iCrowdNewswire - Jan 21, 2016
BOARD OF DIRECTORS OF EEB APPOINTS NEW CEO – MS. ASTRID ÁLVAREZ HERNÁNDEZ
Astrid Álvarez Hernández, will replace Ricardo Roa Barragán, who delivered to the Board of Directors his Management Report and results obtained during the last four years.
Bogotá D.C., 19 January 2016
. During a special session and adhering to the Company’s Bylaws, and after a thorough analysis of the company’s evolution, the issues that impact markets and businesses in which it operates and taking into account the challenges and priorities that stem from the arrival of the new administration to the Major’s Office; and more specifically considering the need to commit with investors, the residents of Bogota and the general public with a management model that is in agreement with these new circumstances, the Board approved the new company´s CEO.
EEB’s Board of Directors appointed Ms. Astrid Álvarez Hernández, with undergraduate studies in Civil Engineering from Universidad Javeriana, specialization diploma in Environmental Engineering from Universidad de los Andes and a Master’s from the University Ohio. She is a consultant with broad experience in strategy consultancy to local and foreign companies, and in recent years she has worked in offshore projects in the hydrocarbons´ sector and in strategic supply chain while continuing to permanently support social issues in Fundación Servicio Juvenil led by Father Javier de Nicoló.
Ms. Álvarez worked in Empresa de Acueducto de Bogotá for six years during the administrations of Enrique Peñalosa and Antanas Mockus. Took office as manager achieving the company’s transformation and the integration of management and commercialization processes of the company oriented towards corporate efficiency with the highest quality. In Ecopetrol she was in charge of implementing a strategic supply chain model achieving significant savings and high efficiency in the company’s contractual management.
Similarly, Mr. Roa Barragán delivered to the Board of Directors the following achievements obtained during his period in office.
One year after taking office, EEB’s consolidated EBITDA as of September 2015 amounted to COP $2.31 billion, growing by 16.9% vis-à-vis September 2014, and consolidated operational revenues amounted to COP $2.28 billion, increasing by 28.1% when compared to September of 2014. Likewise, investment grade ratings granted by the main rating agencies were ratified and improved: Fitch ratings ratified corporate rating in ‘BBB’ with stable perspective, and Moody’s improved the company’s corporate rating from ‘Baa3’ to ‘Baa2’ with stable perspective.
EEB, shows excellent performance in the Colombian market, with its share showing a bullish trend and well above the market average of last year. EEB is one of the leading corporations in the energy sector in the Americas and is present in Colombia, Peru, Guatemala and Brazil, in the businesses of distribution and transport of electric power and gas. This year the company will celebrate 120 years, which have delivered significant profitability to its shareholders, and in particular, to the city of Bogota, which today holds 76.28% of the company’s shares.
The Board believes that with the appointment of Ms. Álvarez as CEO, the company will have a leadership that will be competent in the technical area, efficient in the administrative area and austere in terms of financials in addition to having the social and environmental responsibility required for the communities in which the Company operates.
About Grupo Energía de Bogotá
Grupo Energia de Bogota is the leading corporation in the Colombian power sector. Through its parent company, Empresa Energía de Bogotá (EEB), controls nine affiliate and carries out directly the activity of electric power transport in Colombia in a market with the highest demand in the country. In the electricity chain in Colombia, it participates in the distribution of electricity via Empresa de Energía de Cundinamarca – EEC. In addition, it controls the largest natural gas carrier in Colombia, TGI S.A with a stake of 47.6% within the market, including an extension of 4,000 Kms. in gas pipelines services highly populated areas in Colombia such as Bogota, Medellin, Bucaramanga, the Coffee Region and the Llanos Foothills. In Peru, its company CONTUGAS has a 30-year concession for the transportation and distribution of natural gas in the Ica Department, likewise with its company CALIDDA, it distributes natural gas in the regions of Lima and Callao. In that same country, together with ISA, it holds stocks in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in Peru. In 2010, it established TRECSA – Transportadora de Centroamérica S.A.- in charge of building the most important infrastructure Project in Guatemala and will render electricity transmission services as of 2014. Furthermore, GEB holds an investment portfolio in important companies in the electric power sector, in which the following stand out, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., PROMIGAS S.A. and Electrificadora del Meta – EMSA and to a lesser extent ISA and ISAGEN. As of 2013, the Group renders advisory and engineering services in Guatemala and Peru through its affiliate EEB Ingeniería y Servicios. Also, in 2014 it created the company Empresa de Movilidad de Bogotá SAS E.S.P., affiliate company dedicated exclusively to developing electric power mobility projects. In August 2015, EEB completed the acquisition of 51% of four electric power transmission companies in Brazil, namely: Transenergia Renovavel S.A., Transenergia Sao Paulo S.A., Goias Transmisssao S.A., y MGE Transmissao S.A. In August 2015, EEB completed the acquisition of 51% of four electric power transmission companies in Brazil, namely: Transenergia Renovavel S.A., Transenergia Sao Paulo S.A., Goias Transmisssao S.A., y MGE Transmissao S.A