BRADES, Mach 15, 2004 (GIU) - Montserrat Electricity Services Ltd, Monlec, plans to make a substantial investment in the construction of a 1.8 megawatt permanent power station, starting in late 2004.

This was disclosed by Hon. John Osborne, Chief Minister and Minister of Finance, Economic Development and Trade during his Budget Statement last Thursday.

During the last quarter of 2003, Monlec's dependable power supply was severely affected following the failure of its newest generator.

Monlec later purchased two new packaged generating sets to satisfy the immediate demand for power.

"In order to finance this power station project, the company anticipates that it will require a loan of approximately Ec $ 6 million, in addition to its own resources. This project is critical if we are to avoid the high cost and risks associated with supplying power using current emergency generating sets," Osborne said. (March 15, 2004)