Jun 23 2010 |
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NEPCO losses expected to reach JD40 million in first six months
AMMAN (Petra) -- National Electric Power Company ( NEPCO ) General Manager Ghaleb Maabreh on Tuesday said the company's losses during the first six months of this year are expected to reach JD40 million. Maabreh attributed the reason behind the prospective losses to the reduction in the share of Jordan from the Egyptian natural gas and thus, the increase in reliance on heavy fuel oil for electricity generation. Since the beginning of the year, Jordan received around 60 to 70 per cent of the total amount of ?as allocated to the Kingdom due to technical difficulties in the Egyptian gas wells, he said, indicating that reducing the amount of gas led to the increase demand on heavy fuel, whose prices are higher than natural gas. He added that the forecast will worsen the financial situation of NEPCO .The NEPCO official said negotiations are under way between the Jordanian and Egyptian authorities to restore Jordan's quantities of natural gas according to the agreement signed between the two countries. Egypt provi?es Jordan via the Arab Gas Pipeline with around 80 per cent of the amount of fuel needed to generate electricity, while 20 per cent are run by the use of fuel oil.
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