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World Bank Document ReportNo. 675b-AR Appraisalof the FourthBuenos Aires PowerProject Argentina SERVICIOSELECTRICOS DEL GRAN BUENOSAIRES (SEGBA) Public Disclosure Authorized September7, 1976 Powerand TelecommunicationsDivision LatinAmerica and the CaribbeanRegional Office r c OPY FOR OFFICIALUSE ONLY Public Disclosure Authorized Public Disclosure Authorized Documentof the World Bank Public Disclosure Authorized This documenthas a restricteddistribution and may be usedby recipients only in the performanceof their officialduties. Its contentsmay not otherwisebe disclosedwithout World Bankauthorization. CURRENCY AND EQUIVALENT Currency Unit = ArgentinePeso ($a) US$1 = $a 140.17 (OfficialRate) US$1 $a 250.00 (Free Market Rate) $a 1 Million US$7,134 (OfficialRate) $a 1 Million US$4,000 (Free Market Rate) ABBREVIATIONSAND ACRONYMS AC Alternating Current CADE Compafi!a Argentina de Electricidad AyEE Agua y Energia Electrica CEN Corporacion de Empresas Nacionales CIAE Compania Italo Argentina de Electricidad S.A. CNEA Comision Nacional de Energla At6mica CONCAP Comision Nacional de la Cuenca del Plata CTMSG Comision Tecnica Mixta de Salto Grande DEBA Direccion de Energla Electrica de la Provincia de Buenos Aires DUC Despacho Unificado de Carga EBY Entidad Binacional Yacyreta-Apipe EPEC Empresa Provincial de Energha de C6rdoba HIDRONOR Hidronor S. A. Hidroelectrica Norpatagonica, Sociedad An6nima SEGBA ServiciosElectricos del Gran Buenos Aires, S.A. SOFRELEC Societe Francaise d'Etudes et de Realisations d'EquipementsElectriques MEASURESAND EQUIVALENTS kW = Kilowatt MW MMegawatt (1,000 kW) kWh = kilowatt hour GWh - gigawatt hour (million kWh) kV = kilovolt (1,000 volts) kVA = kilovolt-Ampere MVA = Megavolt-ampere (1,000 kVA) km = kilometer (0.6214 mile) km = square kilometer (0.386 sq. mile) kcal = kilocalorie (3.968 BTU) SEGBA's FISCAL YEAR January 1 - December 31 1/ As of June 30, 1976 FOROFFICIAL USE ONLY APPRAISAL OF THE FOURTH BUENOS AIRES POWER PROJECT SERVICIOS ELECTRICOS DEL GRAN BUENOS AIRES (SEGBA) ARGENTINA Table of Contents Page No. SUMMARY AND CONCLUSIONS i - ii 1. INTRODUCTION 1 2. THE POWER SECTOR 3 Energy Resources 3 Sector Organization 3 Power Market 4 Expansion Program 4 Future of the Sector 5 Tariffs and Asset Revaluation 5 Buenos Aires-Litoral Region 5 Greater Buenos Aires Subregion 6 Service to Low-Income Groups 6 3. THE BORROWER 8 Legislation 8 Organization and Management 8 Employment 9 Training 9 Accounting and Audit 9 Power Rates 10. Tariff Structure 10 4. THE PROJECT 12 Project Cost 12 Procurement and Disbursements 14 Engineering and Project Execution 15 Environment 15 5. JUSTIFICATION OF THE PROJECT Sector Objectives 16 Project Objectives 16 Load Forecast 16 High Tension System (500, 220 and 132 kV) 17 Distribution System (mid and low-tension) 17 Performance Indicators 17 Return on Investment 17 This document hasa retrictod distribution candmay be used by recipientsonly in the performance| of their offcial duties. Its contents maynot otherwisebe dusclsedwithout World Dank authofiztion. Table of Contents (Cont'd) Page No. 6. FINANCIAL ASPECTS 18 Past Record and Present Position 18 Financing Plan 19 Future Finances 21 7. AGREEMENTSREACHED AND RECOMMENDATIONS 22 This report was prepared by Messrs. C. Besse (Financial Analyst) and M. Linder (Engineer). List of Annexes 1. The Energy Sector 2. The Power Sector 3. Greater Buenos Aires Subregion 4. Tariff Regulation and Structure 5. Project ImplementationSchedule 6. Project Description 7. Justification of the Project 8. Actual and Forecast Income Statements 9. Actual and Forecast Balance Sheets 10. Debt Contracted as at December 31, 1975 11. Forecast Sources and Applications of Funds 12. Forecast Schedule of Loan Disbursements 13. Forecast Key Operational and Financial Indicators 14. Financial Ratios Maps Argentina - Regional Subdivision of the Power Sector (IBRD 11441R) SEGBA System - TransmissionLines and Substations (IBRD 11442R) APPRAISAL OF THE FOURTH BUENOS AIRES POWER PROJECT SERVICIOS ELECTRICOS DEL GRAN BUENOS AIRES (SEGBA) ARGENTINA SUMMARY AND CONCLUSIONS i. This report covers the appraisal of a project forming part of the 1977-1981 expansion program of Servicios Electricos del Gran Buenos Aires (SEGBA), a corporation owned by the Argentine Government,which is the main distributorof electricity in the Greater Buenos Aires area. ii. This would be the Bank's fourth loan to SEGBA. The first three loans, which were made in 1962, 1968 and 1969 helped finance the expansion of generation, transmissionand distributionfacilities. The physical execution of these three projects has been satisfactory. Considerable progress was made toward one of the long-term objectives of Bank lending to SEGBA namely the building of SEGBA into a financiallysound utility. However, this