

Currently released so far... 12689 / 251,287
Browse latest releases
2010/12/01
2010/12/02
2010/12/03
2010/12/04
2010/12/05
2010/12/06
2010/12/07
2010/12/08
2010/12/09
2010/12/10
2010/12/11
2010/12/12
2010/12/13
2010/12/14
2010/12/15
2010/12/16
2010/12/17
2010/12/18
2010/12/19
2010/12/20
2010/12/21
2010/12/22
2010/12/23
2010/12/24
2010/12/25
2010/12/26
2010/12/27
2010/12/28
2010/12/29
2010/12/30
2011/01/01
2011/01/02
2011/01/04
2011/01/05
2011/01/07
2011/01/09
2011/01/10
2011/01/11
2011/01/12
2011/01/13
2011/01/14
2011/01/15
2011/01/16
2011/01/17
2011/01/18
2011/01/19
2011/01/20
2011/01/21
2011/01/22
2011/01/23
2011/01/24
2011/01/25
2011/01/26
2011/01/27
2011/01/28
2011/01/29
2011/01/30
2011/01/31
2011/02/01
2011/02/02
2011/02/03
2011/02/04
2011/02/05
2011/02/06
2011/02/07
2011/02/08
2011/02/09
2011/02/10
2011/02/11
2011/02/12
2011/02/13
2011/02/14
2011/02/15
2011/02/16
2011/02/17
2011/02/18
2011/02/19
2011/02/20
2011/02/21
2011/02/22
2011/02/23
2011/02/24
2011/02/25
2011/02/26
2011/02/27
2011/02/28
2011/03/01
2011/03/02
2011/03/03
2011/03/04
2011/03/05
2011/03/06
2011/03/07
2011/03/08
2011/03/09
2011/03/10
2011/03/11
2011/03/13
2011/03/14
2011/03/15
2011/03/16
2011/03/17
2011/03/18
2011/03/19
2011/03/20
2011/03/21
2011/03/22
2011/03/23
2011/03/24
2011/03/25
2011/03/26
2011/03/27
2011/03/28
2011/03/29
2011/03/30
2011/03/31
2011/04/01
2011/04/02
2011/04/03
2011/04/04
2011/04/05
2011/04/06
2011/04/07
2011/04/08
2011/04/09
2011/04/10
2011/04/11
2011/04/12
2011/04/13
2011/04/14
2011/04/15
2011/04/16
2011/04/17
2011/04/18
2011/04/19
2011/04/20
2011/04/21
2011/04/22
2011/04/23
2011/04/24
2011/04/25
2011/04/26
2011/04/27
2011/04/28
2011/04/29
2011/04/30
2011/05/01
2011/05/02
2011/05/03
2011/05/04
2011/05/05
2011/05/06
2011/05/07
2011/05/08
2011/05/09
2011/05/10
2011/05/11
2011/05/12
2011/05/13
2011/05/14
2011/05/15
2011/05/16
2011/05/17
2011/05/18
2011/05/19
Browse by creation date
Browse by origin
Embassy Athens
Embassy Asuncion
Embassy Astana
Embassy Asmara
Embassy Ashgabat
Embassy Apia
Embassy Ankara
Embassy Amman
Embassy Algiers
Embassy Addis Ababa
Embassy Accra
Embassy Abuja
Embassy Abu Dhabi
Embassy Abidjan
Consulate Auckland
Consulate Amsterdam
Consulate Adana
American Institute Taiwan, Taipei
Embassy Bujumbura
Embassy Buenos Aires
Embassy Budapest
Embassy Bucharest
Embassy Brussels
Embassy Bridgetown
Embassy Bratislava
Embassy Brasilia
Embassy Bogota
Embassy Bishkek
Embassy Bern
Embassy Berlin
Embassy Belmopan
Embassy Belgrade
