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EDES will charge US$ 1,867 million in 2011
posted on: Dec 20 2010 8:27 by RDugey. Viewed 143 times.
The 11% increase in electricity bills is not enough to supplement the goals of 2011.
Electricity distributors (Edes) are committed to achieving net revenues of U.S. $ 1,867.1 million next year. In relative terms an increase of 21.7% compared to 2010, when revenues will be U.S. $ 1,533.4 million.
This involves extra charges of $ 333.7 million. The statistics, settled in the letter of intent sent to the International Monetary Fund (IMF) for the fourth review of the standby agreement, evidenced by the goals to be met to achieve a drastic reduction of the deficit. The text does not preclude the application of a flexible rate.
Referencing the revenue target set for him to distributors, to be 21.7% rise in revenues over this year, is left explicitly stated that the work that awaits the three new managers the Edes will be arduous.
To complete the goal will have to find about 10% additional income through management efficiency through a reduction in technical and nontechnical losses, despite the investment will be low.
According to the consolidated accounts of the distributors, the charges were U.S. $ 1,146.9 million in 2009, ending at U.S. $ 1,312.9 in 2010 and should reach U.S. $ 1,601.6 million next year, equivalent to U.S. $ 288.7 million extra this year.
The statistics for the last three years realize that the deficit targets have been achieved.
In 2008, the product of historical increases in oil prices and the government's refusal to apply an adjustment to the rate in an election year, the subsidy amounted to U.S. $ 1.200 million.
Last year was U.S. $ 744.4 million and in 2010, it set a ceiling of U.S. $ 350 million, will end at U.S. $ 604 million.
Adding the projection of the next sector in 2011 will need U.S. $ 2,898.4 million, excluding investment.
The sector's overall balance is expected to end next year at U.S. $ 2,177.8 million, including about $ 450 million in capital expenditures, $ 119 of which will be invested in 2011.
To save
One alternative for achieving the goals is a drastic reduction in operating expenses of the distributors, from U.S. $ 158.8 million in 2010 to U.S. $ 130 million, for a difference of $ 28.8 million, equivalent to 22.1%. Only looking for a payroll savings of U.S. $ 6.3 billion, up 10.4% from U.S. $ 60.4 million to U.S. $ 54.1 million.
Current financing (U.S. $ 350 million) is U.S. $ 330 million will come through government transfers.
As bright spot is that the CDEEE managed to increase its revenues of U.S. $ 201.9 million to U.S. $ 220.5 million at the end of this year, an increase of U.S. $ 18.6 million, up 9.2% over the previous year. The goal next year is U.S. $ 263.5 million.
The letter of intent, the authorities note that the finances of the electricity sector are on track to limit the deficit financed by transfers from central government for only $ 604 million in 2010, while for 2011 the commitment is to continue reforms to achieve a current deficit of $ 350 million.
Support
To support the reduction of the current deficit of the electricity sector for 2011, highlighting the 11% increase in electricity rates in general for late November. This increase is expected to reduce the current deficit for 2011 at around U.S. $ 150 million.
This is where it becomes clear that the increase is not enough to offset the deficit.
In the document sent to the IMF board, establishing the commitment to protect power sector finances by moving towards a flexible rate that reflects changes in generation costs, in early 2011.
"As mentioned in the letter of intent earlier, the government also intends to eliminate all accounts payable to private generation companies (which had previously been held to 45 days, consistent with the program), thereby reducing significantly its financing costs, "says the letter.
ELECTRICAL SECTOR AWARDS
In the past seven years there has been no single work has been started with funds from the national budget supported by local revenues. Everything has been with loans, including much of the subsidy.
In 2006 he took $ 300 million to convert the commercial debt that had Edenorte and Edesur to Union Fenosa in a sovereign debt under the pretext that the funds be released distributors and that it would help the financial sustainability of these enterprises, but the results show that turned out to be worse.
Among the financing more are: U.S. $ 385 million hydroelectric project Pinalito, U.S. $ 400 million for Palomino, $ 60 million mini hydro, $ 90 million for The Placetas, $ 150 million for the so-called "Freeway Electric" to 345 kilowatts join Santo Domingo and Santiago, U.S. $ 10 million second ring transmission Santo Domingo to 138 kW, $ 7 million electrical substations phones and U.S. $ 1.000 million PetroCaribe, although had to go to the investment has been earmarked for subsidy .
For rehabilitation of networks took $ 150 million World Bank and $ 42 million more to the same institution for the same purpose.
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