EPM wants to sell ISA shares due to Hidroituango's delay

The economic group seeks out small holdings in several companies to provide capital and continue to attend the emergency situation in Hidroituango.

Empresas Públicas de Medellín (EPM) will ask the Medellín Council to authorize the sale of the shares that he has. he holds in the ISA electrical interconnection company (10%) in order to obtain the capital necessary for the realization of Read also: National and international experts waiting for Hidroituango

It would be even for other companies where EPM and other group companies have minority interests, such as the Davivienda cases, which in sum are valued at $ 30 billion.

At this sale of small holdings The sale of two companies that EPM owns in Chile would be added: Aguas Antofagasta and the Los Cururos wind farm, on which an investment of 1,200 million US dollars had been made to that time.

This process would take between six months and a year. agreement with EPM General Manager, Jorge Londoño, and for the aforementioned badets, the group would receive between 3.5 and 4 billion dollars. "We have envisioned in the organic growth plan to invest nearly $ 10 trillion for the next few years, to strengthen the structure of the Aqueduct and Alcantarillo of Antioquia and for continue to strengthen the transport and energy distribution infrastructure in the country.This investment can not be stopped, "he said.

The decision is the product of the Authorization given by the board of directors to the management of the company to study in detail in the portfolio the badets that can be sold. EPM "would follow its investment and growth route to medium and long-term and could overcome the situation in Hidroituango, which is three years late in its entry into service, "said Londoño.

In addition, the director badured that they are studying the investments to carry forward. According to his calculations, it is necessary to prolong from the ego ns 20% of the total estimated in time, "about 2 billion dollars that can be carried forward a little further". This will be complemented by a savings plan estimated at nearly $ 1 trillion for the next four years.

Finally, Londoño pointed out that despite the contingency and its magnitude, in the first half of the year, the EPM Ebitda increased by 10%. % compared to the same period in 2017. "Even though, probably due to the urgency, costs have risen in May, June and July, mainly."

Work Continues in the Emergency Department

Work is currently underway to strengthen the rock of the dam up to level 418, work that will last until the end of the month of August. Similarly, at the end of October, the wall, 38 meters high and 500 meters long, would be ready to finish solidifying the priority filling, a pre-plug in the right downstream tunnel and the left tunnel plug. These actions would reduce the risk of an increase.

In addition, a sliding treatment is carried out in the upper part of the entrance gate (where the watershed is controlled) to mitigate the possibility of landslides "providing that in September of October comes back the winter, "according to EPM director

However, it still takes nine months of work to complete the work in the tunnels, the elevation and the reservoir. Entrance to the engine room to badess the extent of damage and recovery time, the schedule provides that this will be done in the fourth quarter of this year while it's still not

Read also: EPM He approved the hiring of international experts for Hidroituango

In parallel, this month will begin three investigations to determine the root cause of the problem. , the EPM Disciplinary Inspection Office evaluates the inconsistencies possible during the project licensing process; On the other hand, the group hired a Chilean firm to perform a technical badysis of the situation in Hidroituango and an independent expert who certifies that the works in execution fulfill the objective of mitigating the risks.