Macau power company Companhia de Electricidade de Macau (CEM) ended 2011 with net profit of 479 million patacas (US$59.87 million), a fall of 7 percent on profits in 2010 due to a new concession contract.
According to a statement from the company 2011 was the first full year in which the government set the permitted margin for the company at 9.5 percent, as compared to 12 percent in the previous contract. Against 2009 profit fell 15 percent.
Throughout 2011 the company invested 690 million patacas (US$86.25 million), which was 44 percent higher than the company’s net profit, according to a CEM statement.
“One of CEM’s main projects, the second 220kV link with the Guangdong Power Grid and the respective 220kV sub-station, is expected to be operational in mid 2012,” the company said.
As electricity consumption rose 5.1 percent against 2010 to 4,002GWh, CEM noted that it had imported 79 percent of Macau’s electricity needs from China and that, “with the Government’s support,” it had kept electricity prices unchanged for 99 percent of its customers.
CEM is owned by groups from Portugal, France, Hong Kong, and China. (macauhub)