TECO Guatemala Income Drops 17%

Sales summed $21.1 million in the first half of the year, 17% less than the same period of 2008, when $25.4 million were sold.

Friday, August 14, 2009

Statements presented to the U.S. Securities and Exchanges Commission report a $2.5 million reduction in net income, "as a result of the reduction of the Distribution Added Value (VAD), from the sale price...".

From website Siglo XXI: "The report states that income dropped $3.8 million ... because of problems at San José power plant, which was idle for several weeks".

More on this topic

Canal Expansion: The Cost of the Delay  

January 2014

If the canal is not ready by 2015, the additional revenue that the Panamanian government expected to receive will be pushed forward for at least a year.

The first $1.5 billion estimated as additional income from the Canal expansion could be delayed by one year if the project does not meet the original deadlines.

TECO Energy Sues Guatemala

November 2010

The U.S. Corporation, a former shareholder of Empresa Eléctrica de Guatemala (EEGSA), sued the country before the ICSID in Washington.

The process is similar in its content to the one initiated by Spanish company Iberdrola (also a former shareholder of EEGSA) in December 2009, before the same institution, the International Center for Settlement of Investment Disputes (ICSID).

El Salvador: Tax Income Keeps Falling

December 2009

Up to September 2009 tax income has dropped $214 million when compared to the same period of 2008.

In its latest report, the Budget Analysis Unit of the Legislative Assembly attributes the drop to lower consumption by the population, which translates into less value-added tax.

TECO challenges Guatemalan tariff actions

January 2009

TECO Energy Inc. said earnings at its subsidiary in Guatemala have been cut following actions of a Guatemalan regulatory agency.

As publish in bizjournals.com: "The subsidiary, TECO Guatemala Holdings LLC, has filed notice that it will file an arbitration claim against the Republic of Guatemala under the Dominican-Republic-Central America-United States Free Trade Agreement, or DR-CAFTA, TECO said in a filing with the Securities and Exchange Commission. In July, Guatemala’s National Electric Energy Commission unilaterally reset the distribution tariff for Empresa Eléctrica de Guatemala at levels well below the then existing tariff, the filing said. TECO Guatemala Holdings has a 24 percent interest in Empresa through a joint venture, and the action caused a “significant reduction” in earnings for the joint venture segment, the filing said."

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