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DAM-L Ertan Dam expected to lose another $150 million (fwd)
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Date: Wed, 14 Mar 2001 14:26:40 -0800 (PST)
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Subject: Ertan Dam expected to lose another $150 million
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ERTAN DAM, Yalong River, China
The largest hydroelectric project ever to be built in China and one of the
largest dams in the world, Ertan Dam is expected to lose 1.2 billion yuan
(150 million USD) in the coming year.
The dam cost a total $3.4 billion, and garnered the World Bank's
largest-ever project loan ($1.8 billion). Due to the project's high costs
and changes in China's power industry, Ertan's electricity is significantly
more expensive than that produced by smaller power stations that have
sprung up since ground was first broken for Ertan in 1991.
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http://china.scmp.com/business/ZZZ2HO265KC.html
South China Morning Post
March 13, 2001
Ertan hydroelectric power plant seeks loan extension
Michael Ma
The mainland's largest hydroelectric power station is asking for a 10-year
grace period in the repayment of 26 billion yuan (about HK$23.92 billion)
in loans, including some from the World Bank.
The Ertan hydroelectric power station originally planned to clear its debts
by 2009. However, due to surplus power in Sichuan province where it is
located, the station has run at only half its capacity since opening in
August 1998. Ertan has used 90 per cent of its revenue to repay loans,
Xinhua reported on Monday.
With a capacity of 3.3 million kilowatts, Ertan is designed to generate 17
billion kilowatts of electricity every year for Sichuan province and the
neighbouring city of Chongqing.
A power station spokesman said the state has approved extending the pay-off
deadline for domestic loans by 10 years. The Finance Ministry, the
guarantor of overseas loans, has not reached a delay agreement with the
World Bank, he said.
The power station lost 1.25 billion yuan in 1998 and 1999, Xinhua said. The
spokesman said that although state power authorities raised the price of
electricity last year, Ertan expected to lose almost another billion yuan.
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