The presentation of the issuance program of negotiable obligations of UTE took place yesterday and was headed by the president of the state company, Silvia Emaldi; who was accompanied by the vice president Pablo Ferrari, and the directors Mariana Ubillos and Enrique Peés Boz.
This initiative will seek to increase the amount of the investment plan for the coming years, going from 227 million dollars to 250 millions of dollars through the issuance of negotiable obligations. In turn, the program targets banks, Pension Savings Fund Administrators (AFAP) and other financial institutions in this type of investments.
The face value of the program will be up to 15 billion dollars in two series: Indexed Units (UI), with a term of 22 years; and Pension Units (UP), with a term of 25 years. The interest rates will be 3.725% for UIs and 2.2% for UPs.
The opening of subscription for offers will begin on December 19, and will be carried out through the Uruguayan Electronic Stock Exchange (Bevsa) and of the Montevideo Stock Exchange.
As Emaldi explained during the presentation, the objective is to improve the infrastructure of the existing plants, create wind farms, perfect networks, improve regional energy integrationelectricity generation, investing in distribution and smart metering.
“This issuance of negotiable obligations seeks to leverage the great investment process that the company is carrying out,” said the president of UTE.
UTE plans a rate adjustment
UTE evaluate a increase in your rates for the beginning of 2024 but, according to the president of the state energy company of Uruguay, Silvia Emaldi, the variation will be below inflation.
As he did at the beginning of 2023, UTE analyzes updating electricity rates with the change of year. Likewise, the increase would be below inflation levels, according to Emaldi in a meeting with journalists. He Consumer Price Index (CPI) accumulated increase of 4.96% in the last twelve months and, according to estimates, it will be around around 5% at the end of the year.
In January, and with inflation that exceeded 8.5% in 2022, the increase was 3.5%.
In any case, the figures are not yet defined: the UTE directory will meet next week to discuss the issue and present both the balance of the year and the projections on which they are working to define the increase in rates to the Executive power, who will make the final decision.
Source: Ambito
