Банкеръ Weekly

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CONSTRUCTION OF MARITSA-IZTOK 1 STARTS ON JULY 15

The construction of the first unit of the new capacity of Maritsa-Iztok 1 thermal power plant will begin on July 15, the US AES corporation which owns and implements the project for the new plant informed on May 18. The first generator will be commissioned on June 30, 2008 and the second - on December 31, 2008, the company added.Meanwhile, the Arlington, Virginia-based headquarters of the company informed that AES reported good 1st quarter financial results on the New York Stock Exchange on May 17, 2005. The company revenues have grown by 17% up to USD133MN (compared to USD74MN for the same period of 2004) and the reorganized profit per share has increased by 67 per cent. The net funds available from exploitation activities are up by USD118MN reaching USD520MN (compared to USD402MN in 2004). The growth is due to the high profit, the revenues due to suspended foreign currency hedging as well as the stable levels of the turnover capital. Capital maintenance costs amount to USD124MN compared to USD122MN for the first quarter of 2004. AES possesses over 44,000 megawatt electricity production capacity in 120 plants in 27 countries as well as 17 electricity distribution companies.We had a strong start of the year. Our business kept showing permanent improvement of the results in the first quarter. The four sectors reported significant increase of the revenues, too, as well as a USD102MN growth of the gross profit of the company. There is a 15% growth compared to 2004, AES President and CEO Paul Hanrahan said. Among the latest achievements of the US corporation he also mentioned the signing of an agreement for acquisition of electricity produced by Maritsa-Iztok 1 as well as the letter sent by the Bulgarian Government in support of the project for the new 600 megawatt plant operating on lignite coal.The AES corporation is a leading energy company with 2003 sales amounting to USD8.4BN.

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