27th Jun 2008 15:50
Andes Energia plc
("Andes" or "the Company")
Andes (AIM:AEN) announces that its 51% owned subsidiary Empresa Distribuidora de Electricidad de Mendoza SA ("Edemsa") has signed an agreement with the Government of Mendoza delaying completion of the third tariff review from 1 August 2008 to 1 February 2009.
Edemsa has agreed to this extension, as it will allow the authorities to complete the full tariff review, which is necessary to establish a reasonable tariff for the third period of the licence agreement.
Neil Bleasdale, Chairman and CEO of Edemsa said, "We understand the government's request for an extension and believe this will facilitate a more rigorous and fair tariff review process."
Edemsa received a 20% tariff increase in February 2008, which led to a significant improvement in the first quarter 2008 results.
Enquiries:
|
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 Limited |
Maxine Barnes Nick Rome |
T: 020 7562 3350 |
Note to Editors:
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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