Electricidad La Paz SA and Empresa de Luz y Fuerza Electrica de Oruro SA

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Electropaz and ELF are the electricity distribution companies for La Paz and Oruro cities, respectively. These companies were formed from the distribution assets of Compania Boliviana de Energia Electrica (Cobee) because Bolivian electricity law stipulates that generation companies cannot also operate distribution systems. The companies were privatized together in December 1995 when Cobee sold them for US$ 62.3 million to Iberdrola. Cobee has long term contracts with Electropaz and ELF to supply all of the energy and capacity that they need, and to sell any excess power to third parties. In the first quarter of 1998 Iberdrola sold a 32.9% stake in Electropaz to a consortium of investment funds led by General Electric and American International Group. Iberdrola is retaining 100% ownership in ELF. In 1999, the IFC approved a US$ 25 million loan to Electropaz. However, as of 2002 the funds had not been committed. Both companies have around 332,000 consumers and their operations represent 40% of the Bolivian market. In October 2009, the electricity ministry confirmed that President Morales aimed to secure state control of the three main electricity companies, with a share of 60–70% as well as the cooperative Empresa de Luz y Fuerza Electrica de Cochabamba. In 2010, due to an agreement with Spain to cancel part of Bolivia's debt, Electropaz was not nationalized. As of 2011, the project was operational. Due to political termoil, the project could face expropriation again in the future