CEM Annual General Meeting
26 March 2012, 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 2011 Annual Report. The year 2011 was the first year that CEM worked under the extension of the Macao SAR Electric Energy Supply Public Service Concession Contract. CEM is pleased to turn the new page of its history and see a smooth transition. In 2011, the total gross consumption reached 4,002 GWh, representing an increase of 5.1% compared with 2010. The peak demand has also grown to 725MW, increased by 4.9%.
Throughout 2011, primary energy prices have continued to trend upwards and kept hitting new highs. The unfavorable fuel prices and the unavailability of natural gas have made CEM privileged the electricity importation to 79% of the electricity needs of Macao. CEM’s power supply reliability performance remained superior in 2011. The Average Interruption Duration Index (SAIDI) 2.38 minutes , Average Interruption Frequency Index (SAIFI) 0.19 , and the Average System Availability Index (ASAI) 99.9995% were once again among the world-class supply reliability performances.
CEM has put all its efforts to maintain a stable tariff for Macao citizens. With support of the Macao SAR Government, CEM contributed to maintain a stable tariff for 99% of our customers by giving discounts of up to 10% on the Tariff Clause Adjustment value of Tariff Group A.
Due to the fact that 2011 was the first full year of the reduction of the permitted return to 9.5% as set in the extension of the Concession Contract terms and conditions, the final net profit was MOP479 million, a reduction of 7% (MOP35 million) as compared with 2010 and 15% (MOP86 million) lower than 2009. Nevertheless, CEM invested over MOP690 million to improve and develop the local infrastructure to cope with the rapid economic development of Macao. The total investment was 44% higher than the posted profit. One of CEM’s core projects, the second 220kV interconnection with Guangdong Power Grid – the Lotus Interconnection, the 220kV backbone interconnection and the 220kV Lotus Substation, is expected to be operational by mid-2012. CEM is also actively supporting the project of the new campus of the University of Macau on the Hengqin Island.
The year 2012 is a year for celebrations which include the 28th anniversary of the interconnection with Guangdong Power Grid and the 40th anniversary of CEM. 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 Kuan Sio Peng);
EDP Asia - Investimento e Consultadoria, Limitada (represented by José da Guia Rodrigues dos Santos)