Our subsidiary Elektra NORESTE, S.A. (ENSA) is the second largest electricity distribution company in Panama in terms of electricity volume distributed and area served. In connection with the process of privatizing the Panamanian electricity sector, ENSA was incorporated on January 22, 1998 and, through a Sale and Purchase Agreement dated October 30, 1998, 51% of its common stock was sold to the Panama Distribution Group, S.A., or PDG, with the remaining 49% retained by the Panamanian government. 51% of ENSA's common stock is owned indirectly by AEI through PDG. ENSA holds an exclusive concession for electricity distribution in the northern and eastern parts of Panama, including the eastern part of Panama City, the port city of Colon and the Gulf of Panama. ENSA's operations cover a territory that includes two of Panama's main economic centers: the provinces of Colon and the eastern portion of the province of Panama. ENSA's concession has a 15-year term and expires in October 2013. In accordance with Panamanian law, at the end of this term, a competitive bid process for the sale of a minimum of 51% of the share capital of ENSA will take place. Following the auction a new 15-year concession will be granted. ENSA can participate in the bidding and will only be required to sell and transfer control of the concession to a higher bidder, retaining the amount bid by the new concessionaire. ENSA is required to provide contract coverage for its regulated customers for 24 months to limit fluctuations in energy costs. Historically, ENSA has contracted annually approximately 79% to 95% of its total requirements through purchase agreements in the contract market. Purchase prices for these contracts are based on competitive bidding processes, and ENSA satisfies the balance of its requirements, including during peak demand periods, through purchases in the spot market. Contact ENSA: ENSA
Business Park, Costa del Este, Edificio Torre Oeste, Tercer Piso, Panama, Rep. de Panama,
Panama, Rep. de Panama, P.O. BOX 0833-00202 Plaza Panama
(507) 340-4600
www.ensa.com.pa Last update: August 2010 | |
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