Edegel posts US$47mn profits in 2003

Peruvian generator Edegel increased net profits 52.2% to 165mn soles (US$47.2mn) in 2003 from the previous year, the company said in a statement. Revenues increased 11.8% to 662mn soles resulting from higher contracted energy sales, in turn due to a significant increase in consumption by non-regulated clients and distributors, Edegel said. Sales were higher too on the spot market and capacity revenues rose. The latter include the fee associated with the guarantee on the main Camisea natural gas transport and distribution network. Operating profits increased to 378mn soles in 2003 in spite of higher generation costs during the year caused by the depreciation of the company's BBC thermo plant and higher transmission tolls. Generation increased 4.2% to a record 4.46GWh in 2003 thanks to high operating levels at the company's hydro plants. The figure was up 2.4% over the previous record of 4.36GWh recorded in 2001, the statement said.