Annual Report 2009 - Isagen

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ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.8increase for this area with respect to 2008,and 27.4% participation in total results. Theabove were determining factors in totalcommercial revenues increase of 14.5% on2008 figures.In regulatory terms, the endeavors of theEnergy and Gas Regulatory Commission –CREG– regarding regional transmission andlocal distribution systems remunerationschemes, coordination of the gas-powersectors and operation of the WholesaleEnergy Market, stand out. These two latterpromote efficient operation and steady, reliableattention to demand, especially to facethe threat of energy crisis from natural gasrationing and the El Niño phenomenon, bothpresent along the last quarter of the year.ISAGEN conducted rigorous follow-up topresent pro-positive comments, avail of opportunities,make required adjustments, andmitigate the impact that the regulation analyzedposed for both the Corporation and itsIndustrial End Customers.Energy productionISAGEN’s energy production in 2009 wascharacterized by stably adequate availabilitylevels that allowed it to meet its commercialcommitments, the reliability charge, and thesupply in the energy pool. The unavailabilityof Termocentro Unit I, brought about by aninsulation failure, must be highlighted here,as well as the fact that the plant was repairedand available before onset of the dryseason, so it could effectively provide thecountry with electric power during the ElNiño phenomenon.Along the year, generation reached 9,259.8GWh, a level that could not have been reachedwithout the efficient operation managementand timely implementation of the plant’s maintenanceplans. Overhaul works at JaguasUnit 1 and San Carlos Unit 7 stand out.Plants updating processes continued along2009 with modernization of the supervisionand control systems of two units of SanCarlos plant, and modernization of the generatorwindings of San Carlos Unit 7 andJaguas Unit 1.Technological updating ofthese important assets prolongs their usefullives and helps ensure ISAGEN their futuregeneration of revenuesGeneration projectsGuarinó and Manso Projects that will allowbringing additional water to Miel powerplant’s Amani reservoir, progressed asplanned, and will start operations in the firstsemester of 2010 and 2011, respectively.Amoyá Project reached 45% advancement,lower than planned, due to area conditionsharsher than initially foreseen, and to decreasedproductivity of the contractor.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.9Corresponding measures have been taken,and the construction program has been adjusted,so that commissioning will take place beforeDecember 1 of 2011, the date set for commissioningaccording to the Reliability Charge.February of 2009 saw construction start-up ofthe Sogamoso Project, whose works progresson schedule. As of this date, contractsfor construction of main civil works and mainelectromechanical equipment have beenawarded at significantly lower cost than initiallyestimated. On the other hand, “All Risk”construction insurance for the project washired with world-class insurers.Also, the office for attention to the communityand the office for employment managementwere opened, and the three-party commissionfor land title management was established.This project stands as a big challengefor ISAGEN, given that its 820 megawattswill increase the Company’s installedgenerating capacity by around 38%, a bigstep in terms of demand attention and economicdevelopment of the Country.Environmental andsocial managementEnvironmental management was conductedaccording to regulation in force and to the principlesof ISAGEN’s Environmental Policy. Aspart of the legal commitments stipulated inArticle 45 of Law 99, Transfers from the ElectricSector to regional autonomous corporationsand to municipalities of the areas of influencetotaled $31,321 million, and the environmentalmanagement plans of every productivecenter and ongoing project were advanced,with an investment of $39,193 million. On theother hand, investment of $16,315 million alloweddevelopment of social investment andbiophysical programs aimed at formationand participation of communities in the areaof influence of its plants, the environmentalAs part of ISAGEN’s commitment to the environment,a three-million dollar non-refundablesum was obtained to forward pre-feasibilityenvironmental study for a geothermalproject in Colombia. Additionally, a portfolioof new hydroelectric projects consolidated,totaling over 3,500 MW.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
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