Embassy Beirut
Embassy Beijing
Embassy Banjul
Embassy Bangkok
Embassy Bandar Seri Begawan
Embassy Bamako
Embassy Baku
Embassy Baghdad
Consulate Barcelona
Embassy Copenhagen
Embassy Conakry
Embassy Colombo
Embassy Chisinau
Embassy Caracas
Embassy Canberra
Embassy Cairo
Consulate Curacao
Consulate Ciudad Juarez
Consulate Chennai
Consulate Casablanca
Consulate Cape Town
Consulate Calgary
Embassy Dushanbe
Embassy Dublin
Embassy Doha
Embassy Djibouti
Embassy Dili
Embassy Dhaka
Embassy Dar Es Salaam
Embassy Damascus
Embassy Dakar
Consulate Dubai
Embassy Helsinki
Embassy Harare
Embassy Hanoi
Consulate Ho Chi Minh City
Consulate Hermosillo
Consulate Hamilton
Consulate Hamburg
Consulate Halifax
Embassy Kyiv
Embassy Kuwait
Embassy Kuala Lumpur
Embassy Kinshasa
Embassy Kingston
Embassy Kigali
Embassy Khartoum
Embassy Kathmandu
Embassy Kampala
Embassy Kabul
Consulate Kolkata
Embassy Luxembourg
Embassy Luanda
Embassy London
Embassy Ljubljana
Embassy Lisbon
Embassy Lima
Embassy Lilongwe
Embassy La Paz
Consulate Lahore
Consulate Lagos
Mission USOSCE
Mission USNATO
Mission UNESCO
Embassy Muscat
Embassy Moscow
Embassy Montevideo
Embassy Monrovia
Embassy Minsk
Embassy Mexico
Embassy Mbabane
Embassy Maputo
Embassy Manila
Embassy Manama
Embassy Managua
Embassy Malabo
Embassy Madrid
Consulate Munich
Consulate Mumbai
Consulate Montreal
Consulate Monterrey
Consulate Milan
Consulate Melbourne
Embassy Nicosia
Embassy Niamey
Embassy New Delhi
Embassy Ndjamena
Embassy Nassau
Embassy Nairobi
Consulate Naples
Consulate Naha
Embassy Pristina
Embassy Pretoria
Embassy Prague
Embassy Port Of Spain
Embassy Port Louis
Embassy Port Au Prince
Embassy Phnom Penh
Embassy Paris
Embassy Paramaribo
Embassy Panama
Consulate Peshawar
REO Basrah
Embassy Rome
Embassy Riyadh
Embassy Riga
Embassy Reykjavik
Embassy Rangoon
Embassy Rabat
Consulate Rio De Janeiro
Consulate Recife
Secretary of State
Embassy Suva
Embassy Stockholm
Embassy Sofia
Embassy Skopje
Embassy Singapore
Embassy Seoul
Embassy Sarajevo
Embassy Santo Domingo
Embassy Santiago
Embassy Sanaa
Embassy San Salvador
Embassy San Jose
Consulate Strasbourg
Consulate St Petersburg
Consulate Shenyang
Consulate Shanghai
Consulate Sapporo
Consulate Sao Paulo
Embassy Tunis
Embassy Tripoli
Embassy Tokyo
Embassy The Hague
Embassy Tel Aviv
Embassy Tehran
Embassy Tegucigalpa
Embassy Tbilisi
Embassy Tashkent
Embassy Tallinn
Consulate Toronto
Consulate Tijuana
USUN New York
USEU Brussels
US Office Almaty
US Mission Geneva
