Earnings of E-CL amount to US$24.8 million in the first quarter of 2014

Operating revenue was US$ 308.4 million, 8% higher than in the first quarter of 2013. EBIDTA was US$80 million, representing a 20% increase over the same period of the previous year.

E-CL, the principal electricity generator on the Northern Electricity Grid (SING) produced earnings of US$ 24.8 million in the first three months of 2014, which implied an increase of 49% over the same period of 2013.

EBITDA was US$80 million in the first quarter of 2014, a 20% increase over the same period of the year before, mainly due to the company's better operating performance.

Operating revenue reached US$308.4 million during the period, 8% more than in the same period of 2013. This is mainly explained by higher average monomic prices, both on sales to non-regulated and to regulated customers and, to a lesser extent, to recurring revenue.

Highlights

There was a change in the chairmanship of the board during the first quarter of 2014. Following acceptance of the resignation of Jan Flachet, Juan Clavería was appointed as chairman of the board and of the company.

In January, E-CL gave the order to proceed with the construction of a 500 kV double-circuit line and 1,500 MVA per circuit, of approximately 580 km in length. This line will connect Mejillones with Cardones at the northern end of the SIC.

At the end of March, the company informed the CDEC and the CNE that E-CL in June 2017 will interconnect to the SIC the combined-cycle generating unit called CTM-3, which forms part of the Mejillones thermal plant.