|Iberdrola Tower (Bilbao)|
- CC by Zarateman -
President Evo Morales signed today the decree by which the four subsidiaries of Basque/Spanish energy corporation Iberdrola have been nationalized. These are: Electropaz (La Paz), Elfeo (Oruro), Edeser (services) and Compañía Administradora de Empresas (management). Morales said:
We have been forced to take this measure in order to guarantee equitable prices for electric grid service in the departments of La Paz and Oruro, and also that the quality of electric services is the same in the urban and rural areas.
Previously, in May, Bolivia also nationalized the assets of other Spanish energy corporations specialized in high tension distribution: Red Eléctrica Española and Transportadora de Electricidad. Also in 2010, four other electric companies were nationalized, included subsidiaries of French multinational GDF-Suez and British one Rurelec. Oil, concrete and mining corporations have also been nationalized in Bolivia since 2006.
An independent audit will determine in 180 days how much should Iberdrola be compensated for.
My tragic question as forced customer (modern serf) of Iberdrola and neighbor of their menacing office tower (which as the fortress of an evil overlord watches unmatched above our heads) is, when will we Basques collectivize Iberdrola matrix itself, hopefully lowering electricity costs radically, and necessarily dedicating energy generation and distribution monopolistic income to the public coffers? When?!