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09/11/2009 - GDF SUEZ and Codelco to merge assets Creation of power production leader in the North of Chile
GDF SUEZ and Codelco, the world’s largest copper producer, have today announced the merger of all their electricity assets and gas transport activity in Chile through their subsidiary Edelnor. GDF SUEZ will have a 52.4% controlling stake in Edelnor. Codelco will have 40% of the shares and the remaining 7.6% will continue to be traded on the stock exchange.
Under the terms of the merger, Electroandina, Edelnor, Gasoducto Nor Andino (Chile and Argentina), the new CTA and CTH thermal power stations (Mejillones), will become subsidiaries of Edelnor. The merger process is expected to conclude in the first half of 2010.
Following the merger, Edelnor will be the leader in electricity generation in Northern Chile. It will have an installed capacity of 1,795 MW in the Northern Chilean Electricity grid (the Sistema Interconectado del Norte Grande – SING), which will increase to 2,125 MW with the commissioning of the CTA and CTH power stations in 2010 and 2011.
Dirk Beeuwsaert, Executive Vice-President GDF SUEZ in charge of Energy Europe & International, explained that the merger will help “simplify the ownership structure of the various energy companies of which GDF SUEZ and Codelco are partners today in the SING. Edelnor will be the only power generation and sales company belonging to GDF SUEZ and Codelco in the SING, with an investment policy focusing on thermal projects using clean technology and renewable energy, with the aim of holding a low price-volatility generation and long-term contracts portfolio. The merger will strengthen both the company and the system”.
GDF SUEZ’s assets in the North of Chile
Edelnor (located in Mejillones) has today 693 MW of installed capacity in the SING. It has 38 generation units, with 341 MW using coal, 250 MW natural gas, 89 MW diesel and 13 MW hydroelectricity. Edelnor owns and operates 1,020 km of transmission lines.
Edelnor has recently won a bid worth USD 3 billion to supply 2,000 GWh/year of electric power to subsidiaries of the Chilean power company Emel. This contract will run from 2012 to 2026 and the energy will be derived mainly from liquefied natural gas which will be regasified at the Mejillones terminal, jointly owned by GDF SUEZ and Codelco.
Electroandina (located in Tocopilla) has 1,102 MW of installed capacity in the SING. It owns
Gasoducto Nor Andino transports natural gas from Argentina to Chile (it supplies Edelnor and Electroandina). It has a 1,045 km pipeline and a transmission capacity of 8 million m3 per day.
GDF SUEZ is currently building new thermoelectric power plants in Mejillones : CTA, which is scheduled to be commissioned in the fourth quarter of 2010 and will supply Codelco Norte; and CTH, to be commissioned in the first quarter of 2011, which will supply Minera Esperanza. Both have a capacity of 165 MW. CTH is owned by GDF SUEZ and by a subsidiary of the Luksic Group (40%).
In Chile, GDF SUEZ also has a 50% stake in the LNG terminal Mejillones expected to come on-line at the beginning of 2010. This terminal will supply approximately 20% of the total needs of the SING which serves mostly industrial companies.
GDF SUEZ has also be inaugurating the largest wind farm in Chile last October. The Monte Redondo wind farm, connected to the Sistema Interconectado Central (SIC), is another step towards the diversification of GDF SUEZ’s energy portfolio in Chile.
With its strong energy demand and renewable energy potential, Latin America is a key market for
| About GDF SUEZ | |
| One of the leading energy providers in the world, GDF SUEZ is active across the entire energy value chain, in electricity and natural gas, upstream and downstream. It develops its businesses (energy, energy services and environment) around a responsible growth model to take up the great challenges: responding to energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. GDF SUEZ relies on diversified supply sources as well as flexible and high-performance power generation in order to provide innovative energy solutions to individuals, cities and businesses. The Group employs 200,000 people worldwide and achieved revenues of €83.1 billion in 2008. GDF SUEZ is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and ASPI Eurozone.
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