Low rainfall hurts Colombia power firm Celsia

Friday, October 24, 2014

Colombian power firm Celsia's consolidated revenues fell to 567bn pesos (US$276mn) in the third quarter, down 2% from 576.794bn pesos in the year-ago period, according to Celsia's 3Q14 results report.

The drop was mainly due to lower generation by Celsia subsidiary EPSA, which in turn was caused by lower rainfall and water reservoir levels at EPSA's hydroelectric plants, Celsia president Juan Guillermo Londoño said Friday in a conference call.

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Third quarter operating costs rose 8% to 396bn pesos from 368bn. Londoño attributed the increase to spot market electricity purchases and maintenance on the Flores and Meriléctrica thermoelectric plants.

The combination of all of the above resulted in Celsia's net income plunging 97% to 2.30bn pesos from 76.0bn pesos in last year's third quarter.

Combined electricity generation, including subsidiaries EPSA, CETSA and Zona Franca Celsia, fell to 1.293TWh from 1.429TWh. Third quarter energy output consisted of 638GWh of hydroelectric production and 655GWh of thermoelectric, the report said.

Celsia's third quarter electricity sales were flat year-on-year at 1.912TWh. These consisted of 1.045TWh of contract sales and 867GWh of spot market transactions.

Londoño highlighted Celsia's ongoing commitment to acquiring the 325MW Porvenir II hydroelectric project. The company recently revealed Porvenir II's original December 2018 startup date will be delayed by over a year.

BNamericas will host its 11th Southern Cone Energy Summit in Lima, Peru, on November 12-13. Click here to download the agenda.