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DAM-L THREE GORGES PROBE: March 15, 2001 (fwd)

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Date: Thu, 15 Mar 2001 12:15:24 -0500
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Subject: THREE GORGES PROBE: March 15, 2001

THREE GORGES PROBE
March 15, 2001

Ertan hydroelectric power plant seeks loan extension

Mar. 13, 2001 -- South China Morning Post reports that
China's largest hydroelectric power station, Ertan dam in
Sichuan province, is asking for a 10-year deferral of loan
repayments, including some to the World Bank. Since
opening in 1998, the Ertan dam has lost an average of
US$145 million annually due to an electricity glut in the
Sichuan province.

----------------------------------------------------------------
March 13, 2001 -- South China Morning Post

Ertan hydroelectric power plant seeks loan extension
Michael Ma

The mainland's largest hydroelectric power station is asking
for a 10-year grace period in the repayment of 26 billion
yuan (about HK$23.92 billion) in loans, including some
from the World Bank.

The Ertan hydroelectric power station originally planned to
clear its debts by 2009. However, due to surplus power in
Sichuan province where it is located, the station has run at
only half its capacity since opening in August 1998. Ertan
has used 90 per cent of its revenue to repay loans, Xinhua
reported on Monday.

With a capacity of 3.3 million kilowatts, Ertan is designed
to generate 17 billion kilowatts of electricity every year for
Sichuan province and the neighbouring city of Chongqing.
A power station spokesman said the state has approved
extending the pay-off deadline for domestic loans by 10
years. The Finance Ministry, the guarantor of overseas
loans, has not reached a delay agreement with the World
Bank, he said.

The power station lost 1.25 billion yuan in 1998 and 1999,
Xinhua said. The spokesman said that although state power
authorities raised the price of electricity last year, Ertan
expected to lose almost another billion yuan.

Unless the government raises electricity prices further,
which is unlikely, Ertan will lose 5.85 billion yuan by 2006,
Xinhua reported on Monday.

- END -

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