AES Transgas puts back $300m payments on Eletropaulo shares

23 January 2003 - AES Transgas is to delay a payment of around $300m due on preferred shares of Sao Paulo distributor Eletropaulo, which it acquired in 2000, according to a statement released to the Sao Paulo stock exchange.

AES Transgas said it is scheduled to make the payment on January 25, as the last of four instalments owed to Brazil's national development bank BNDES and individual investors that sold their preferred shares in January and May 2000, respectively.

The holding company now wants to postpone payment until April 15 due to a "temporary shortage of funds," Eletropaulo said in a statement. AES Transgas will pay interest equivalent to 9 per cent a year for the 80-day delay to those creditors that accept the postponement.

AES Transgas is a holding company used by parent company US-based AES to buy preferred shares in Eletropaulo. It owns 64.1 per cent of Eletropaulo's preferred shares, equivalent to 38.6 per cent of total capital.

AES Transgas was using dividends from Eletropaulo to pay for the shares, but the recent decision by the distributor to suspend dividend payments forced AES Transgas to reschedule its own debt payment, a spokesperson explained.

Sponsored by FLSmidth
Related Articles

EPRI Wave Energy Assessment Shows Vast Potential

In December 2011, the Electric Power Research Institute (EPRI) completed an assessment of the US ocean wave energy resources with the Virginia Tech Advanced Research Institute and the National Renewable Energy Laboratory (NREL).

Mexico's Ready to Do Business in the Wind Sector

The Mexican government announced in late 2014 that it is going to implement a new energy policy that would open up the electricity market for oil and gas.

Follow Power Engineering on Twitter
Latest News
Sendai nuclear Unit 1 in Japan connects to power grid Kyushu Electric Power Co.

Sendai nuclear Unit 1 connects to grid

The Sendai 1 nuclear power unit in Japan is expected to reach commercial operations, almost t...
EPA allows one claim to stand in Sierra Club appeal of Schiller air permit

EPA allows one claim to stand in Sierra Club appeal of Schiller air permit

U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy signed a July 28 order...
Western states win injunction against ‘Waters of the United States’ rule

Western states win injunction against ‘Waters of the United States’ rule

A federal judge in North Dakota on Aug. 27 granted a request by Colorado and twelve other sta...
Exelon-Pepco release statement, say D.C. Public Service Commission failed to see merger's 'substantial' customer benefits

Exelon-Pepco: Regulators failed to see merger's 'substantial' customer benefits

Despite a unanimous rejection from regulators in the nation’s capital, power companies Exelon...
Makai’s plant will generate 100 kW of sustainable, continuous electricity – enough to power 120 homes in Hawaii each year.

Makai Ocean Engineering connects world's largest OTEC plant to U.S. grid

Makai’s plant will generate 100 kW of sustainable, continuous electricity – enough to power 1...
Canadian Solar sells stake in Tranquility solar power project in California to Southern Power

Canadian Solar unit sells solar power project stake to Southern

Canadian Solar Inc. said its subsidiary sold its ownership stake in a 200-MW solar power proj...
Plant Vogtle construction costs down in first half 2015

Plant Vogtle nuclear expansion spending down in first half of 2015

Georgia Power said in a report that the utility estimates it will spend less on construction ...
Renewable energy developer Cypress Creek Renewables building 2 utility-scale solar farms in South Carolina

Renewable energy developer Cypress Creek Renewables building 2 utility-scale solar farms in South Carolina

Cypress Creek Renewables is investing more than $20 million in new projects in South Carolina.
Power Engineering Current Issue
08/01/2015
Volume 119, Issue 8
1508pe_C1
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Power Industry Wire News

Versatile Hires Two Veteran IT Executives and Adds Consulting Services Division

Versatile Hires Two Veteran IT Executives and Adds Consulting Services Division

EnerJex Resources Declares Monthly Cash Dividend on 10% Series A Preferred Stock

EnerJex Resources Declares Monthly Cash Dividend on 10% Series A Preferred Stock

Poll Shows Americans United in Need for Police Body Cameras: Vast Majority of Americans Prefer 2nd Generation Police Body Cameras

Poll Shows Americans United in Need for Police Body Cameras: Vast Majority of Americans...

Sunergy Management and Its IPP Partner Has Received an Invitation From the Government of Liberia to Attend the US-Liberia Trade and Investment Forum Held in NY on September 16

Sunergy Management and Its IPP Partner Has Received an Invitation From the Government o...

UGE International and Alpha Energy to Collaborate on Microgrid Projects

UGE International and Alpha Energy to Collaborate on Microgrid Projects

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>