Literally. And it
turns a profit:
Running a power plant in Gaza might sound like a losing venture but,
thanks to payments from the cash-strapped Palestinian government, its
owners are making profits and promise another year of "unstoppable
growth".
While Gaza's 1.5 million residents, blockaded by
Israel, face electricity shortages, the Palestine Electric Co.'s (PEC)
PEC.PL profits were $6.3 million in 2008, up from $4.4 million in 2007.
Profits are largely distributed in tax-free dividends.
The
gains came even though the plant has been operating at less than half
capacity due to the embargo that chokes fuel and spare parts, and past
bombings by Israel.
But, of course, there's the corruption:
Past efforts by West Bank-based Prime Minister Salam Fayyad to
reopen the PEC's contract stalled. Many large PEC shareholders play a
powerful role in the Palestinian economy and are close to Arafat's
successor Mahmoud Abbas, officials say.
