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Structure of the Electricity Sector in Jordan Jordanian Electric Power Company (JEPCO) The electricity sector in Jordan is divided into three main parts: Generation, Transmission, and Distribution. Electricity generation and distribution are privatized, while transmission will be kept within the government’s control. Electricity Generation • Central Electricity Generation Company (CEGCO). The company was privatized on October 10, 2007. The government sold 60% of its share in the company to Enara, a company established by JD Energy & Infrastructure (JDE&I), the energy investment arm of Jordan Dubai Capital. • Samra Electric Power Generation Company (SEPGCO) • Independent Power Providers Transmission National Electric Power Company (NEPCO): Is fully owned by the government. It is responsible for building, operation and maintenance of the transmission system. Distribution Three companies are in charge of distribution: • The Jordanian Electric Power Company (JEPCO, Ticker: JOEP JR): Distributes electricity in Amman, Zarqa, Madaba, and Balqa governorates except for Central Jordan Valley. It has a 50 year concession which ends in 2012. • Irbid District Electricity Company (IDECO, Ticker: IREL JR): Distributes electricity in Irbid, Mafraq, Jarash and Ajloun, apart from Northern Jordan Valley and eastern areas. Its 50 year concession contract will end in 2011. The government sold 55.4% of its share to Kingdom Electricity Company, a company established by JDE&I in partnership with Privatization Holding Company (PHC, Kuwait) and United Arab Investors (Ticker: UAIC JR). • Electricity Distribution Company (EDCO): Distributes electricity in the Southern, Eastern and Jordan Valley areas. The government sold 100% of its shares to Kingdom Electricity Company. This company is not listed on Amman stock exchange. The distribution companies buy energy from NEPCO. JEPCO’s purchased energy increased by 15.5% in 2007 to reach 7104 GWh that year. This represents 66% of NEPCO’s total energy sales to distribution companies in Jordan, which amounted to 10776.8 GWh. EDCO consumed 2022 GWh (18.8% of energy sales), while IDECO consumed 1649.5GWh (15% of total energy sales). NEPCO’s sales to distribution companies comprise 91% of total energy sales. NEPCO also sells electricity to large consumers and sells electricity to Egypt. Awraq Investments www.awraq.com Tel: 962 6 550 3803 Fax: 962 6 550 3801 Toll Free: 080022248 P.O. Box 925102 Amman 11110 Jordan [10]
Figure 19: Number of Electricity Subscribers by Type of Consumption & Distribution Companies’ Market Share (2007) Distribution Company Domestic Industrial Commercial Watar Pumping Jordanian Electric Power Company (JEPCO) Awraq Investments www.awraq.com Tel: 962 6 550 3803 Fax: 962 6 550 3801 Toll Free: 080022248 P.O. Box 925102 Amman 11110 Jordan Street Lighting Distribution Companies National Electric Power Company NEPCO 0.007 0.003 Thousands 0.003 0.01 Jordanian Electric Power Company JEPCO 689.72 10.23 119.01 1.34 4.15 824.45 Irbid District Electricity Company IDECO 244.67 3.27 31.42 1.60 1.64 282.59 Electricity Distribution Company EDCO 130.90 1.38 18.30 2.74 1.13 154.46 Source: NEPCO Market Share Total 1065.292 14.891 168.736 5.68 6.911 0.003 1261.513 JEPCO 64.7% 68.7% 70.5% 23.6% 60.0% 65.4% IDECO 23.0% 22.0% 18.6% 28.1% 23.7% 22.4% EDCO 12.3% 9.3% 10.8% 48.3% 16.3% 12.2% Total Coverage area Amman, Zarqa, Madaba, Balqa Irbid, Mafraq, Jarash, Ajloun South, East and Jordan Valley [11]
Page 1 and 2: Figure 1: Ownership Structure Socia
Page 3 and 4: Figure 2: Number of JEPCO’s Custo
Page 5 and 6: Figure 7: : JEPCO’s Revenues, Net
Page 7 and 8: Share Price Movement 8 7 6 5 4 3 2
Page 9: Valuation Our valuation for JEPCO i
Page 13 and 14: Figure 21: Wholesale Electricity Ta

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