achievementwas nullified by Government interferencein 1964 and 1971. SEGBA's finances deteriorateddramatically as a result of it not being permitted to adjust its tariffs to keep pace with inflation and devaluationas provided by its ConcessionAgreement. However, as a result of monthly tariff increases which have been approved by the Government since April 1976, SEGBA is expected to comply with its concession and make a satisfactorycontribution to the financing of its investmentprogram in 1977 and thereafter. iii. The power sector, although essentially owned by the Government, has a fragmented organization. No reasonable national expansion program exists. As a result, a number of unjustified investmentdecisions for the sector have been taken in the past. The present Government,aware of this situation, intends to carry out a national sector organizationstudy and prepare a national power expansion plan and to discuss their conclusionswith the Bank. A rational development of the sector is of high priority to Argentina's industrial development. Industry is the largest consumer of electricity and its consumptionhas been growing rapidly. iv. The project consists of the main elements of SEGBA's 1977-1981 transmissionand distributionprogram and two studies to be carried out by the Government. It is estimated to cost US$495.3 million (equivalent),with a foreign currency component of US$152.6 million, US$115 million of which would be financed out of the proposed loan. The Bank loan would be disbursed for equipment purchased during the period 1977-1980 and would cover 13.9% of SEGBA's financial requirementsfor this period. The balance of 1977-1980 requirements would be met by internal cash generation (51.3%), Government contributions (4.4%) and by foreign and local bank loans (30.4%). The project would allow SEGBA to provide the power infrastructureneeded to support the continued growth of industrv in its service area, Argentina's largest market for electricity. v. Procurement procedureswould be substantiallysimilar to those established for the previous loan to SEGBA. Contracts for equipment and materials to be financed out of the Bank loan will be awarded after international - ii - competitivebidding. Argentine manufacturerswill be granted a margin of preference of 15% over the CIF price of the lowest qualified foreign biddc , or the applicable customs duty, whichever is lower. In addition,someof the equipment and materials needed by SEGBA may be procured locally without international competitivebidding and with financing from sources other than the Bank. Such procurement,-however,will be limited to (i) a maximum of one-third of SEGBA's needs for each category of equipment and materials, and to (ii) a maximum price of 38% above the CIF price of the successful foreign bidder for the same category of equipment and materials. Use of this arrangement is expected to continue to be limited (it only accounted for 5% of equipment procurement under the previous loan). vi. Since the new Government came into power in March 1976, it imme- diately took steps to improve the financial situation of the public service enterprises and a 10% monthly cumulative electricity tariff increase was introduced for SEGBA with an additional 20% increase on July 1, 1976. The Government intends to maintain this 10% monthly increase until December 1976 and thereafter grant tariff increases which will permit SEGBA to achieve the 8% rate of return stipulated in its Concession Agreement, which in turn will result in a substantial improvement in its finances and a satisfactory contribution to the investment program from net internal cash generation. The Government has also recently appointed competent new management for SEGBA, which is well qualified to implement the project. vii. With the assurances obtained during negotiations, listed in Section 7, the project would form a suitable basis for a Bank loan to SEGBA of US$115 million equivalent for a period of 15 years including a grace period of three years. APPRAISAL OF THE FOURTH BUENOS AIRES POWER PROJECT SERVICIOS ELECTRICOSDEL GRAN BUENOS AIRES (SEGBA) ARGENTINA 1. INTRODUCTION 1.01 The Governmentof Argentina has requested the Bank to assist in the' financing of a project which is part of the 1977-1981 expansionprogram of Servicios Electricosdel Gran Buenos Aires (SEGBA), a Government-ownedcorpora- tion which together with Companla Italo-Argentinade Electricidad,S.A. (CIAE), a corporationcontrolled by Swiss interests 1/, is responsiblefor supplying electricityin the Greater Buenos Aires area. 1.02 The project proposed for Bank financing comprises the main elements of SEGBA's ongoing transmissionexpansion program for the period 1977-1981, together with the entire distributionexpansion program for the same period.
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