While the operating results of Endesa Chile has been affected by the low hydrology and heavy fuel purchases in Chile, the appropriate trade policy and investment portfolio of high efficiency has enabled significantly alleviate these effects. This allows Endesa Chile to be in proper condition to face the coming challenges and transform them into opportunities for growth. Endesa is pursuing various investment projects mainly in Chile, Colombia and Peru. It also has provided investment projects in Argentina. In Chile, in mid-January 2008, Endesa completed the closure of the plant combined cycle San Isidro II, reaching a total capacity of 353 MW. In 2009, once it becomes available liquefied natural gas (LNG) in Chile, the plant will reach its full capacity of 377 MW. The entry into operation early this investment allowed to deliver in the first months of 2008, underpinning the local electrical system closely.
Another important contribution of Endesa Chile for energy supply in Chile for the next few years was put into service (in March) Unit No. 1 Taltal plant of 120 MW of installed capacity, operating on diesel. Endesa is also participating in the Government’s initiative to diversify the energy matrix through the Quintero LNG project. In Peru, in January 2008, Endesa signed with Siemens Power Generation a contract “turnkey” for the installation of a turbine of 183 MW in central Santa Rosa, project with an investment of approximately U.S. $ 90 million. While in Colombia, is evaluating bids participate in power and energy scheduled for later this year in that market through the presentation of projects, such as developing the hydroelectric Quimbo, 400 MW plant located upstream of Bethany. In Argentina through its subsidiary Endesa Costanera SA and Hydro Chocon SA, the company has invested $ 160 million, including $ 42 million loan, meaning a 21% stake in the companies Jose Thermoelectric San Martin SA and Termoelectrica Manuel Belgrano SA, which are building two 800 MW combined cycle each. Endesa Chile is a company that also shows a commitment to the environment in developing renewable energy projects unconventional (URE) through its subsidiary Endesa Eco is already in commercial operation since December 2007 the Canela wind farm, which provides 18.15 MW to the SIC, and has undertaken the acquisition of adjoining land for an immediate extension of additional 60 MW around the park. Endesa Chile is one of those companies in which you can bet to take an investment portfolio with a horizon of medium to long term. We will meet again tomorrow, Horacio Pozzo