I would now like to turn the presentation over to Mr. Alfredo Ergas, Enersis’ CFO. Please proceed.Alfredo Ergas Thank you very much. Good morning to everyone and thank you for participating today in our conference call to review the performance of Enersis Group for the nine-month period ending September 30, 2010. My name is Alfredo Ergas, CFO of Enersis and with me are Ricardo Alvial, Investment and Risk Director; Mr. Rodrigo Perez, our Head of Investor Relations, (inaudible). I would like to highlight some important events that have taken place this year. First, we continue evidencing a strong growth in electricity demand in the five countries in which we operate specially in Brazil and Peru. This increasing demand has been largely supported by the strong economic activity experienced by these markets. The performance in Latin America economies even under the financial stress experienced in the worldwide basis during this year reveals a clear sign of the strong demand resilience and economic activity. So these are the basis for us to expect an improving trend towards the next few quarters in terms of revenues and demand. Secondly, this increasing demand in every country bring force the necessity of accounting with additional capacity, opening of opportunities to new projects. Consequently, last September, we proudly announced the construction of a new Hydroelectrical plant in Colombia named El Quimbo with an investment higher than $800 million. The new facility will have the installed capacity of 400 megawatts and will generate nearly 2,200 gigawatts per year. In this way, our subsidiary Emgesa will be in a very good position to obtain important benefit coming from the sustained increase in demand in Colombia. And this action is confirming our corporate goal of developing products of a solid basis rather than just being bigger. Thirdly, good to highlight that our generation asset located in Chile continue to operate with not interactions since the earthquake with the sole exception of our 128 megawatt thermal (inaudible) Bocamina in the southern part of Chile. In this respect I’m glad to inform you that after our recovery program to repair damage, Bocamina I will resume operations in the coming days.
Fourthly, continuing our deep commitment in terms of supplying clean energy for the growth of the country, during the fourth quarter we will deliver the second round of answer to the environmental authorities in connection to our project (inaudible) in the southern part of Chile. As part of our corporate goals, we have maintained a prudent financial management. This can be seen in a good label of liquidity.In fact, we closed the quarter with over $1.5 billion in cash and cash equivalent on a consolidated base plus committed lines, credit lines for $900 million and uncommitted credit lines for an additional $577 million, all of those credit lines available for Enersis and it is achieving. All these positive financial measures have been recognized by the rating agencies. On September 29th, Moody’s placed the Baa3 senior unsecured rating of Enersis under review for a possible upgrade. And now let me move into some specific topics in our business. Let’s talk about distribution. Main drivers of the result from our distribution business line were a 5.8% increase in physical sales, the addition of 380,000 new clients as part of our natural growth, and a strong increase in demand in the five countries where we operate with remarkable figures in Brazil and in Peru. Read the rest of this transcript for free on seekingalpha.com