Codensa

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This article is part of the Center for Media & Democracy's spotlight on global corporations.

Codensa S.A.
Founded 1997
Operating income $2.173 billion
Net income 2007 in Colombian pesos = 379,000,000,000
Employees 4,000+
Website http://www.codensa.com.co


Company History

In the 1990s, the old Energy Company of Bogotá (Empresa de Energía de Bogotá) encountered a financial crisis generated by two factors: the higher debt service caused essentially by the construction of El Guavio and the Tariff Regimen of 1990-1995, which forced the company to supply the service at prices below its costs. Currently, a 100 percent of the deposits only cover 80 percent of the interest on the debt. The company is facing the impossibility of fulfilling their obligations, too many technicians as financers. The company does not arrange the resources for the necessary investment of a manner that can give the quality service.

There are no more possibilities to recover financially by the national government; substituting debt for support in capital and/or credits from major installments, the only viable option is to carry out Capitalization, looking for the injection of private, national and foreign capital. It seems that to input private, national and foreign capital is the only viable way to save the future and functionality of the company. Of course with the law, before carrying out capitalization the company must separate the businesses of Generation, Transmission and Distribution of energy which are the three independent companies. So the company created 3 new companies: Emgesa to manage the generation business; Codensa to manage the distribution and commercialization businesses; and the new EEB to conserve the business of transmission. After the international tender is carried out to be in charge of capitalization, the Group Endesa of Spain, world leader in the electricity sector, supported with clost to $1.200 million dollars for 48.5 percent of Codensa’s shares. October 23, 1997, the process was finalized and CODENSA began to negotiate as the business distributor and commercializor of energy for Bogotá, 94 municiplaties in Cundinamarca, 1 in Boyacá and 1 in Tolima.

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Financial Information (as of DATE)

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