Panamanian electricity distributor, majority sold to Union Fenosa in September 1998.
In Panama, the distribution companies Edemet and Edechi, managed and 51% owned by UNION FENOSA, sold 2,593 million kWh of power in 2003, 2.7% more than in the previous year. The distribution market served by these two companies covers an area of approximately 46,000 km2, roughly two-thirds
of the total surface area of Panama, including most of the capital, and the companies supply 357,256 customers. In 2003 high management ratios were maintained in terms of collection and energy losses. The rates are set for four years and, since the last revision was in July 2002, rate stability over the coming years is guaranteed. The companies operated have grown at a most satisfactory rate since UNION FENOSAs entry into Panama in 1998, and their performance reflects that of a mature business. At 2003 year-end, the corporate collection management systems were fully implemented, and the procurement and financial reporting management systems were certified. In the Panamian generation area, UNION FENOSA also manages 26 MW of installed capacity, 43.5% (11.3 MW) of which relates to hydroelectric plants and the remainder to fossil-fuel generation plants.