Bolivia says it's nationalizing electrical grid

Source: Associated Press

May 1, 2:25 PM EDT
Bolivia says it's nationalizing electrical grid
By CARLOS VALDEZ
Associated Press

LA PAZ, Bolivia (AP) -- Bolivia's President Evo Morales announced Tuesday that his government is completing nationalization of the country's electricity industry by taking over the bulk of its electrical grid from a Spanish-owned company.

Morales also took advantage of the symbolism of May Day, the international day of the worker, to order troops to take control of installations of the company, a subsidiary of Red Electrica Corporacion S.A.

"We are nationalizing the Transportadora de Electricidad in the name of the Bolivian people as a fitting homage to the workers who fought for the recovery of our natural resources and basic services," Morales said during a ceremony at the presidential palace.

"We invested $220 million in generation and others profited. For that reason, brothers and sisters, we have decided to nationalize electricity transmission," he said.

Read more: http://hosted.ap.org/dynamic/stories/L/LT_BOLIVIA_ELECTRICAL_GRID?SECTION=HOME&SITE=AP&TEMPLATE=DEFAULT

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18 replies	Author	Time	Post
Bolivia says it's nationalizing electrical grid (Original post)	Judi Lynn	May 2012	OP
There are both benefits and risks though with nationalizing which I do hope they have considered.	cstanleytech	May 2012	#1
They may actually be better off in the long run if they don't get loans from foreign governments.	limpyhobbler	May 2012	#2
+1 nt	TBF	May 2012	#5
Maybe, maybe not. If for example a disaster should happen be it earthquake or say a drought or	cstanleytech	May 2012	#10
They may be compensated	zipplewrath	May 2012	#8
Great idea. Now how long before the US press starts referring to Morales as "Bolivian strongman"?	RufusTFirefly	May 2012	#3
Good! Basic services utilities should not be in the hands of profiteers.	Cleita	May 2012	#4
Yes he has	madokie	May 2012	#6
Lets hope that Bolivia has the money and other resources to maintain and grow the system	hack89	May 2012	#17
That is the difference. Big international and American oil interests don't want Chavez	Cleita	May 2012	#18
Latin America is setting the example.......	marmar	May 2012	#7
Is there a purchase price in situations like this?	progress2k12nbynd	May 2012	#9
There is almost no chance it will happen here or atleast not unless there was a major shift in the	cstanleytech	May 2012	#11
They negotiate compensation.	Prometheus Bound	May 2012	#12
Bolivian president puts electricity back in public's hands	Judi Lynn	May 2012	#13
When will we invade and occupy?	Citizen Worker	May 2012	#14
Bravo, Evo! His political party is called the Movement to Socialism.	Comrade Grumpy	May 2012	#15
Good for them!!! We could learn a lot from our neighbors to the south. nt	nanabugg	May 2012	#16

Response to Judi Lynn (Original post)

Tue May 1, 2012, 03:29 PM

cstanleytech (5,310 posts)

1. There are both benefits and risks though with nationalizing which I do hope they have considered.

Benefit: It hopefully helps control and or bring down the cost of the electricity for the people.
Risk: They might have trouble getting foreign governments to lend them money and or luring foreign corporations to invest since the corporations have a legit worry about the government taking their property.

Bolivia says it's nationalizing electrical grid

1. There are both benefits and risks though with nationalizing which I do hope they have considered.

2. They may actually be better off in the long run if they don't get loans from foreign governments.

5. +1 nt

10. Maybe, maybe not. If for example a disaster should happen be it earthquake or say a drought or

8. They may be compensated

3. Great idea. Now how long before the US press starts referring to Morales as "Bolivian strongman"?

4. Good! Basic services utilities should not be in the hands of profiteers.

6. Yes he has

17. Lets hope that Bolivia has the money and other resources to maintain and grow the system

18. That is the difference. Big international and American oil interests don't want Chavez

7. Latin America is setting the example.......

9. Is there a purchase price in situations like this?

11. There is almost no chance it will happen here or atleast not unless there was a major shift in the

12. They negotiate compensation.

13. Bolivian president puts electricity back in public's hands

14. When will we invade and occupy?

15. Bravo, Evo! His political party is called the Movement to Socialism.

16. Good for them!!! We could learn a lot from our neighbors to the south. nt