US Interests Section Havana
US Delegation, Secretary
UNVIE
Embassy Ulaanbaatar
Embassy Vilnius
Embassy Vienna
Embassy Vatican
Embassy Valletta
Consulate Vladivostok
Consulate Vancouver
Browse by tag
AF
ASEC
AR
AEMR
AMGT
AE
AU
AID
AORC
APER
AS
AM
AFIN
AMED
AJ
AGR
ACOA
ANET
ASIG
ABLD
AL
AA
APECO
AGAO
AY
AGMT
APEC
AINF
AG
ACS
AECL
AFFAIRS
ABUD
ASUP
ADANA
AADP
AMCHAMS
ARF
ASEAN
ADPM
ATRN
ALOW
APCS
ADCO
ACAO
AORG
AROC
AO
AODE
ACABQ
AX
AMEX
AFGHANISTAN
AZ
AND
ARM
AQ
ATFN
AMBASSADOR
ACBAQ
AFSI
AFSN
AC
AUC
ASEX
AER
AVERY
AGRICULTURE
ASCH
AFU
AMG
ATPDEA
ASECKFRDCVISKIRFPHUMSMIGEG
AORL
ADM
AN
AIT
BU
BR
BL
BO
BA
BB
BG
BM
BBSR
BH
BEXP
BK
BD
BTIO
BT
BE
BY
BF
BX
BP
BRUSSELS
BILAT
BIDEN
BC
BMGT
BWC
BN
BTIU
CH
CG
CF
CU
CE
CVIS
CASC
CO
CS
CA
CIDA
CBW
CW
CMGT
CI
CODEL
CY
CPAS
CJAN
CD
CWC
CDG
CIA
CL
CROS
CAPC
CTR
CT
CR
CBSA
CEUDA
COM
CFED
CV
CACS
CARSON
CLINTON
CN
CONS
CM
CAC
CIC
COPUOS
CDC
CONDOLEEZZA
CICTE
COUNTER
COUNTRY
CBE
CKGR
CHR
CVR
COUNTERTERRORISM
CITEL
CLEARANCE
COE
CARICOM
CB
CSW
CITT
CACM
CDB
CJUS
CTM
CAN
CLMT
CBC
CNARC
CIS
EG
EZ
EUN
ECON
ETRD
ECPS
EFIN
ENRG
ETTC
EPET
EINV
EAID
EAIR
EWWT
EU
EAGR
EC
ELAB
EIND
EN
EMIN
ESENV
ENNP
EFIS
ELTN
ET
ECIN
EFTA
ES
EINT
EI
ENGR
ETRDEINVECINPGOVCS
ENVI
ETRDECONWTOCS
ECINECONCS
ELN
ELECTIONS
ENVR
EXTERNAL
EXIM
ETRO
ENIV
ESA
ER
EK
EUR
EFINECONCS
EUMEM
EUREM
EPA
ERNG
ENERG
ECA
ETRC
EINVEFIN
ETC
EAP
ECONOMY
EINN
ECONOMIC
EXBS
ECUN
ENGY
ECONOMICS
EIAR
EINDETRD
ECONEFIN
EURN
EDU
ETRDEINVTINTCS
ECIP
EFIM
EAIDS
EREL
EINVETC
ECONCS
ETRA
EAIG
EUC
ERD
ETRN
EINVECONSENVCSJA
EEPET
EUNCH
IS
IZ
IR
IC
IO
IN
ID
IGAD
IT
ILC
IAEA
ITU
ICAO
IMO
IBRD
IMF
ICJ
IAHRC
ITF
INRA
INRO
IWC
IQ
IV
ICRC
ICTY
INRB
IEFIN
ILO
ITRA
ITALY
IBET
ISRAELI
IL
INTELSAT
IRC
IDP
ICTR
IRAQI
IPR
IIP
INMARSAT
ITPGOV
ITALIAN
INTERNAL
IRS
IA
INTERPOL
IEA
INR
IZPREL
IRAJ
IF
ITPHUM
ISRAEL
IACI
INDO
IDA
ISLAMISTS
KSPR
KNNP
KWBG
KAWK
KISL
KPAO
KN
KS
KIPR
KCRM
KDEM
KIRF
KJUS
KHLS
KSCA
KOMC
KAWC
KV
KFRD
KWMN
KTIP
KPWR
KSUM
KGHG
KTIA
KTFN
KIRC
KCOR
KACT
KMDR
KGIC
KOLY
KUNR
KIDE
KMPI
KPKO
KCFE
KVPR
KRAD
KPAL
KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG
KTEX
KTDB
KFSC
KZ
KSEP
KFLU
KE
KU
KPLS
KRVC
KRIM
KSTH
KG
KFLO
KPOA
KICC
KDDG
KPRV
KTBT
KBCT
KSAF
KMOC
KDRG
KBIO
KREC
KSTC
KVRP
KBTR
KMIG
KENV
KNSD
KCGC
KWAC
KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG
KWMM
KPRP
KNEI
KPAI
KO
KVIR
KX
KMCA
KCRS
KMFO
KID
KCIP
KNAR
KR
KCRCM
KBTS
KSEO
KHDP
KFIN
KOCI
KGIT
KNUP
KPAONZ
KNUC
KNNPMNUC
KERG
KSCI
KTLA
KHIV
KCSY
KTRD
KMRS
KNPP
KJUST
KCMR
