SaskPower Commercial most favourable to invest in Guyana Electricity Corp.

Jan 30, 1997 01:00 AM

The Government of Guyana has announced that, in an international bidding process, SaskPower Commercial Inc. has submitted the most favourable bid to invest in the Guyana Electricity Corporation (GEC) in furtherance of the Government's efforts to develop the state-owned electricity corporation. The Government is optimistic that, with the equity participation and managerial skills of SaskPower, the new GEC will provide the affordable, reliable supply of electric power fundamental to Guyana's economic development. SaskPower was selected as the result of a transparent, competitive bidding process involving many participants, eventually narrowed to eight short-listed investors and consortia that included companies from Australia, the US, the UK, India, Canada and Guyana. SaskPower Commercial is the international business arm and wholly-owned subsidiary of Saskatchewan Power Corporation, the sole producer and provider of electricity in the province of Saskatchewan. In operation since 1929, SaskPower is one of Canada's largest electrical utilities, with over 2,100 employees, and supplies a demand load of 2,600 MW to 415,000 customers. The company has expertise in design, construction and operation of power distribution systems, and its customer rates in Saskatchewan are currently under six cents per kilowatt hour. Pursuant to the Government's capitalisation plan, SaskPower will invest in a 50% interest in GEC, provide management and secure future financing with the aim of improving the reliability and affordability of electricity in Guyana on a sustainable basis.

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