November 15, 2016 / 2:03 PM / 2 years ago

Colombia takes control of Gas Natural affiliate's assets

BOGATA, Nov 15 (Reuters) - Colombia’s government regulator said on Tuesday it has taken control of assets owned by Spain’s Gas Natural affiliate Electricaribe due to risks associated with lack of payment and quality of service.

The measure aims to guarantee electricity services in the seven regions in which the affiliate operates, the government regulator said. Electricaribe has 2.5 million clients on Colombia’s Carribbean coast.

Gas Natural warned of the poor financial situation of its unit at the beginning of November, saying it was suffering due to non-payment of debts by clients and illegal use of its power grid. (Reporting by Nelson Bocanegra; Writing by Paul Day; Editing by Sarah White)

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