Annual Report 2009 - Isagen

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ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.56TABLE 10.AGC SERVICES2009 2008 Difference Growth$Million $Million $Million %AGC sales 30.957,4 35.965,2 -5.007,8 -13,9AGC Commercial Liability 29.916,8 33.919,8 -4.003,0 -11,8Net 1.040,5 1.982,2 -941,7 -47,5During 2009, ISAGEN earned $1,045.5 million in revenues from AGC, 47.5% lower than in2008. This result is due to the lower water inflows of 2009 compared to 2008.DeviationsPower plants dispatched to attend demand must comply with the assigned EconomicDispatch. The Colombian Electric System has determined that dispatch is met when powerplants generate the amount of energy assigned within a margin of 5%. If the generator’s margindiffers, either upwards or downwards, it incurs in a Deviation.During 2009, ISAGEN got revenues due to deviations for $594.1 million acting as a trader.However, as a generator, ISAGEN incurred in expenditures for $202.7 million, receiving apositive net income of $391.4 million.TABLE 11.DEVIATION REMUNERATION2009 2008 Difference Growth$Million $Million $Million %Deviation sales 594,1 331,9 262,2 79,0Deviation purchases 202,7 80,8 121,9 150,9Net 391,4 251,1 140,3 55,9Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.57Reliability ChargeFrom 2006, the new methodology to remunerate the Colombian Electric System reliability isin force as defined by CREG Resolution 076 of 2008. Its main objective is to remunerate generatoragents for the availability of their generation assets that comply with the characteristicsand parameters specified for calculating the Firm Energy for Reliability Charge – ENFICC, forits Spanish initials–.For the 2008-2009 period, Firm Energy Obligations allocations for power plants was performedin a centralized way, proportionally between system agents.Table 12 depicts revenues corresponding to periods of time when real generation was lowerthan the Firm Energy Obligation assigned to ISAGEN during 2009. Also shown are values ofobligations derived from periods of time when real generation was higher than Firm Energyassigned for the same period. During 2009, refunds for Reliability Charge are lower thanduring 2008, due to less generation and to the appraisal of the Colombian Peso against theUS Dollar.TABLE 12.RELIABILITY REMUNERATION2009 2008 Difference Growth$Million $Million $Million %Revenues 0,0 0,0 0,0 -Refunds 72.233,2 96.941,7 -24.708,5 -25,5Net -72.233,2 -96.941,7 24.708,5 -25,5Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
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Annual Report 2009 - Isagen

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