LatinNews Daily - 21 November 2023

* Ecuador’s mining and energy ministry has announced the elimination of an electricity subsidy for the industrial sector which had been in place since 2018 and enabled industrial companies to benefit from lower electricity costs between the hours of 10pm and 8am, paying US$0.05 per kilowatt hour instead of the standard rate of US$0.075. A statement from the mining and energy ministry said that the subsidy failed to achieve its goal of boosting employment, and that its elimination would enable the government to collect an additional US$40m per year in taxes from electricity distributors. Ending the subsidy looks to be one of the final acts of President Guillermo Lasso’s government before president-elect Daniel Noboa takes office on 23 November.

End of preview - This article contains approximately 123 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial