On a visit to Madrid where he participated in the Fifteenth Ibero American Summit last week, Chilean president Ricardo Lagos made time on his agenda to meet with Manuel Pizarro,
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Cheap Bred Low 11s Og, the top company in Spain electricity market. On October 4, Lagos greeted Salvador Gabarr president of Gas Natural, the leading gas distributor in Spain. The topic of discussion on both occasions was the same Gas Natural offer in early September to take total control of Endesa. Enersis is the holding company that Endesa uses to control its operations in Chile, Argentina, Brazil, Colombia and Peru. That is not the entire story. The conversations also touched on the concentration in several Chilean sectors that Gas Natural would gain; these sectors include energy,
Air Jordan 11 Low Bred Retro Og For Sale pf31, waste management,
Air Jordan Low 11 Bred Retro Og, fuel distribution and telecommunications. La Caixa owns 35% of Gas Natural,
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Pre Order Air Jordan Bred Low 11s Og, which in turn, owns 23.1% of Aguas de Barcelona,
Pre Order Air Jordan Bred Low 11s Retro Og sl95, the company that run Aguas Andinas, the largest waste management company in Chile. La Caixa, a Catalonian firm,
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Jordan 11 Bred Low Retro Gs For Sale fi70, also owns 12.5% of Repsol YPF, the oil company that owns the third largest network of gas stations in the country. Repsol YPF is also one of the country main suppliers of gasoline and natural gas (it owns a 30.8% share of Gas Natural). In addition,
Air Jordan Bred 11s Og Pre Order lp55, Repsol YPF owns 5% of Telef which owns the largest fixed line telecommunications network in Chile. is no reason to talk about problems regarding competition or concentration in regulated markets in Chile, Gabarr told Lagos. His words were announced in a press release issued by La Caixa and Repsol YPF. Antonio Brufau,
Bred 11s Low Og, president of Repsol YPF,
Bred 11s Pre Order, also attended the meeting. In his talks with Brufau, Lagos raised the question of Chilean energy ownership, perhaps taking advantage of the opportunity to blame Brufau for major cuts in natural gas shipments from Argentina that set off a severe energy crisis two years ago. Hours after the meeting,
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Retro Jordan 11 Low Bred Gs Pre Order gr54, Lagos announced that the meeting was merely exchange of viewpoints. He promised that Chile will be the focal point for new business for the firm in Latin America, which has some 10.9 million consumers of electricity, and 4.6 million users of gas. Pizarro could not resist the opportunity to criticize the way the process had worked out in Spain. have to let institutions function freely, Pizarro said in a statement broadcast by a Chilean radio network. This has never happened in Chile,
Bred 11s Low Gs For Sale er68, for example. That is the good fortune that you people have enjoyed, in a place where the state of law functions. These plans include the ambitious hydroelectric plan in the Ays region in the south,
Jordan 11 Low Bred Gs For Sale hi03, which is projected to involve investments of $2.4 billion. commitment to Chile is total. He also warned that the most important thing from Chile viewpoint is to the promised investment levels, and guarantee that there is another manager who could have different opinions. He stressed there is an equally important need for maintaining a level of investment in various alternative energy areas. It is equally possible, he adds, that legislators could react with action in the past, they have expressed their fears when it was time to privatize companies that supply water. They introduced a series of restrictions that were made mandatory before taking ownership. the result of the merger is obviously illegal,
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Cheap Bred 11s Low, then the question is do we do about it? says Fischer. This would lead, first, to action on the part of headquarters which would have to sell off one of the operations that violated the law. In this sense,
Retro Bred Low 11s Gs, it would not be a problem for the regulatory institutions of the market. owning control of Enersis and Aguas Andinas would clearly be a source of concern. From the legal point of view, that doesn seem feasible,
Pre Order Air Jordan Bred 11s Gs, Fischer insists. Maria de la Luz Domper, researcher at the Chile based public opinion institute known as ILD (Institute of Freedom and Development), suggests that regulatory rules should not establish this sort of prohibition because they can definitely affect the selling price of some public service companies. would be ruling out some possible parties who might be interested. Domper says that what they are trying to achieve is to protect free competition; that the raison d for the institutions represented by the ILD. is no reason to amass legal restrictions in every public sector. There is no justification for that if there is already an institution such as a court,
Air Jordan 11 Bred Low Retro Gs Pre Order sw06, which is sufficient in itself. Domper emphasizes that in a situation involving concentration of property, the government should not create legal restrictions, only penalize them ex post [facto], this problem triggers competition problems. Eduardo Saavedra,