KTER
KRCM
KCFC
KSAC
KCHG
KREL
KFTFN
KCOM
KLIG
KDEMAF
KAID
KGCC
KICA
KHUM
KSEC
KPIN
KESS
KDEV
KWWMN
KOM
KWNM
KRFD
KRGY
KIFR
KWMNCS
KPAK
KOMS
KHSA
MPOS
MOPS
MARR
MTCR
MNUC
MASS
MX
MCAP
MAR
MTRE
MASC
MK
MG
MTCRE
MI
MD
MA
MO
MY
MU
ML
MRCRE
MAS
MEDIA
MC
MR
MIL
MW
MARAD
MAPP
MZ
MP
MOPPS
MTS
MLS
MILI
MEPN
MEPI
MEETINGS
MERCOSUR
MT
MCC
MIK
MAPS
MV
MILITARY
MDC
MEPP
MASSMNUC
MUCN
MQADHAFI
NATO
NG
NL
NZ
NT
NW
NO
NU
NS
NPT
NASA
NI
NK
NSG
NE
NORAD
NAFTA
NP
NATIONAL
NSSP
NSF
NA
NGO
NV
NR
NDP
NIPP
NZUS
NH
NC
NEW
NRR
NAR
NATOPREL
NPG
NSC
NPA
NSFO
OPDC
OPRC
OEXC
OTRA
ODIP
OIIP
OVIP
OPIC
OPCW
OAS
OREP
OSCE
OSCI
OES
OFDP
OECD
OCS
OIC
OPAD
OVP
OHUM
OFFICIALS
OIE
OTR
OMIG
OSAC
OBSP
OFDA
ON
OCII
PREL
PGOV
PARM
PINR
PTER
PHUM
PK
PREF
PM
PHSA
PA
PINS
PE
PBTS
PCI
PO
PL
POGOV
PAK
PEL
PGIV
PROP
PP
PBIO
POL
POLITICS
POLICY
PINL
PBT
PMIL
POV
PTBS
PG
POSTS
PALESTINIAN
PROV
PNAT
PINF
PRL
PAS
PDOV
PRAM
PREO
PAHO
PHUMPGOV
PAO
PREFA
PSI
POLITICAL
PAIGH
PARMS
PROG
PTERE
PRGOV
PORG
PS
PGOF
PKFK
PSOE
PEPR
PPA
PINT
PMAR
PRELP
PNG
PFOR
PUNE
PGOVLO
PHUMBA
PSEPC
PNR
POLINT
PGOVE
PHALANAGE
PARTY
PDEM
PECON
PGOC
PY
PLN
PHUH
PF
PHUS
PU
PARTIES
PCUL
PGGV
PSA
PGOVSMIGKCRMKWMNPHUMCVISKFRDCA
PHUMPREL
RS
RU
RW
REACTION
RCMP
RSO
RO
RP
ROOD
RM
ROBERT
RICE
REGION
RSP
RF
RIGHTS
RIGHTSPOLMIL
RUPREL
RELATIONS
RFE
REPORT
SY
SP
SOCI
SMIG
SNAR
SCUL
SC
SU
SO
SI
SENV
SZ
SW
SA
SR
SF
SEVN
SN
STEINBERG
SEN
SG
SYR
SWE
SK
SH
SNARCS
SAARC
SNARIZ
SPCE
SARS
SNARN
SCRS
SYRIA
SL
SENVKGHG
SAN
ST
SIPDIS
SSA
SPCVIS
SOFA
SANC
SHI
SHUM
SIPRS
TSPA
TSPL
TU
TBIO
TRGY
TPHY
TS
TP
TW
TBID
TI
TF
TZ
TD
TT
TN
TNGD
TC
TX
TH
TL
TIP
THPY
TV
TK
TERRORISM
TO
TRSY
TURKEY
TINT
TFIN
TAGS
TR
US
UNSC
UNGA
UK
UP
UNCHC
UN
UNMIK
UNCSD
UY
USTR
USOAS
UNHRC
UNFCYP
UG
UNAUS
UNESCO
UNIDROIT
UNO
UV
UNHCR
USUN
UZ
USNC
UNCHR
UNCND
UNEP
USEU
USPS
USAID
UE
UNVIE
UAE
UNDP
UNODC
UNCHS
UNFICYP
UNDESCO
UNC
UNPUOS
UNDC
UNICEF
Browse by classification
Community resources
courage is contagious
Viewing cable 09SANTIAGO93, CHILE: ENERGY HIGHLIGHTS FOR JANUARY 2009
If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:
- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09SANTIAGO93.
Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
09SANTIAGO93 | 2009-01-30 20:33 | 2011-04-14 14:30 | UNCLASSIFIED | Embassy Santiago |
VZCZCXYZ0013
OO RUEHWEB
DE RUEHSG #0093/01 0302033
ZNR UUUUU ZZH
O 302033Z JAN 09
FM AMEMBASSY SANTIAGO
TO RUEHC/SECSTATE WASHDC IMMEDIATE 4345
RHMCSUU/DEPT OF ENERGY WASHINGTON DC IMMEDIATE
RHEHNSC/NSC WASHDC IMMEDIATE
