Duke acquires Dominion's Latin American power generation businesses

Aug 02, 1999 02:00 AM

Duke Energy International announced it will purchase Dominion Resources Inc.'s portfolio of hydroelectric, natural gas and diesel power generation businesses in Argentina, Belize, Bolivia and Peru for $ 405 mm. The businesses being purchased total approximately 1,200 MW of gross generation capacity.
The stock purchase brings Duke Energy International's total Latin American asset purchases to approximately 3,800 MW.
The transaction is expected to be completed before the end of the year after receiving appropriate government consents and approvals and financial closing. "This purchase, along with our recent successes in Brazil and El Salvador, positions Duke Energy International to become Latin America's first truly regional power generation and energy trading and marketing company," said Duke Energy International President and CEO Bruce A. Williamson.
"These assets will provide tremendous synergies with our existing portfolio along with the Brazilian and El Salvadorian companies we acquired. "Duke Energy's shareholders will be rewarded with immediate improvements in earnings per share when we complete these transactions and emerge as one of Latin America's premier energy companies. Duke Energy will be as strong a company in Latin America as it is in North America," Williamson said.
"We look forward to continuing to build upon the very positive relationship with Dominion Resources that we developed throughout this transaction as they too become a gas and electric convergence company."

Duke Energy International acquired generating companies in Brazil (Paranapanema) and El Salvador (Generadora Acajutla and Generadora Salvadorena). Once all three transactions close, Duke Energy International's diverse portfolio of Latin American and Asia-Pacific assets will include operations and ownership interests in approximately 6,700 MW of power generation, approximately 1,800 miles of natural gas pipeline and 245 miles of electric transmission, located throughout Argentina, Australia, Belize, Bolivia, Brazil, Chile, Ecuador, El Salvador, Indonesia, New Zealand and Peru.

Duke Energy International also has operating energy marketing and trading businesses and development offices in Sydney, Australia; Buenos Aires, Argentina; London, England; and Manila, the Philippines. And has ownership interests in methanol and MTBE manufacturing facilities in Saudi Arabia.
DEI, a subsidiary of Duke Energy, is a leading owner, operator and developer of integrated energy projects in Asia Pacific and Latin America. DEI's diverse investment and asset portfolio spans the entire energy value chain from exploration, production, gathering, processing and transportation of natural gas through to generation, electric transmission and energy trading and marketing.
Duke Energy is a global energy company with more than $ 26 bn in assets. Headquartered in Charlotte, N.C., the company reaches into more than 50 countries, producing energy, transporting energy, marketing energy and providing energy services.

The Dominion Resource Inc.'s businesses being purchased by Duke Energy International have gross ownership interests totalling approximately 1,200 MW of gross generation capacity and operations in hydroelectric, natural gas and diesel facilities:
Argentina * 54 % of the 98-MW, natural gas-fired Alto Valle power station. Co-owners of the business are the station's employees, with a 10 % interest, and CALF, a local electric utility co-operative, with a 36 % interest.
* 98 % of the 450-MW Cerros Colorados hydroelectric station. Co-owners of the business are the facility's employees, with a 2 % interest.
Bolivia * 50 % controlling interest in the 126-MW Empresa Electrica Corani hydroelectric business. 47 % of the business is held in two private pension funds for the people of Bolivia, and the balance is held by individual shareholders, including employees.
Peru * 30 % joint controlling ownership interest in Egenor, with current capacity of 423 MW, principally hydroelectric power, with some thermal generation capacity.
The business is scheduled to have 520 MW of capacity when an expansion program is completed later this year. Co-owners include Gener, a Chilean electric generation company, with a 30 % interest, Electroperu with a 30 % interest, and a 10 % interest held by more than 700 public shareholders.
Belize * 95 % of the 25-MW Mollejon hydroelectric facility, Belize. The remaining 5 % of the business is owned by the Social Security Administration of Belize.

Source: Duke Energy Corporation
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