Bolivia takes over Spanish-owned firms
29 December 2012
Last updated at 18:40 GMT
Evo Morales said unfair pricing policies forced him to sign the decree nationalising Iberdrola's assets in Bolivia
Mr Morales said rural households had been paying three times more for their electricity than people in urban areas.
The left-wing president has previously nationalised oil, telecommunications and energy-generating companies.
An independent arbiter will decide in up to 180 days how much compensation Iberdrola will get for its assets, Mr Morales said.
"We had to see that the quality of electricity service is uniform in rural as well as urban areas," Mr Morales said.
He said his decree was in line with the South American country's constitution, which says that the public interest is above private interests when it comes to the supply of energy.
"We were forced to take this measure," he said, describing the electricity charges in charged as "unfair and unequal".
Iberdrola owned 89.5% of Electropaz, which operates in Bolivia's largest city, La Paz, and surrounding areas, and 92.8% in Elfeo, based in the Oruro region.
Armed police guarded the companies' headquarters in both cities as Mr Morales announced their nationalisation.
Bolivia takes over Spanish-owned energy suppliers
Evo Morales said unfair pricing policies forced him to sign the decree nationalising Iberdrola's assets in Bolivia
Bolivia has brought two Spanish-owned electricity supply companies under state control.
President Evo Morales accused the subsidiaries of the Spanish company, Iberdrola, of overcharging consumers in rural areas. Mr Morales said rural households had been paying three times more for their electricity than people in urban areas.
The left-wing president has previously nationalised oil, telecommunications and energy-generating companies.
An independent arbiter will decide in up to 180 days how much compensation Iberdrola will get for its assets, Mr Morales said.
"We had to see that the quality of electricity service is uniform in rural as well as urban areas," Mr Morales said.
He said his decree was in line with the South American country's constitution, which says that the public interest is above private interests when it comes to the supply of energy.
"We were forced to take this measure," he said, describing the electricity charges in charged as "unfair and unequal".
Iberdrola owned 89.5% of Electropaz, which operates in Bolivia's largest city, La Paz, and surrounding areas, and 92.8% in Elfeo, based in the Oruro region.
Armed police guarded the companies' headquarters in both cities as Mr Morales announced their nationalisation.
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