INFO RUCNMER/MERCOSUR COLLECTIVE IMMEDIATE
RUEHQT/AMEMBASSY QUITO 2117
UNCLAS SANTIAGO 000093
STATE FOR WHA/BSC, WHA/EPSC AND EEB/ESC/IEC
SIPDIS
E.O. 12958: N/A
TAGS: ECON ENRG KNNP SENV TRGY PGOV CI
SUBJECT: CHILE: ENERGY HIGHLIGHTS FOR JANUARY 2009
REF: (A) 08 SANTIAGO 1147
(B) 08 SANTIAGO 1087
¶1. SUMMARY: This cable provides a summary of developments in the Chilean energy sector during January 2009. Thanks to a recent vote in the Chamber of Deputies, Chile moved closer to creating a new Ministry of Energy, which may pass into law by the end of March. Seeking to increase the flow of renewable energy technology into the country, Chile became one of 75 countries that signed the founding document for the new International Renewable Energy Agency (IRENA). A subsidiary of a California-based company is shipping 10 DS-2000 wind turbines for a wind power generation project in Chile. An Irish company has formed a joint venture with a Chilean company as part of plans for a 400MW wind pipeline in Chile over the next five years. A tax cut for the use of solar panels in new construction and revisions of Chile's geothermal concessions law are being considered by lawmakers. Russia and Chile's bilateral trade/commercial agenda reportedly includes discussions and exchanges on nuclear energy. Chile's national oil company, ENAP, issued $335 million in bonds in mid-January to counteract debt. In contrast, Chile's electricity sector announced major profits for 2008. END SUMMARY
Chile One Step Closer to Creating a Ministry of Energy
--------------------------------------------- ------
¶2. At the beginning of January, the Chamber of Deputies voted 81 to 1 to create a Ministry of Energy. This moves Chile one step closer to combining a number of disparate offices covering energy issues within several ministries and the Chilean National Energy Commission into a single ministry under the direction of a Minister of Energy. The new ministry would be responsible for formulating policies, laws, regulations, planning, and programs. The proposal would also create a sub-secretary (or deputy-minister) for internal administration and coordination of public services as well as six regional energy secretariats to represent the Ministry in one or more of Chile's 13 regions. It is expected that the changes will help in the design, coordination, and implementation of programs related to social development, energy efficiency, and rural electrification.
