Empresa Distribuidora Electrica Atlantica SA

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The Argentinean state-owned company Eseba was divided into three distribution companies that provide electricity distribution facilities to the Buenos Aires province. One of these three distribution companies is Edea SA, created to distribute electricity to the Atlantic zone in the province of Buenos Aires. The other two distribution companies are Empresa Distribuidora del Sur (Edes SA) for the southern area and Empresa Distribuidora del Norte SA (Eden SA) for the northern area of the province. Edea SA was the largest of the three provincial systems, serving about 391,000 customers in 1996. Edea SA was privatized in April 1997 when Eseba sold a 90% equity stake in the new company for $404 million to a consortium comprising Camuzzi of Italy, Loma Negra of Argentina, and United Utilities of England. Edea SA operates under a 95-year concession contract. After some changes in the shareholdings, Camuzzi acquired 100% of the shares of BAECO in 2000, the company that has majority control over Edea. In 2003, Camuzzi filed a claim against the Argentinean government with an international arbitration tribunal (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). By the end of 2005, had 425,150 total clients and accumulated total investments for 149.3 million pesos. By the end of 2006, had more than 200 million pesos of investments.