Kib-Tek Massive Bank Loan Will Push up Electricity Bills

North Cyprus News -AKSA - power - plant - Kalecik
[AKSA Power Plant – Kalecik]
Kib-Tek, which was forced to borrow one billion Turkish Lira at an interest rate of 49 percent to service its debts, was the subject of an interview with the General President of the Union of Cyprus Turkish Electricity Authority Employees (El-Sen) Ahmet Tuğcu, Kibris Postasi reports.

The burden of this loan inevitably will be passed onto the consumers. Tuğcu, who was a guest on ‘Sabah Postası,’ hosted by Gökhan Altıner, said that Cemil Kazancı, the Chairman and CEO of AKSA Energy, had come from Turkey and coerced Kib-Tek into take out a loan to pays its debts to AKSA.

He said that meanwhile, AKSA had collected two million dollars for the rental of the Kalecik power station from the municipality. 

Regarding the Kalecik III Agreement made between Kib-Tek and AKSA for AKSA to increase the amount of power supplied to North Cyprus, Tuğcu was asked how it had come about. He stated that before the capacity increase, AKSA had not provided 100% of the power with a capacity of 148 megawatts but only 60%. This led to power cuts in summer as demand rose and obliged Kib-Tek to supplement its energy supply by purchasing electricity from South Cyprus last year at a cost of 19 million dollars.

Tuğcu then said that “They (AKSA) are providing services with machines made in 1999. I saw it, and my eyes welled up“.

He also revealed that AKSA had demanded money for interest on unpaid invoices in the amount of US$405,000.

Tuğcu said that his union had requested to see the preparation and examination of a report regarding the original agreement, and that they will present it to the court in cooperation with the Chamber of Mechanical Engineers.

He pointed to the following institutions that have failed to pay their electricity bills to Kib-Tek as follows:  “We are expecting payments of 5 million TL from the Public Joint Data Centre, 1.5 million TL from Hala Sultan Mosque, and 33 million TL from Ercan Airport“.

Tuğcu said it was the electricity authority which was sinking the ship, not the unions.

Kibris Postasi

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