24th Nov 2008 07:00
Andes Energia plc
("Andes" or the "Company")
Electricity tariffs
Andes (AIM: AEN), the Latin American energy group, is pleased to note the recent publication of two law decrees by the Province of Mendoza:
Decree 2704, published on 7 November 2008, allows EDEMSA, the Company's 51 per cent. owned electricity distributor, to request, every six months from 1 February 2010, an inflation based review of its electricity tariffs.
Andes also confirms that it expects the next General Tariff Review to take effect from 1 February 2009.
Decree 3177, published on 17 November 2008, allows EDEMSA to recover, over a period of 54 months, the income foregone as a result of the postponement, announced by Andes on 27 June 2008, of the start of the third tariff period from 1 August 2008 to 1 February 2009.
Neil Bleasdale, Chairman of Andes, stated, "These decrees have helped to formalise the tariff review procedure and provide transparency to the process."
For further information please contact:
|
Andes Energia plc |
Luis Alvarez Poli, CEO Nigel Duxbury, FD |
T: 020 7495 5326 |
|
Arbuthnot Securities |
James Steel Antonio Bossi |
T: 020 7012 2000 |
|
Bishopsgate Communications |
Maxine Barnes Nick Rome |
T: 020 7562 3350 |
Note to Editors:
Andes
Andes is a Latin American energy group, with electricity distribution, hydro-electric power and oil and gas interests in Argentina. The Company's focus is on the Argentinean energy sector, which it believes offers premium assets at undervalued prices.
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