Bolivia takes over electric companies

BBC:

Bolivian President Evo Morales has ordered the nationalisation of four private electricity companies.

Police moved into the offices of Corani, Valle Hermoso and Guaracachi firms, following Mr Morales' decree.

Corani is half owned by a subsidiary of France's GDF Suez. Guaracachi's main partner is Britain's Rurelec, while ELFEC and Valle Hermoso are local.

President Morales said that the government now controlled 80% of electricity generation in the country.

Last year, Mr Morales announced the takeover of a subsidiary of British oil company BP, which supplied jet fuel across the Andean nation.

He has recently nationalised oil and gas reserves to redistribute wealth to Bolivia's indigenous majority.

...

He is making the same mistakes Chavez made and it will lead to greater inefficiency and inflation. He will wind up making everyone in Bolivia poorer that they already are. A command economy just does not work. Cuba and Venezuela are just the last of a dying breed of failures. We need them around to show the rest of the world how socialism leads to failure.

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