Energy Minister Juan José Aranguren today appeared before a special committee comprised of representatives from the Chamber of Deputies to justify the steep increases in utilities, collectively known as tarifazo. [We found] there were distribution issues; high subsidies; obsolete infrastructure; prices below the costs needed to generate energy; prices that had artificially been kept low. In 2010 we imported all our energy, despite being the second country in the word in terms of oil and non-conventional gas reserves,” Aranguren said. Electricity bills rose by 40 percent, while gas bills rose by less than 200. When it comes to gas bills, we pay about 18 percent of what Uruguayans, Chileans and Brazilians pay,” the minister finished.

Source: The Bubble August 16, 2016 21:00 UTC