Thursday, December 2, 2021

Become part of our community


Isagen 2015 Net Income Dips on Dollar-Denominated Sogamoso Debt

Published in Companies Written by  March 04 2016 font size decrease font size increase font size 0
Rate this item
(2 votes)

Medellin-based national power generator Isagen reported March 3 that its full-year 2015 net income dipped 17% year-on-year (y-o-y), to COP297 billion (US$93 million), due to higher taxes and higher costs for dollar-denominated debt that financed construction of its new, 805-megawatt (MW) “Sogamoso” hydroelectric plant.

Operating income rose 25% y-o-y—to COP2.8 trillion (US$884 million) – mainly thanks to the start-up of the Sogamoso plant, which boosted total power output by 21%.

Isagen is Colombia’s third-largest power generator with 3 gigawatts (GW) of capacity. A consortium led by Canada-based Brookfield Asset Management in early January paid about US$2 billion to buy-out the Colombian government’s remaining stake in Isagen (see Medellin Herald on January 13, 2016).

“The end of 2015 presented complex situations for power generation,” added Isagen general manager Luis Fernando Rico Pinzón.

“The maturation of the El Niño [drought], which resulted in a substantial decrease of hydrological flow [to hydroelectric plants], especially in the last quarter, plus a series of exceptional guidelines by [Colombia’s national power] regulator, led us to be especially careful in financial and operational management,” Rico added.

While the “Sogamoso” and “San Carlos” hydroelectric plants played a “key role” in the company’s power generation, the 300-MW “Termocentro” thermoelectric plant also helped supply power during drought conditions, according to Isagen.

Read 4376 times Last modified on Last modified on March 04 2016

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

About Medellin Herald

Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

Medellin Herald welcomes your editorial contributions, comments and story-idea suggestions. Send us a message using the "contact" section.

Contact US

logo def
Medellin Herald: Find news, information, reviews and opinion on business, events, conferences, congresses, education, real estate, investing, retiring and more.
  • COL (4) 386 06 27
  • USA (1) 305 517 76 35
  •  This email address is being protected from spambots. You need JavaScript enabled to view it. 
  • Medellin, Antioquia, Colombia

Medellín Photo Galery

Medellin, contrasting colors and styles by Gabriel Buitrago