The Treasury reported that, thanks to Natural Gas compensation insurance that he hired in 2021, in the first four months of this year he has received a total of US$26,838,500.
In a press release, the Treasury explained that the timely acquisition of insurance hmitigated the impact of the 82.9% increase in the price of Natural Gas since the beginning of this year and is part of the strategic measures that it develops to guarantee budgetary stability, in the face of the international increase in the price of raw materials.
this fuel represents approximately 50% of the electricity generation matrix from the country. Therefore, contracting the insurance has made it possible to mitigate the upward effect on the cost of power generation, the institution highlighted.
“With the Natural Gas insurance, the Government has managed to counteract the impact of the prices of this fuel in the electricity subsidy and, therefore, in public finances”, he indicated. In addition, the acquisition of the insurance has resulted in an additional benefit to the national treasury.
In a press release, the Treasury said that the result of the coverage guarantees that the price of this fuel does not exceed US$3.25 MMBtu. The contract was carried out in stages, covering 80% of the import of this fuel from May to December last year, 60% in 2022 and 40% next year.
The price of Natural Gas has increased by 154.6% since the contracting of this insurance in 2021, which has allowed the Government to receive US$62,847,957.94
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