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.
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 ...
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."
With this transaction, Millicom International Cellular controls 100% of Navega.
Navega was created in 2000 by Comcel which is part of Millicom, the Spanish company Iberdrola, EDP in Portugal and Teco Energy in the US, and it provides data transport services in Guatemala, El Salvador, Honduras and Nicaragua.
Due to the classification of TECO Guatemala as discontinued operations, TECO Energy is revising its earnings-per-share guidance from continuing operations for 2012 to a range between $1.10 and $1.20, excluding charges or gains.
TAMPA, September 28, 2012
TECO Energy (NYSE: TE) today announced that its international power subsidiary, TECO Guatemala, has entered into separate agreements to sell all of the equity interests in the Alborada and San José power stations and related solid fuel handling and port facilities in Guatemala for a total purchase price of $227.5 million in cash. The purchaser of the Alborada Power Station is Sur Electrica Holding Ltd. (SUR). The purchaser of the San José Power Stations and related solid fuel handling and port facilities is Renewable Energy Investments Guatemala Ltd. (REIN), a wholly-owned subsidiary of SUR. SUR and REIN are international companies organized under the laws of the Commonwealth of the Bahamas.
Aguilar Castillo Love is a leading international law firm with offices in Central America and Ecuador.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Central America
Phone: (505) 2225 8748
In late 2005, AES began developing the Changuinola hydro power project and currently the project is in the phase of building the roadways to access that facility. The formal cornerstone laying ceremony took place on October 25, 2007.
The project's total completion represents an investment of approximately $563 million and the estimated date for the Changuinola hydro power plant to go into commercial operation is the first quarter of 2011. Through this new facility, AES contributes to the country's development and helps face the growing demand of energy in Panama, which requires an additional 50 MW each year.
The construction of the new Changuinola I Hydro Power Plant:
* is an asset to Panama
* will generate clean and 100% Panamanian energy
* will create opportunities for previously excluded populations
* will contribute to solve the country's energy situation
* will help Panama to continue growing
The construction and operation of the hydro power plant will be under the responsibility of AES, a multinational energy corporation with world-class standards and an active presence in Panama.
Operates in Panama
Phone: (507) 206-2600
Production, transport & commercialization of alternative electrical energy. Consuling, advising & development of energy projects. Water & soil treatment sanitation & treatment. Air emission control.
Operates in Guatemala
Phone: (502) 5819-8166 - (502) 2260-3103
EuroProspect Alternative Energy is born from the need to attend to the renewable energy requirements of professionals in this area of the world. We aim to contribute to solving the problems derived from the expense, pollution and shortage of “traditional” energy sources in developing and/or remote areas of Latin America and the Caribbean.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (305) 859-9877