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Effects of the "extremely dry conditions" were partially offset by the firm's coal and gas-fired thermoelectric plants, Colbún said in a Q1 update.
Even with the startup of Angostura and the 60MW Blanco run-of-the-river plant – which had been idle since January 2014 – hydroelectric production was down 1% year-on-year, Colbún said.
Lower hydroelectric availability contributed to an 86% drop in net income to US$7mn for the period, the company said in a separate presentation, underscoring Colbún's previously stated desire to expand its generation business beyond the borders of Chile, namely to Colombia and Peru.
In Chile, Colbún launched construction on the 34MW La Mina run-of-the-river plant. The firm has secured environmental approval for its 350MW Santa María coal-fired project, and expects to submit an environmental impact study (EIS) to authorities for the 160-170MW San Pedro hydroelectric project by the end of 1H15.
Colbún's generation assets comprise 1,589MW of hydroelectric plants and 1,689MW of thermoelectric plants on Chile's central SIC grid, totaling 3,278MW.
Pictured: Colbún's 71MW Quilleco hydroelectric plant