CEM Annual General Meeting
26 March 2013, Macau
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 2012 Annual Report. In 2012, the total gross consumption reached 4,344 GWh, representing an increase of 8.5% compared with 2011. The peak demand has also grown to 757 MW, increased by 4.4%.
Throughout 2012, primary energy prices continued to trend upwards and kept hitting new highs. The unfavorable fuel prices and the unavailability of natural gas made CEM privileged the electricity importation to an all-time record of 88.8% (3,855 GWh) of the electricity needs of Macau.
During 2012, CEM achieved outstanding performances in terms of power supply reliability, service quality, and occupational health and safety. It achieved Average System Availability Index 99.9999% and customer satisfaction level 87.6% best ever records and zero accident in the workplace.
The final net profit in 2012 was MOP548 million. Total investment reached MOP980 million . The total investment was 79% higher than the posted profit. Core projects included the Lotus substation, the second 220kV interconnection between Guangdong and Macau. These investments were very important to allow for an increase of 67% of the operational importation capacity.
Another important project was the 110kV substation at the University of Macau new campus on Hengqin Island, and the corresponding 11kV distribution network and interconnection with Macau. It is expected to complete by second quarter this year.
In addition, CEM has put all its efforts to maintain a stable tariff for Macau citizens. With support of the Macau SAR Government, CEM contributed to give significant discounts of the Tariff Clause Adjustment of up to 28% that have benefited 99% of the customers. This was remarkable in an economic environment which natural gas was not available and the 2012 average oil prices have been the highest ever.