Empresa de Generacion Electrica de Lima SA

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Empresa de Generacion Electrica de Lima SA or Edegel is one of the five companies created when Peruvian Electrolima was corporatized for the privatization program. The other four companies are Empresa de Distribucion Electrica de Lima Sur (Luz del Sur), Empresa de Distribucion Electrica de Lima Norte (Edenor), Empresa de Distribucion Electrica de Canete (Edecanete), and Empresa de Distribucion Electrica de Chancay (Ede-chancay). Edegel assumed all generating facilities of Electrolima that totaled 695-MW and supplied 45% of Lima's electricity demand in 1994. Edegel had six power plants in 1995 of which five were hydro plants (Huinco with 260-MW, Matucana with 120-MW, Callahuanca with 71-MW, Moyopampa with 63-MW, Huampani with 31-MW) and one oil-fired station (Santa Rosa with 120-MW). The company was partially privatized in November 1995 when 60% of the equity was sold for $424.5 million in cash plus $100 million in Peruvian external debt papers to a consortium of Enersis (Chile), Chilectra (Chile), Endesa (Spain), Cosapi SA (Peru), Inversiones Centenario (Peru), and El Pacifico-Peruano Suiza (Peru). Between privatization and first-quarter 1997, the new operators increased Edegel capacity by 125-MW. The total cost of the expansion was $41 million. In a second transaction, the government sold 10% of the equity to Edegel's workers at the same share price that the winning consortium paid, a sale of $74.8 million. In November 1999, the Government offered an additional 5.4% stake on the Lima stock exchange to private investors. The 120 million shares sold raised US$24.3 million. The government still had 389 million shares from Edegel (17.4%) equity and planned to offer this amount in 2000. In Jan. 2000, the government completed the sale of Edegel's shares, raising US$ 84.1 million in divestiture revenues. Edegel has invested a total of US$ 150 million since 1995 (US$ 41 million up to 1997, and the remaining after that; this implies an average of US$ 36.3 million per year). As of 2001, Edegal owned 5 power plants in Lima - Huinco (258 MW), Matucana (120 MW), Callahuanca (73 MW), Moyopampa (69 MW) and Huampani (31 MW). None None