Spanish version

PUBLIC SERVICES

AES to be paid $20 million for cancelled contract

The Cabinet Council approved the decision to make the payment.

Spanish version

Temas:

The government will pay $20 million in compensation to the company AES Panama for the early termination of a power generating contract signed by former President Ricardo Martinelli weeks before ending its management.

The decision to cancel the contract, which had a term of five years, was adopted by the Cabinet Council at the request of state power company Egesa Manager Harold Castrellón.

The early termination of the contract will save $142 million, said Egesa.

The company began generating power earlier this year, and was paid approximately $13 million for two months. The plant, which cost $70 million, generates 72 megawatts.

"The government has officially communicated to AES the early termination of the contract on the grounds that its economic conditions are not suitable to the interests of the Panamanian people," said Castrellon.

The plant can continue operating, but must sell its power under more competitive circumstances.

AES thanked the  government for handling the situation with "transparency and professionalism" and added the plant will continue to operate.

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