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[Reuters] Adam Entous - While Gaza's residents face electricity shortages, the Palestine Electric Co.'s profits were $6.3 million in 2008, up from $4.4 million in 2007. Critics decry what they call a lopsided deal that guarantees the PEC a fixed annual fee from the Palestinian Authority, which is bankrolled with aid from Western governments. Past efforts by Prime Minister Salam Fayyad to reopen the PEC's contract stalled. Many large PEC shareholders are close to PA leader Mahmoud Abbas, officials say. Since 2006, the EU and member states have aided the PA by paying for fuel for the Gaza power plant, costing some $130 million last year. 2009-04-24 06:00:00Full Article
Gaza's Power Plant Makes Millions
[Reuters] Adam Entous - While Gaza's residents face electricity shortages, the Palestine Electric Co.'s profits were $6.3 million in 2008, up from $4.4 million in 2007. Critics decry what they call a lopsided deal that guarantees the PEC a fixed annual fee from the Palestinian Authority, which is bankrolled with aid from Western governments. Past efforts by Prime Minister Salam Fayyad to reopen the PEC's contract stalled. Many large PEC shareholders are close to PA leader Mahmoud Abbas, officials say. Since 2006, the EU and member states have aided the PA by paying for fuel for the Gaza power plant, costing some $130 million last year. 2009-04-24 06:00:00Full Article
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