Panama's President Ricardo Martinelli Taking On The Power Companies
(Panama-Guide) Over the weekend the administration of Panamanian President Ricardo Martinelli held an extraordinary meeting of his Executive Cabinet Council. They do these things on a Sunday afternoon when they want to make a point. The primary topic of discussion for this meeting was to develop a plan to reduce the cost of electricity in Panama. One of the primary measures they are going to take will be to place a new tax on the companies that generate hydroelectric power in Panama, based on the amount of water that goes through the generators. This new tax is expected to raise about $50 million dollars per year, and they government intends to turn that money right back around to the poorest Panamanians in the form of subsidies for electrical power. What's more, they split the two primary forms of electrical power generation in Panama, hydro and thermal (oil burning) generators.
