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Sale of plants to Enron unit revoked

Nicaragua has reversed a previous decision to sell two of its hydro plants to US energy firm Enron Corporation. Nicaragua said irregularities in the bid by Enron lead to the cancellation of the plans.

Nicaraguan Electricity Company (Enel) officials said that Enron Nicaragua failed to provide the required US$2M guarantee for its bid of US$41.4M.

As a result, Coastal Power, the runner-up in the original bidding process, was awarded the plants, each with a capacity of 50MW for a sum of US$41.2M.