Empresa de Energia de Rio Negro SA

active

The company provides the electricity distribution services in Rio Negro Province. The company was privatized in 1996 when the government sold a 90% equity stake for $98 million to the winning consortium that comprised Sociedad Austral de Electricidad, Camuzzi Argentina, and CEI. The company was privatized with a 20-year power purchase agreement with General Roca Gas-Fired Power Plant. In 2003, Camuzzi filed a claim against the Argentinean government with an international arbitration tribuanl (International Centre for Settlement of Investment Disputes - ICSID). Camuzzi claims compensation for losses in its investments in electricity distribution in Argentina due to frozen rates and devaluation of the currency. In January 2007, Camuzzi International S.A. v. Argentine Republic (ICSID Case No. ARB/03/7) the proceeding discontinued at at the request of the parties. (Order taking note of the discontinuance issued by the Tribunal on January 25, 2007 pursuant to Arbitration Rule 43(1)). For updates on the international arbitration proceedings, check http://www.worldbank.org/icsid (case # ARB/03/7).