Sunday 25 September 2022

CNFL Freezes Debt Payments In Half To Manage Financial Crisis

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24 September 2022 - At The Banks - BCCR

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The is a division of ICE
The Compañía Nacional de Fuerza y Luz – CNFL power and light utility is a division of ICE

QCOSTARICA – It’s January, the start of the new year and time to improve your finances. What do you do? Take a page from the National Power and Light Company (Compañía Nacional de Fuerza y Luz – CNFL) book, temporarily free half of your debt payments.

The power and light division of the Instituto Costarricense de Electricidad (ICE) announced on Thursday just that, it will temporarily free 50% of its debt this in order to manage its financial crisis.

The utility, confirmed by general manager Victor Solis, will also be suspending its contributions to the Fondo de Ahorro y Crédito, al Centro de Recreación Sindical, lunch counter (soda) services and other benefits under the collective agreement to its 2,200 employees.

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Solis explained the utility was forced to make the drastic cuts after being rejected a rate increase by the regulatory authority, the Autoridad Reguladora de los Servicios Públicos (Aresep). The CNFL proposal was to hike rates to cover its ¢30 billion colones debt.

The ARESEP approved last November a rate hike of 18.6%, though the company had requested 35%.

The CNFL provides electrical power to some 520,000 subscribers in the Greater Metropolitan Area.

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