Energia del Sur SA

active

The company will build and operate the Central Termica Patagonia. The merchant plant consists of two General Electric Frame-6 Gas Turbines that produces a total of 77 MW of electricity. The plant started operation at the end of 1996. The owners of Energia del Sur SA are Amoco Corp. (part of BP Plc. as of 1998) (40%) and Camuzzi Argentina (60%). The Inter-American Development Bank has approved $330 million in financing to enable Energia del Sur S.A. to expand its capacity by 287 MW. In 2004, BP America filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). The companies claim compensation for the losses caused by the devaluation of the Argetinean currency (peso) and the conversion of dollar-denominated tariffs into pesos. In August 2008, settlement was agreed by the parties and proceeding discontinued at their request (Order taking note of the discontinuance issued by the Tribunal on August 20, 2008 pursuant to Arbitration Rule 43(1)). www.worldbank.org/icsid (case n. ARB/04/8).