|
In 1995, Panama began to reform its energy industry with the approval of the legislation that allowed private participation in generation projects.
In 1996 the law for the public services regulating body was approved.
On February 3, 1997, Law 6, which sets the Regulatory and Institutional Frame for Public Energy Services, was created.
On November 1998, the Panamanian government sold its administrative participation to four generation companies through an international public bidding. AES Panama Energy (AES Energy), an indirect subsidiary controlled by AES, presented a successful offer for the acquisition of the 49% of two energy generation companies (Bayano and Chiriqui).
When Chiriqui was acquired, AES Energy also earned a concession to build, own and operate Esti, a 120 MW plant, which began operations in 2003. In October 1999, AES Energy merged Bayano and Chiriqui, and changed the name of the company to AES Panama, S.A.
After the merger, AES Energy maintained administrative and operational control through an Administration Contract. The shareholders of AES Panama are:
- AES Energy, with 49% of the shares
- The Panamanian government, with a 50.5% of the shares
- The workers of AES Panama, who collectively own 0.5% of the shares
AES in Panama is a subsidiary of AES Corporation, based in Arlington, Virgina, United States. |
