Bolivia says it’s nationalizing electrical grid

La Paz, Bolivia - Bolivia's President Evo Morales announced Tuesday that his government is completing nationalization of the country's electricity industry by taking over the bulk of its electrical grid from a Spanish-owned company.

Morales also took advantage of the symbolism of May Day, the international day of the worker, to order troops to take control of installations of the company, a subsidiary of Red Electrica Corporacion S.A.

"We are nationalizing the Transportadora de Electricidad in the name of the Bolivian people as a fitting homage to the workers who fought for the recovery of our natural resources and basic services," Morales said during a ceremony at the presidential palace. He did not provide details on how the Spanish company would be compensated, but the nationalization decree says the state will negotiate an indemnization fee with Red Electrica.

- Associated Press