Power company closes after financial records revealed

Myanmar News.Net
Monday 12th October, 2009

The Mexican government has dissolved a company that supplies power to the capital and four central states.

Police erected barriers around the offices of Luz y Fuerza del Centro in Mexico City after the government decided the company was no longer able to meet its debt commitments.

Federal police officers seized the facilities of the company in Mexico City and the states of Hidalgo, Mexico, Morelos and Puebla.

The Federal Electricity Commission will take over operations of Luz y Fuerza del Centro and its assets, with the government assuring the public there will be no interruption to service.

Government officials have revealed that inefficiencies at Luz y Fuerza del Centro were costing the government billions of dollars in subsidies to keep the company afloat, with blowouts looming.

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