Members of the Electricity Syndicate have warned the Ministry of Power that recent currency fluctuations will lead to 100 power plant projects shutting down which can lead to outages. Shargh writes, an industry which used to plan 50 years ahead can now only plan for the upcoming summer. Payam Bagheri, Member of the Board of Directors at the Electricity Syndicate said, after the 2011 currency crisis, 250 projects became unfeasible and a number of them have yet to become operational. Since the responsibility for currency fluctuations falls on the contractors, the Syndicate is imploring the Government to adjust the value of the contracts. The method would be much cheaper for the Government than canceling the old contracts and signing new ones.
Related Articles
Week in Brief 29.06.2018
The Grand Bazar of Tehran is the beating heart of Iran’s economy. Eventually, after a long battle, the heart stopped beating on Monday. The passages in Grand Bazar of Tehran is always so crowded that […]
Iranians abandon foreign travels
Donya-e-Eghtesad reports the 50% decrease of foreign travels during the Nowrooz Holidays. The article writes that trips to Istanbul and Tbilisi have had 45% and 40% increases in price. A six-night-stay tour to Istanbul for […]
Iran Economy in Brief – No 55
Which foreign currency will replace US Dollar in Iranian reports? “Central Bank of Iran will change the currency used in the economic reports from US-Dollar to another foreign currency within the next two months”, announced […]