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CGE announced investments of US $ 331 Million by 2015

CGE announced investments of US $ 331 Million by 2015

• The company explained that 61% of these resources will go towards the electricity (transmission and distribution) sector; 34% to the gas sector (liquefied natural); and 5% to the services sector.

• “We are excited and confident in the future of CGE Group. Proof of this is the investment plan we are presenting this year 2015, which is in line with what has appointed GAS NATURAL FENOSA around enhance and grow the main focus of its business in Chile, electricity and gas, “said Antonio Gallart in his debut as General Manager of CGE.

• During the session saw the election of four new directors Jon Ganuza, Enrique Berenguer, Joan Felip, Jordi García Tabernero and Eduardo Morandé- and diets were modified Directory, eliminating profit sharing and adjusting downward their earnings.

Santiago, April 16, 2015 .- The General Electric Company SA, CGE, linked to global energy holding GAS NATURAL FENOSA, announced an investment plan of around US $ 331 million for fiscal 2015. Of this amount, approximately 61% will be donated to the electricity industry (transmission and distribution), 34% to gas sector (liquefied natural) and 5% to the services sector.
The investment will be mainly allocated to the construction of infrastructure and equipment required to supply the growth of consumption and customers, improve the quality and continuity of supply, reduced losses, modernization and renovation of existing facilities and compliance with current regulations.
The information was submitted during the Annual Meeting of Shareholders of CGE, which was led by Vice President of the company, Antonio Basolas, and Antonio Gallart, new CEO of CGE.
Antonio Basolas, during his speech at the meeting, made ​​special reference to the historical role the company has played in the country, revalidándolo. “I want to pass on the commitment of GAS NATURAL FENOSA with CGE and its leadership role in the energy, economic and social development of Chile,” he said.
For his part, Gallart said “we are very happy and confident in the future of CGE Group. Proof of this is the investment plan we are presenting this year 2015, which is in line with what has appointed GAS NATURAL FENOSA around enhance and grow the main focus of its business in Chile, electricity and gas. ”

DIRECTORY
During the meeting, shareholders elected five new Directors who will join the current president, Rafael Villaseca and Vice Basolas Antonio.
The new members of the board are Jon Ganuza, Enrique Berenguer, Joan Felip, Jordi García Tabernero and Eduardo Morandé, who served as general manager of the company until March 31. They take office on April 17, replacing Carlos J. Alvarez, Manuel Garcia and Antonio Bascuñán Cobaleda.
At the meeting the new remuneration structure of the Board, which eliminated the profit sharing and modified diets, also approved adjusting remuneration to the average of the companies IPSA.

BALANCE 2014
During the Meeting, the company performance was revised during 2014 and EBITDA obtained in the year which reached $ 390.191 million stood out. This result allowed the company to achieve a profit of $ 60,720 million
was also referred to improvements in risk ratings of CGE. In the case of Feller-Rate classification went from AA- to AA, while Fitch was the change from A + to AA-.
These improvements include strengthening the financial profile of CGE, wide access to financial markets and consolidation a general recovery in credit protection measures both the parent company and its subsidiaries the electricity sector.

ELECTRICITY SECTOR
CGE participates in the electricity sector both in Chile and Argentina, reaching approximately 3.5 million customers. In Chile at the end of the period, were recorded 2.643 million customers in the electricity distribution sector.
In Chile, the distributors operating in the Northern Interconnected System (SING), Central Interconnected System (SIC) and the Magallanes System Medium .
An important milestone last year was the merger of CGE and EMETAL EMELECTRIC distribution. This work has allowed to have a single platform, creating standardized processes and better use of synergies and work experiences, shaping power distributor with the largest number of customers in the country (1,767,275).
In numbers, physical sales electricity amounted to 13,784 GWh in 2014 and is expected this year, a growth of 3.5% in energy operated in Chile. Also it is projecting an increase of 5.2% in physical sales to customers also regulated in Chile, considering that in 2014 distributed 12,493 GWh.

GAS SECTOR
Through GASCO and its subsidiaries CGE distributes LPG to residential, commercial and industrial customers in Chile and in 25 of the 32 departments in Colombia is divided. It also distributes natural gas in four regions of Chile and Argentina in four provinces.
GASCO Consolidated EBITDA reached $ 229,540 million, and the profit was $ 53,376 million.
For 2015 an increase of 2.5% is expected in physical sales Natural Gas (no electrical or tolls include). In this regard, during the official opening last month of the distribution networks of natural gas to Metrogas O’Higgins region, specifically in the communes of Rancagua and Machalí, which represents an investment of $ 10,803 million it was made. In a first stage the project has planned to add 8,000 customers in the area, which would allow more than 32 thousand people will be benefited by the natural gas.

For More Visit: www.cge.cl

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