Colbun S.A., a Chilean utility that in addition to other power plants, operates a total of 16 hydroelectric generation facilities in Chile and Peru, on Oct. 28 reported a net income of US$28 million for the third quarter, down from $76 million in the same period for 2015.
The company said it operates within Chile’s Central Interconnected Grid (SIC) and Peru’s National Electric Interconnected System, accounting for about 9% of the Peruvian market in terms of overall power generation.
According to the company its overall energy sales were down 13%, related to exceptionally dry conditions in Chile, which led to a 1% slide in revenue to $334 million.
During an earnings call Friday, Colbun Chief Financial Officer, Sebastian Moraga, said the company remains committed to developing hydroelectric projects in Chile, citing the fact the firm owns water rights for 430 MW of projects in central-southern Maule region and 170MW of projects in neighboring Biobío region.
Colbun is the second-largest power producer on Chile’s central SIC power grid, in terms of installed capacity.