Turboven Maracay Reaches 25% Completion

Thursday, July 1, 1999

Venezuelan independent power producer Turbogeneradores de Venezuela (Turboven) has reached between 20% and 30% completion of its Maracay and Cagua projects, PSEG Americas president Tom Smith told BNA. PSEG is the 50% owner of Turboven. Maracay aims to increase capacity to 100MW from the present 40MW. Turboven is also building a 60MW facility at Cagua. A third 80MW scheme in Valencia has been delayed and will hopefully start construction this year, Smith said. The upcoming privatizations of regional distributors Enelven-Enelco and Semda would not interest PSEG as distribution is dependent on regulatory treatment, and Venezuela currently lacks a sufficiently developed regulatory system to attract the company, Smith said. Recognizing that Venezuela has a number of fundamental problems in its electric sector, Smith said that it is a country "that needs to pursue aggressive reforms." The company's only involvement in the country is as an IPP and this would not change in the current regulatory framework, Smith added. PSEG Americas is a unit of Public Service Enterprise Group (PSEG) (NYSE: PEG) subsidiary PSEG Global.

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