Brazil OKs higher energy payments to Paraguay

[Judi Lynn]

Brazil OKs higher energy payments to Paraguay
Brazil Senate approves higher payments to Paraguay for excess energy from Itaipu dam
On Wednesday May 11, 2011, 9:58 pm EDT

BRASILIA, Brazil (AP) -- Brazil's Senate has approved a measure sharply increasing the payments it makes to Paraguay for excess energy from the nation's joint Itaipu hydroelectric project.

The change was pushed by former Brazilian leader Luiz Inacio Lula da Silva and passed earlier this year by Brazil's lower house.

The 1973 treaty that led to the construction of the Itaipu dam entitles each country to half of its 14,000 megawatt installed capacity. Paraguay sells 95 percent of its share back to Brazil.

The change finalized Wednesday increases from $120 million to $360 million the amount Paraguay will receive annually for the share it sells to Brazil.

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http://finance.yahoo.com/news/Brazil-OKs-higher-energy-apf-1304007313.html?x=0&.v=1