ISAGEN S.A. E.S.P. ANNUAL REPORT 2007

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Figure 1AVERAGE PRICE OF CONTRACTS - ISAGEN, MEM& EXCHANGE PRICE ($/KWh)Commercial operation resultsChart 2REVENUES FOR ENERGY AND GAS TRADING (COP Millions)2007 2006 VariationMillions % Millions % %Domestic contracts 850.866,2 79,5 696.493,4 78,2 22,2Transactions in Exchange 166.967,9 15,6 134.271,6 15,1 24,4Transaction in interconnection Exchange 328,2 0,0 4.705,0 0,5 -93,0Frequency regulation (AGC) 8.515,2 0,8 11.869,4 1,3 -28,3Charge for Reliability income* 0,0 0,0 9.576,4 1,1 -100,0Charge for Reliability support 0,0 0,0 0,0 0,0 0,0Deviations 169,0 0,0 283,4 0,0 -40,4Technical services 2.682,3 0,3 1.652,8 0,2 62,3Gas 39.851,3 3,7 31.853,9 3,6 25,1Total Revenues 2 1.070.018,0 100 890.706,0 100 20,1* Revenues for generation lower than Firm Energy assigned for Charge for Reliability.2 For information purposes for maintaining correspondence with the Company’s source of income, this amountincludes $639 million for Project Administration.40 ISAGEN S.A. E.S.P. ANNUAL REPORT 2007
Chart 3EXPENDITURES FOR ENERGY AND GAS TRADING2007 2006 VariationMillions % Millions % %International Contracts (EDELCA) 235,6 0,1 3.683,0 1,2 -93,6Transactions in Exchange 73.955,1 18,0 58.425,3 19,1 26,6Transactions in interconnectionExchange0,0 0,0 19,2 0,0 -100,0Frequency regulation (AGC) 2.830,1 0,7 2.039,9 0,7 38,7Charge for Reliability rebates * 99.713,5 24,2 27.594,2 9,0 261,4Charge for Reliability support 453,9 0,1 0,0 0,0 0,0Deviations 181,9 0,0 113,8 0,0 59,9Charges for participating in MEM 200,442.1 48.7 179,273.2 58.6 11.8Gas 33.761,7 8,2 27.607,0 9,0 22,3Total Expenditures 411.573,9 100 306.174,4 100,0 34,4* Rebates for generation greater than Firm Energy assigned for Charge for Reliability.Long-term contractsFor 2007, energy quantities sold by ISAGEN in long-term contracts corresponded toa 16,8%- share with respect to the total domestic demand (52.848,9 GWh).The Company presented during the year an important increase in long-term commitmentswith a positive variation of 20,6% in committed quantities, representing a22,2%-revenue increase for this item. Increase in wholesaler sales reached 19%, whilethe increment in end-users was 23,5%.During the year, contracts with the following seventeen wholesalers’ customersfrom all over the country were executed: Codensa, Empresas Públicas de Medellin,Centrales Eléctricas de Nariño, Empresa de Energía del Putumayo, Electrificadorade la Costa Atlántica, Electrificadora del Caribe, Empresa de Energía del Valle delSibundoy, Electrificadora de Santander, Empresade Energía del Quindío, CentralesEléctricas del Cauca, Compañía de Electricidad de Tuluá, Centrales Eléctricas delNorte de Santander, Empresa Distribuidora del Pacífico, Energía Empresarial de laCosta, Empresa de Energía del Bajo Putumayo, Energía Social de la Costa, andEmpresa de Energía de Pereira. Likewise, the Company completed the year with209 industrial end-users.In order to carry out coverage operations, energy exchange contracts with other generatorswere registered, representing purchases for 73,1 GWh during 2007.BUSINESS MANAGEMENT & PERFORMANCE41
Page 3 and 4: Notes of specific nature 1116. Tran
Page 5 and 6: MANAGEMENTLuis Fernando Rico Pinzó
Page 7 and 8: LETTER FROM THE BOARD OF DIRECTORSA
Page 9 and 10: achieved in the history of ISAGEN,
Page 11 and 12: Management and performance of the o
Page 15 and 16: INTRODUCTIONDuring 2007, ISAGEN str
Page 18 and 19: ASSESSMENT OF 20071. PERFORMANCE AN
Page 20 and 21: vote, receive profits, negotiate st
Page 22 and 23: in order that the Board of Director
Page 24 and 25: to provisions established in the Go
Page 26 and 27: Information for decision-makingDuri
Page 28 and 29: The selection of management positio
Page 30 and 31: ISAGEN’s Internal Control System
Page 34: 34 ISAGEN S.A. E.S.P. ANNUAL REPORT
Page 38 and 39: ISAGEN presented contributions and
Page 42 and 43: Chart 4ISAGEN’S ENERGY TRADING TH
Page 44 and 45: Primary Regulation response, as a r
Page 46 and 47: of the assigned Firm Energy, while
Page 48 and 49: Chart 12REVENUES FOR NATURAL GAS TR
Page 53 and 54: Management and performance of human
Page 55 and 56: Figure 1ISAGEN’S POWER PLANTS GEN
Page 57 and 58: Predictive tests were performed to
Page 61 and 62: During 2007, ISAGEN continued with
Page 63 and 64: The project consists in a small bot
Page 65 and 66: Andaqui Hydro electrical ProjectThe
Page 69 and 70: ISAGEN has the firm intention of ma
Page 71 and 72: The following figure depicts the fr
Page 73: Likewise, the Ethics Committee was
Page 80 and 81: For the stock market, 2007 was a co
Page 82 and 83: CORPORATE VALUE RESULTSIn 2007, ISA
Page 84 and 85: Figure 3OPERATIONAL COSTS AND EXPEN
Page 86 and 87: GENERAL BALANCE SHEETDuring 2007, I
Page 88: ISAGEN’S STOCK BEHAVIORISAGEN’s
Page 92 and 93:
) Until December 31, 2006, negative
Page 94 and 95:
GENERAL BALANCE SHEETSON DECEMBER 3
Page 96 and 97:
RESULTS STATEMENTSFOR THE YEARS END
Page 98 and 99:
CASH FLOW STATEMENTSFOR THE YEARS E
Page 103 and 104:
NOTES TO FINANCIAL STATEMENTSON DEC
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normative issued by the General Acc
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Spare parts, materials, and other c
Page 109 and 110:
k. Financial derivativesThe Company
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t. Reclassification of financial st
Page 113 and 114:
8. Investments, netInvestments on D
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(2)The balance of this account if m
Page 117 and 118:
In the specific case of Emcali, a f
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negative differences in assets’ b
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14. Other assetsOther assets on Dec
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During 2007, financial obligations
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Account reconcilement between accou
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The actuarial calculation includes
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24. Net worth revalorizationAccumul
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(1) Mainly includes provision recov
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31. Transactions and balances among
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REPORT OF THE LEGAL REPRESENTATIVEA
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REFERENCE TABLE FOR ACRONYMSABCCAAP
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ISAGEN S.A. E.S.P. ANNUAL REPORT 2007

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