Jordan 11 Low Bred Retro Og For Sale, director of the economics department at the Alberto Hurtado University (UAH) in Chile, is worried about the fact that Repsol YPF will gain access to the property of Endesa. The Spanish oil company owns more than 50% of Argentina natural gas exports to Chile. that Repsol YPF has control of natural gas,
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Low Bred 11s Og wc17, both through its mining in Argentina and through the most important gas pipeline for generating thermoelectric power in Chile Gas Andes, headed by France TotalFinaElf, and also comprising AES Corp. and companies from Argentina and Chile. In such a case,
Cheap Low Bred 11s rs75,
Cheap Bred 11s Low Retro Gs, there is a huge problem with geopolitical implications. A single enterprise could own all the inputs for Chile entire electricity sector. has 70% of Chile reservoirs and 100% of the remaining water rights that can be used to generate hydroelectric power,
228, says Saavedra. Endesa has control of hydroelectricity, and the resulting question is,
Air Jordan Bred Low 11s Retro Gs For Sale, will have control of thermoelectricity? Saavedra emphasizes that Endesa Chile has significant market power in the of the electric sector. In other words, when there is a lot of water,
Pre Order Jordan 11 Low Bred Og jn69, Endesa cost of production becomes lower than those of any other producer. The key is what happens if Repsol YPF winds up controlling all the inputs in Chile electricity sector. Another relevant point has to do with the ways things are today, including the fact that natural gas is cheaper than any other substitute,
Cheap Bred 11s Retro Gs, including coal. Governments of the region have already launched this plan for guaranteeing the supply of gas in South America. Saavadera notes that a project of this importance requires financial backing that is large scale along with planning for giving legal certainty to the investments that it must undertake. I believe that the energy business is one of the major players; the small ones have already died. As a result,
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Retro Bred 11s Low For Sale uv70, Saavedra agrees that the destiny of South America energy sector is in the hands of Repsol YPF on the one hand, and Brazil Petrobras, on the other. Between five and six conglomerates exist now. Claudio Lara,
Cheap Air Jordan Bred 11s up00, economics coordinator for the Latin American office of Consumers International, accuses these companies of under strategies that are global or at least regional, and which therefore significantly go beyond the realm of national regulation. For example, Lara notes that the first serious manifestation of this reality was the decision made by public service companies in Argentina,
Retro Bred Low 11s Og For Sale nf16, Spanish companies in June 2003. The companies denounced the Argentine government before the World Bank independent court of arbitration, condemning the losses they suffered after their rates were frozen at the beginning of 2002. we have local entities that already have little impact on the companies that operate across borders, we can see that consumers are increasingly unprotected from the impact of the changes that are occurring,
Jordan Low 11 Bred Gs For Sale ji88, says Lara. Instead of talking about countries that become dependent on one conglomerate in such sensitive sectors as energy and drinkable water supply,
Air Jordan Bred Low 11s Gs For Sale we02, Saavedra prefers to talk about their negotiating power. imagine a political decision aimed at regulating natural gas; for example, suppose they became convinced that the deregulated market wasn really working. The pressure (of the company that had a presence in that market) would be greater if it also had control over hydroelectricity. So,
Jordan Low 11 Bred Gs Pre Order, if the only remaining counterparts are Colb and AES Gener, strictly speaking, Endesa will be thinking like the entire conglomerate. In the case of Chile, explains Lara, the consumer protection law does not cover the entire realm of public services, the way it does in Argentina. However, Lara applauds the recent introduction of action cases,
Air Jordan Low Bred 11s Og For Sale,
Retro Jordan Low 11 Bred Og For Sale uj71, which enable groups of consumers to pursue damages that result from an unforeseen cut in the supply of electricity. Eyzaguirre said that he is considering anti monopoly legislation for his country. institution that deals with this subject (the FNE) has been modernized a great deal, so people can be quite calm about that. Along the same lines, there are concerns about possible opposition to the takeover by minority shareholders of Enersis and Endesa Chile and other interested parties such as institutional investors,
Cheap Retro Bred 11s Gs, including pension funds. When it comes to taking control, Eyzaguirre said, has been spelled out in extraordinary detail in the law that covers takeovers. To the degree that these legal provisions are fulfilled, we have no problems. However, this has to be done according to the law.

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