Bolivia Cuts Electricity Rates After Nationalization

Bolivia’s President Evo Morales reduced electricity rates in the capital by 60 percent after seizing assets from Spain’s Red Electrica de Espana SAU, state news agency ABI reported.

Electricity rates in La Paz were cut to 60 centavos (9 cents) a kilowatt-hour from 1.50 bolivianos after a unit of state power company Empresa Nacional de Electricidad took over Red Electrica’s four units in Bolivia, ABI said, citing Morales.

Morales said the state company known as Delapaz will invest 11 million bolivianos in Iberdrola’s assets, which the government seized in May 2012, according to the news agency.

(Corrects company in headline, second paragraph.)
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