¶3. The bill still needs to be approved by the Senate's Energy and Mining Committee and, if approved without changes, will be voted on by the whole Senate. After it is approved by the Senate, it goes to the President, who has 10 days to review and sign it or exercise her right to veto it. The GOC then has 10 days to publish it in the Official Gazette and it becomes law upon publication. [Comment: Post believes it is unlikely that President Bachelet would veto the law. Based on other priorities, late March is the earliest the law would likely come into effect. End comment.]
Chile Joins International Renewable Energy Agency
---------------------------------------------
¶4. On January 26, Chile became one of the 75 countries that signed the founding document for the new International Renewable Energy Agency (IRENA) in Germany (additional information at www.irena.org). According to Energy Minister Marcelo Tokman, the agency will promote renewable energy as a way to address climate change. He noted IRENA is important because it will facilitate the transfer of new technological developments so that countries like Chile, with a wide array of natural energy resources, can take advantage of such resources as soon as possible. Tokman affirmed Chile's continued support for developing renewable energy as a way to stabilize energy costs and supply.
U.S. Company Ships 10 Wind Turbines to Chile
-----------------------------------------
¶5. California-based Composite Technology Corporation announced on December 29 that its DeWind subsidiary shipped the last five DS-2000 wind turbines, which were assembled in Texas, for a wind power generation project in Chile. Five other turbines were previously shipped to the Port of Houston, and all ten units will be placed on a ship for immediate transport to Chile. This equipment will join blades from Germany and customer-supplied towers in Chile. The president of DeWind stated, ""We now look forward to the successful erection and commissioning [in Chile] per the customer schedule.""
Company to Develop up to 400MW of Wind Capacity
--------------------------------------------
¶6. Ireland-based Mainstream Renewable Power plans to develop an initial pipeline of 400MW of wind farms in Chile during the next five years. With this goal in mind, Mainstream has already signed a 1 billion Euro (worth US$1.3 billion in November 2008) joint venture agreement with Chilean firm Andes Energy, which has two projects under environmental review. The joint venture first plans to develop the Laguna Verde wind farm in Chile's Region V, at an estimated cost of US$34 million. Pending approval of the environmental impact assessment submitted in July 2008, the 35MW plant could start construction by the end of 2009 and would link to the central SIC grid, possibly by the end of 2010.
¶7. According to a company official, Mainstream expects to provide more detailed plans for Chile at an event in March. Founded in early 2008, Mainstream is focusing on wind farms and intends to develop and operate greenfield projects with local partners before selling the projects to pension funds. Andes Energy was established in March 2007 and is focused on clean and renewable energy generation.
Revision of Geothermal Concessions Law Under Consideration
--------------------------------------------- ----------
¶8. Chile's National Energy Commission developed a draft bill to modify the country's 2000 law on geothermal energy concessions and introduced it to the Chamber of Deputies Mining Committee January 27. The 2000 law established the legal framework for geothermal investment, but has not resulted in any power generation projects. The bill's preface cites Chile's March 2008 law requiring that 5 percent of energy generated must come from non-conventional renewable energy by 2010 and 10 percent by 2024 as a potential incentive for geothermal investment. The bill proposes accelerating the approval process, which involves at least six different government entities. It also aims to reduce speculation by requiring adherence to technical proposals, guarantees, or insurance for promised investments and periodic progress reports. The bill does not include specific economic incentives or measures to offset exploration costs.
