T&TEC IN $1.6 BILLION DEBT The Trinidad and Tobago Electricity Commission (T&TEC) is over $1.6 million in debt to the National Gas Company (NGC) and the Trinidad Generation Limited. The State-owned power company came under scrutiny by the Public Accounts Committee of Parliament on Tuesday. T&TEC General Manager Kelvin Ramsook said: In 2011, there was a settlement of an outstanding balance of $2.1 billion. We had an arrangement with our Line Ministry as well as the Government and there was a loan arrangement with the settlement of $2.1 billion. Mr. Ramsook said they have been making payments in full from 2011 but has since backtracked. In 2011 we paid our entire NGC bill. In 2012 we paid our entire NGC bill. In 2013 we have a deficit of $292 million in 2013 as we have now gone into 2014. The main reason for that is that given our cash flow situation, whenever we fall short we hold back on paying NGC. When questioned further, Mr. Ramsook had to explain exactly how much debt the Commission is in. The two main outstanding debt to T&TEC would be NGC $885 million and $600 million to the Trinidad Generation Limited. Written by C News ctntworld/cnews2/index.php?option=com_content&view=article&id=9244:t-tec-in-1-6-billion-debt&catid=137&Itemid=707
Posted on: Tue, 11 Mar 2014 22:59:49 +0000
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