Macau, China, 26 March – Macau’s electricity company, Companhia de Electricidade de Macau (CEM) posted a profit of 520 million patacas in 2009, or 3 percent more than in 2008, the company’s chief executive, João Marques da Cruz said in Macau Thursday.
At the end of the CEM Annual General Meeting, which approved the Annual Report for 209 and confirmed that all members of governing bodies would remain in their current positions, Marques da Cruz said that in order to fund the wide range of investment projects, total debt (bank loans) at the end of 2009 had risen 26 percent, from 745 million patacas to 1.007 billion.
The 2009 results showed that gross electricity consumption was 3,654 Gwh, representing a rise of around 5 percent against the previous year.
A drop in the price of oil made the cost of production at the Coloane power plant very competitive, thus leading to a rise of 22 percent in local production, as compared to 2008.
Over 80 percent of the capital of CEM belongs to two groups with interests in China, Portugal, France and Hong Kong.
A Chinese-French group mainly made up of Suez and NWS Holdings Limited own 42 percent of the capital and a Chinese-Portuguese group, in which Portugal’s EDP has a majority stake, also has 42 percent.
The Government of the special administrative region of Macau (SARM) has 8 percent of the company’s capital, China Power International Holding Ltd has 6 percent and the remaining 2 percent are in the hands of 800 local shareholders.
The government of Macau announced in July that it would partially liberalise the electricity market from 2011, ending the current concession held by Companhia de Electricidade de Macau (CEM) since 1985.
From January, 2011, CEM will only be responsible for the distribution and sale of electricity in Macau, as the production and import of electricity will be liberalised. (macauhub)