Proposed Tax Cut for Solar Panel Use in Construction
--------------------------------------------- ----
¶9. The Chamber of Deputies passed a proposal that would give government tax cuts to builders who install solar panels for water heating in new homes, provided the panels supply at least 30 percent of the home's average estimated annual water heating demand. The tax break, which still needs to be approved by the Senate, would benefit building permits issued as of January 1, 2008, through December 31 2013. While this tax cut serves the dual purpose of promoting clean energy sources and stimulating the construction sector, it applies to new construction only. Authorities are developing a more comprehensive law promoting renewable energy components in buildings for 2013.
Russia-Chile Bilateral Agenda Includes Nuclear Energy
--------------------------------------------- -----
¶10. After a break of several months, Russian experts are traveling to Chile in February 2009 to meet with their Chilean counterparts to discuss ways to deepen commercial exchanges (reportedly including ties in the nuclear energy, transportation, and mining sectors), which may lead to an eventual Russia-Chile free trade agreement. With regard to nuclear energy, Russian interest in Chile dates back to at least 2005 when a private Russian company began promoting nuclear technology. This firm, Intermash, was one of the companies selected to investigate the feasibility of developing nuclear energy in Chile (ref b).
National Oil Company Issues $335 Million in Bonds
--------------------------------------------- -
¶11. On January 15, Chile's state oil company, EmpresaNacionaldelPetroleo (ENAP), issued $335 million worth of 10-year bonds denominated in inflation-indexed units (UF) to refinance short-term debt. ENAP claims the bonds have an effective yield of 4.33 percent and the issue was oversubscribed by 35 percent. In the company's press release, ENAP's chief executive stated that ""This transaction means that the Chilean market values ENAP as a strategic state company and reaffirms its confidence in the strength of its businesses and projects.""
¶12. ENAP may have lost more than $550 million in 2008 after costs increased. 2008 saw reduced natural gas supplies from Argentina combined with drought-decreased hydroelectric output. This forced ENAP to increase diesel imports for power generation, particularly during the first six months of last year, when crude prices were at record highs. The company experienced a further, negative impact when international oil prices fell sharply causing losses on sales of petroleum products, which it sells about 60 days after importing the original crude.
Chile Electricity Sector Profits Surge in 2008
-------------------------------------------
¶13. In spite of last year's drought, cuts in natural gas supplies from Argentina, and high diesel prices, leading electricity generator Endesa Chile saw its profits double in 2008 (from 2007). Enersis, the Chile-based, Latin American arm of Endesa Spain, saw profits nearly triple to 570.88 billion pesos (about US$907 million). Endesa attributed the rise to increased sales in Chile, Colombia, and Brazil, as well as higher electricity prices. Endesa said it was pushing ahead with three generation projects in Chile set to enter operation during 2009-2011. Endesa is also looking to expand capacity in Peru. The company stated that, ""Despite the financial crisis markets are going through ... Endesa Chile has solid liquidity and a balance sheet to face coming challenges like refinancing debt in 2009 and projects being developed to meet growing energy demand in the long-term.""
¶14. Chilectra, Chile's largest electricity distributor, stated that its net profit rose 93.5 percent in 2008 from a year earlier as revenues rose, though costs also increased due to higher prices paid to generators. Chile's second power generator, Colbun, posted a net profit of 28.83 billion pesos (about $37.9 million) in 2008, compared with a 50.92 billion peso loss the previous year. Colbun announced on January 20 that, despite the global financial crisis, it was pushing ahead with a planned $1 billion investment in two new hydroelectric plants that will together generate 500MW. Colbun's Chief Executive Officer welcomed the fall in international oil prices, saying the drop could translate into lower electricity prices for consumers.
URBAN