30 March 2011, Macao
The Annual General Meeting of Companhia de Electricidade de Macau - CEM, S.A. (CEM) was held today at CEM Building. The Annual General Meeting approved the 2010 Annual Report. In 2010, the total gross consumption reached 3,809 GWh, representing an increase of 4.2% compared with 2009. The peak demand has also grown to 691MW, increased by 3.7%.
CEM’s power supply reliability performance surpassed world-class standard in 2010. The Average Interruption Duration Index (SAIDI) 1.04 minutes , Average Interruption Frequency Index (SAIFI) 0.1 , and the Average System Availability Index (ASAI) 99.9998% were all best ever records.
Primary energy prices kept hitting new highs since the aftermath of the financial crisis. In 2010, importation from mainland and generation with natural gas at Coloane Power Plant inevitably became the preferred energy sources. Total importation accounted for 73.16% of the total power consumption. CEM has put all its efforts to maintain a stable tariff for Macao citizens. With support of the Macao SAR Government, CEM has lowered the Tariffs Clause Adjustment of Tariff Group A to below the contractual calculated value throughout 2010. Allowing 99% of our customers enjoyed a stable tariff even when the oil prices were surging.
In 2010, CEM’s MFRS profit after tax amounted to MOP514 million. CEM invested over MOP630 million to improve and develop the local infrastructure to cope with the rapid economic development of Macao. The total investment was over the net profit.
The second 220kV interconnection with Guangdong Power Grid – a substation, a backbone and an interconnection works have been started. This marked an important and strategic move as the implementation of these initiatives will assure Macao enough energy importation to sustain its economic development in the coming few years.
With the successful extension of the Power Supply Contract for 15 years, CEM remains optimistic of Macao’s continuing economic growth and committed to delivering an efficient and reliable power supply for all Macao citizens. CEM will work hand in hand with the Macao SAR Government to continue the long standing successful cooperation for the benefit of the development of Macao.
The General Assembly has also appointed the following members of the Supervisory Board:
Chairman: Macau Special Administrative Region (represented by Paulo Tse) Active members: Sino-French WD (Macao) Co. Ltd (represented by Lee Chi Tuen); EDP Asia - Investimento e Consultadoria, Limitada (represented by Fernando Reisinho)
At the meeting, the shareholders did not finish all the issues on the agenda and agreed to resume the meeting with the election of the Board of Directors and Executive Committee at a later date in April 2011.