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

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Chart 4ISAGEN’S ENERGY TRADING THROUGHLONG-TERM CONTRACTS (GWh)2007 2006 Variation %GWh $ Millions GWh $ Millions GWh $ MillionsDomestic sales 8.877,2 850.866,2 7.361,3 696.493,4 20,6 22,2Traders (brokers) 5.590,8 448.094,9 4.699,4 369.233,2 19,0 21,4Large consumers 3.286,4 402.771,4 2.662,0 327.260,3 23,5 23,1International sales 0,0 0,0 0,0 0,0 - -Total contract sales 8.877,2 850.866,2 7.361,3 696.493,4 20,6 22,2Domestic purchases 73,1 0,0 92,2 7.418,9 -21 -100Figure 2CONTRACT SALES COMPOSITION – REVENUE (%)Interconnection with VenezuelaThe quantity of energy traded in the spot market through the interconnection withVenezuela decreased in 2007 with respect to 2006. Detailed information is presentedin the following chart.Chart 5TRANSACTIONS WITH VENEZUELA2007 2006 Variation %GWh $ Millions GWh $ Millions GWh $ MillionsTransactional purchases 0,0 0,0 0,1 19,2 -100,0% -100,0%Purchases from EDELCA 10,3 235,6 26,3 3.683,0 -61% -94%42 ISAGEN S.A. E.S.P. ANNUAL REPORT 2007
The entry into operation of the second circuits, San Carlos-Primavera and Primavera-Cerromatoso, at 500 kV, increased reliability and security of the Atlantic Coast’selectric system. This situation enables from now on, to satisfy the northern part of thecountry’s demand with resources from the National Interconnected System - SIN - (forits acronym in Spanish), thus avoiding security generation, and accounting for thedecrease experienced in transactions via interconnection with VenezuelaTransactions in energy ExchangeSales in the spot market increased 7,7% mainly because of the increase in domesticdemand, larger generation with propriety plants, and higher energy average pricesin the Exchange.The evolution for the 2007-Exchange prices presented two defined trends. In thefirst block, comprising January to April and December, corresponding to periods oflower levels of hydrological contribution, prices had an upward trend, positioning ataround 94 $/kWh. The second trend occurred from May to October, months of highhydrological contribution, in which prices tended downwards - around 78 $/kWh -below the average price of the year. It is worth noticing that price volatility is greaterwhen there is an upward trend in prices.ISAGEN’s total annual generation from its own power plants increased with respectto 2006. Nevertheless, generation was considerably diminished in February andJuly because of lower affluences in the Antioquia region. November is highlightedas the month of highest generation during the year (1.011,1 GWh) because of highaffluences.The aggregated impacts of the Exchange operations can be observed in the followingchart, as well as the decrease in energy quantities purchased in such market.Chart 6TRANSACTIONS IN THE EXCHANGE2007 2006 Variación %GWh $ Millions GWh $ Millions GWh $ MillionsSale transactions 1.922,5 166.967,9 1.784,9 134.271,6 7,7% 24,4%Purchase transactions 954,8 73.955,1 1.043,5 58.425,3 -8,5% 26,6%Transactions for Secondary Regulation services of AGC’sFrequency and commercial ResponsibilityThe San Carlos, Jaguas and Miel I power plants are ISAGEN’s eligible resources forsupplying the Service of Secondary Frequency Regulation. The service consists inan automatic adjustment of the generator power in a time interval greater than theBUSINESS MANAGEMENT & PERFORMANCE43
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 40 and 41: Figure 1AVERAGE PRICE OF CONTRACTS
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
Page 105 and 106:
normative issued by the General Acc
Page 107 and 108:
Spare parts, materials, and other c
Page 109 and 110:
k. Financial derivativesThe Company
Page 111 and 112:
t. Reclassification of financial st
Page 113 and 114:
8. Investments, netInvestments on D
Page 115 and 116:
(2)The balance of this account if m
Page 117 and 118:
In the specific case of Emcali, a f
Page 119 and 120:
negative differences in assets’ b
Page 121 and 122:
14. Other assetsOther assets on Dec
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During 2007, financial obligations
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Account reconcilement between accou
Page 129 and 130:
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
Page 139:
REFERENCE TABLE FOR ACRONYMSABCCAAP
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ISAGEN S.A. E.S.P. ANNUAL REPORT 2007

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