Energy companies will continue their investments planned for 2009Published: February 05, 2009
In a meeting held on last January, Finance Minister, Andrés Velasco, and Energy Minister, Marcelo Tokman, spoke with the main executives of AES Gener, Colbun, CGE, Copec, Codelco, Suez Energy, Pacific Hydro, Seawind, SN Power, Chilectra, Transelec, ENDESA and Ultraterra, the most important companies of the energy industry.
The Ministers reviewed the progress of ongoing investments, and learned about new investment projects in store for this year.
Projects worth US$7.72 billion are under development and an additional portfolio valued at US$13.3 billion could be approved this year despite the global financial crisis, with a total investment of more than US$ 21 billion.
"We are talking about all kinds of energy projects, including hydro dams, tanks, distribution networks and port works to deliver coal to thermo plants," Minister Tokman said. He also pointed out that the projects that could be started in 2009 are in various stages of the environmental approval and permit process.
"We haven't learned of any project that has been delayed or cancelled", Minister Tokman added. "The companies confirmed this to us today". (Business News Americas)
Meanwhile, Minister Velasco said that in order for investments to materialize in a timely manner, an effort is required by the State "to maintain an adequate regulatory framework and to process the permits quickly, whilst adhering strictly to the law".
According to Minister Tokman,"this is the best proof that investments in the energy sector are long term investments, and that they are relatively protected from fluctuations in financial markets. It is also a demonstration of the confidence in the seriousness of our macroeconomic and sectoral policies".