by the
disconnection or failure of
private and state-run
generators.
The CGR decision relies on data
supplied by State-run Instituto
Nicaragüense de Energia that
sued the Spanish company.
But Union Fenosa blames the
situation on government failure
to pay, so it became indebted to
the suppliers.
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