CTEEP to invest $ 950 mm in 2009-11

Brazilian transmission company CTEEP's board has approved a 2.18 bn-real ($ 950 mm) investment plan for 2009-11, the company said. The company plans to invest reais 869 mm this year, reais 801 mm in 2010 and reais 509 mm in 2011.
The numbers include modernizations, new connections, corporate investments and a financial assistance to four subsidiaries: IENNE, IEPinheiros, IEMadeira, IESul.

Not including subsidiaries, investments are reais 548 mm in 2009, reais 505 mm in 2010 and reais 258 mm in 2011.
"Those 2011 numbers [reais 258 mm and reais 509 mm] are what CTEEP has so far. Many of our investments in modernization depend on [power regulator] Aneel rulings. Those numbers likely will increase a lot when we publish our next investment plan for 2010-12," a company spokesperson told. "It's common practice at the company to publish investment plans like this and by no means is it a steep investment reduction," she said when asked why investments fall off in 2011.

New president
Separately, CTEEP has nominated César Augusto Ramirez to replace José Sidnei Martini as president, the company said. Ramirez currently serves as director of corporate strategy at ISA, the Colombian state-run company that controls CTEEP.
Martini will continue as CTEEP president during the transition period until Ramirez, a Colombian citizen, gets his papers in order with Brazilian authorities.