ENDESA Inaugurates the First CCGT Plant in Peru with Installed Capacity of 492 MW
November 10 2006 - 10:16AM
Business Wire
ENDESA (NYSE:ELE) has inaugurated Peru�s first CCGT plant
(installed capacity 492 MW; investment USD 135 million). The
inauguration ceremony, which was presided over by the Peruvian
president, Alan Garc�a, was also attended by ENDESA�s chairman,
Manuel Pizarro, and CEO, Rafael Miranda, and leading members of
Peru�s economic, financial and political circles. The plant, which
took two years to build, is the first in the country to be fed with
natural gas from the Camisea fields and the first to use CCGT
technology, making it the biggest, most modern and most efficient
thermal plant in Peru. With the start-up of this plant, ENDESA
becomes the leading consumer of natural gas from the Camisea field
At his inauguration speech, Peruvian president Alan Garc�a thanked
ENDESA for having confidence in Peru "at an especially difficult
time for Latin America and when uncertainty in the region is rife�,
which, according to the Peruvian premier can only be explained by
the seriousness and judicial security offered and transmitted by
the country. �We must keep up confidence in Peru and show that our
country is serious, responsible and unaffected by demagogy and
adventurism if we want capital to keep flowing in.� After thanking
Alan Garc�a for his words, ENDESA�s chairman, Manuel Pizarro,
stated that this investment will not only consolidate the Group�s
presence in Peru�s generation sector but also makes it the biggest
investor in modernising the electricity sector in the country.
�This plant�, said Mr. Pizarro, �has cost us a great deal of effort
and money and also gives us a great deal of hope. We have
confidence in Peru and will continue to invest here�. ENDESA has
been operating in Peru since 1994 (and 10% of its Latin American
assets are in this country). In the generation business it has a
controlling stake in Edegel (through Enersis) which owns installed
capacity of 1,284 MW. On 1 June this year, the merger and takeover
of Etevensa (where ENDESA also had a controlling stake) by Edegel
was completed. This transaction has resulted in a more balanced
overall generation mix (51% hydro and 49% thermal), which will,
among other things, reduce the volatility of revenues caused by
variations in rainfall. ENDESA also has a controlling stake in the
generation company Piura (143 MW). And, in conjunction with
Enersis, its holds a 60% stake in Edelnor, which distributes
electricity to 925,000 customers in the northern part of Lima. It
has installed capacity of 2.3 MW. * This document may contain
certain forward-looking statements regarding anticipated financial
and operating results and statistics that are subject to risks and
uncertainties as well as to material risks, changes and other
factors which may be difficult to predict, including, without
limitation, those factors described in the Documento de Registro de
Acciones of Endesa filed within the Comisi�n Nacional del Mercado
de Valores and in the Form 20-F of Endesa filed within the
Securities and Exchange Commission, both for the fiscal year ended
December 31, 2004. For all of these forward-looking statements, we
claim the protection of the safe harbour for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. ENDESA (NYSE:ELE) has inaugurated Peru's first CCGT
plant (installed capacity 492 MW; investment USD 135 million). The
inauguration ceremony, which was presided over by the Peruvian
president, Alan Garcia, was also attended by ENDESA's chairman,
Manuel Pizarro, and CEO, Rafael Miranda, and leading members of
Peru's economic, financial and political circles. The plant, which
took two years to build, is the first in the country to be fed with
natural gas from the Camisea fields and the first to use CCGT
technology, making it the biggest, most modern and most efficient
thermal plant in Peru. With the start-up of this plant, ENDESA
becomes the leading consumer of natural gas from the Camisea field
At his inauguration speech, Peruvian president Alan Garcia thanked
ENDESA for having confidence in Peru "at an especially difficult
time for Latin America and when uncertainty in the region is rife",
which, according to the Peruvian premier can only be explained by
the seriousness and judicial security offered and transmitted by
the country. "We must keep up confidence in Peru and show that our
country is serious, responsible and unaffected by demagogy and
adventurism if we want capital to keep flowing in." After thanking
Alan Garcia for his words, ENDESA's chairman, Manuel Pizarro,
stated that this investment will not only consolidate the Group's
presence in Peru's generation sector but also makes it the biggest
investor in modernising the electricity sector in the country.
"This plant", said Mr. Pizarro, "has cost us a great deal of effort
and money and also gives us a great deal of hope. We have
confidence in Peru and will continue to invest here". ENDESA has
been operating in Peru since 1994 (and 10% of its Latin American
assets are in this country). In the generation business it has a
controlling stake in Edegel (through Enersis) which owns installed
capacity of 1,284 MW. On 1 June this year, the merger and takeover
of Etevensa (where ENDESA also had a controlling stake) by Edegel
was completed. This transaction has resulted in a more balanced
overall generation mix (51% hydro and 49% thermal), which will,
among other things, reduce the volatility of revenues caused by
variations in rainfall. ENDESA also has a controlling stake in the
generation company Piura (143 MW). And, in conjunction with
Enersis, its holds a 60% stake in Edelnor, which distributes
electricity to 925,000 customers in the northern part of Lima. It
has installed capacity of 2.3 MW. * This document may contain
certain forward-looking statements regarding anticipated financial
and operating results and statistics that are subject to risks and
uncertainties as well as to material risks, changes and other
factors which may be difficult to predict, including, without
limitation, those factors described in the Documento de Registro de
Acciones of Endesa filed within the Comision Nacional del Mercado
de Valores and in the Form 20-F of Endesa filed within the
Securities and Exchange Commission, both for the fiscal year ended
December 31, 2004. For all of these forward-looking statements, we
claim the protection of the safe harbour for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
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