| Add RSS Feed

27 May 2008 - Nicaraguan president Daniel Ortega says his government will nationalize Spanish electricity provider Union Fenosa's subsidiary unless it cedes 16 per cent of its shares to his government.

Fenosa agreed to sell the shares for about $15m under a preliminary deal, but both sides are still negotiating final details.

Nicaragua's government accuses Fenosa of breaching its concession agreement by failing to invest enough to improve infrastructure in the energy-starved country. "Every day there are power blackouts," said Ortega. "These are actions of economic sabotage."

The new deal would give Nicaragua's government a seat on Fenosa's board of directors, boosting its control over the company's operations. Union Fenosa officials were unavailable for comment.

| Add RSS Feed

---

More Business Articles >

Search Archives >

Power Engineering Article Categories:

Business		Projects/Contracts
Industry News		Deregulation
Environmental		Русский язык
Power Generation Young Professionals		Honeywell Automation & Control Solutions
Power Engineering International Current Issue Table of Contents
Power Engineering Current Issue Table of Contents
Potencia Current Issue Table of Contents
Nuclear Power International Current Issue Table of Contents
Middle East Energy Current Issue Table of Contents

---

Search Products Buyer's Guide >

Search Industry Jobs >

Magazine & E-Newsletter Subscriptions >