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Saturday, June 09, 2007

Fiji Electricity Authority makes a loss for 2006

The Fiji Electricity Authority (FEA) has recorded a loss of F$12.3 million for 2006. The dismal performance was directly attributed to low water levels at its Monasavu Dam which led to more use of diesel fuel to produce electricity.

As a result, FEA's return on capital was -3.1% compared to Government's requirement of a 10% return from all government commercial enterprises.

The company said that the imposition of fuel surcharges on consumer enabled it to contain the loss at F$12.3 million. Without the fuel surcharges, FEA's net loss would have been F$25 million.

The high fuel prices also contributed to the high costs for the company.

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