Annual Report 2009 - Isagen

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.50CHART 5.GDP GROWTH vs. UNREGULATED DEMAND GROWTH 2008-2009Jan. 2008Feb. 2008Mar. 2008Apr. 2008May. 2008Jun. 2008Jul. 2008Aug. 2008Sep. 2008Oct. 2008GDP Annual GrowthNov. 2008Dec. 2008Jan. 2009Feb. 2009Mar. 2009Apr. 2009May. 2009Jun. 2009Jul. 2009Aug. 2009Unregulated Demand Annual GrowthDuring 2009, electricity exports to Ecuador and Venezuela showed an important growth comparedto 2008 interchanges, as depicted in Chart 6.CHART 6.ELECTRICITY EXPORTS IN GWh/YEAR 1999-2009Sep. 2009Oct. 2009Nov. 2009Dec. 2009Exports to Ecuador totaled 1,076.7 GWh, agrowth of 111.2% compared to last year,while exports to Venezuela increased by175.5% to 281.6 GWh. It is worth mentioningthat low water inflows due to El Niñophenomenon forced to considerably lowerelectricity transfers to these countries duringthe last quarter of 2009. Through CREGResolutions 137 of 2009 and subsequent,special conditions for energy exports tothese markets were established, looking forpreserving not only fuel but water resourcesto attend Colombian energy demand.Spot Market2009 was a year of historically high prices,coming mainly from the narrowing marginbetween generation offer and electricity demandand to the diminishing water inflows tothe system from May 2009.Exports to EcuadorExports to VenezuelaContents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management