Summary: AES CHIVOR & CIA S.C.A. E.S.P. Dec 09
- ID: 1833898
- December 2009
- Standard & Poors
The rating on Colombia-based AES Chivor & CIA S.C.A.E.S.P. (Chivor) reflects the challenges of operating in the highly competitive and largely hydro-based Colombian power system, its single-asset nature, its exposure to weather conditions, and its volatile cash-flow generation. Chivor's relatively strong competitive position as a low-cost power generator, its sizable dam and the favorable hydrology within its region, its sizable portfolio of short- and medium-term power sales contracts, and its relatively strong credit metrics partly offset the weaknesses. Chivor generates about 4,000 gigawatt hours (GWh) of electricity per year, and has short- and medium-term sales contracts (of up to three years) for 2,300 GWh-3,000 GWh. The company seeks to optimize its water and cash-flow generation by purchasing power on the...
Companies mentioned in this report are:
- AES CHIVOR & CIA S.C.A. E.S.P.
- The AES Corp.
- AES Gener S.A.
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