Spain's Etevensa wins Camisea take-or-pay contract

May 8, 2003
Empresa de Generacion Termoelectrica Ventanilla SA (Etevensa), which is held 60% by Spain's Endesa, won Peru's Electroperu take-or-pay natural gas contract in a tender held Tuesday for the delivery of 70 MMcfd of gas from the Camisea project.

By an OGJ correspondent

LIMA, May 8 -- Empresa de Generacion Termoelectrica Ventanilla SA (Etevensa), which is held 60% by Spain's Endesa, won Peru's Electroperu take-or-pay natural gas contract in a tender held Tuesday for the delivery of 70 MMcfd of gas from the Camisea project. Peru holds 38.2% of the remaining Etevensa shares and the company's personnel holds the remaining 1.8%.

ProInvestment, the state agency for promoting investment, expect to sell the state shares after the contract takes effect and the shares gain in value.

Three companies that had purchased documents and qualified to bid for the contract presented letters at the beginning of the tender, declining to participate. The companies included a local branch of US firm General Electric International Inc., Transamerica Energy Co., held by Public Service Enterprise Group Inc., and Energia del Sur SA (Enersur), a subsidiary of Belgium's Tractebel SA.

Etevensa, the only company to make a bid, offered a top price for energy of $23.90/Mw-hr. The top price set by ProInvestment was $24.30/Mw-hr.

Etevensa currently operates a diesel plant north of Lima, mainly operating at peak hours after plants operating on hydroelectric and gas-fired generators.