Uruguay - Fourth Power Project

RESTRICTED Report No. PU-49a This report was prepared for use within the Bank and its affiliated organizations. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION URUGUAY USINAS Y TELEFONOS DEL ESTADO (UTE) APPRAISAL OF THE FOURTH POWER PROJECT Novemnber 9, 1970 Public Utilities Projects Department  CURRENCY EQUIVALENTS Currency Unit = Uruguayan Peso (Ur$) US$1 - Ur$250 Ur$l billion - US$4 million ABBREVIATIONS AND ACRONYMS kW D Kilowatt MW - Megawatt kWh - Kilowatt hour GWh - 1 million kWh = Gigawatt hour v = Volt kV - Kilovolt kVA K Kilovolt-ampere MVA - Megavolt-ampere 1 km - 1 kilometer = 0.6214 mile 1 m - 1 meter = 3.281 feet 1 t - 1 metric ton = 2,204.6 lb. UTE = Administracion General de las Usinas Electricas y los Telefonos del Estado IADB - Inter-American Development Bank DLF = Development Loan Fund AyEE = Agua y Energia Electrica (Argentina) Fiscal year ends December 31  URUGUAY USINAS Y TE EOS DEL ESTO (T) APPRAISAL CF THE FOURTH POWER PROJECT TABLE OF CONTENTS Page No. SUM4ARY AND CCNCLUSIONS i-ii 1. INTRODUCTION 1 2 . BACKGROUND 2 3. THE BORROWER 3 General 3 Board and Management 3 Organization and Personnel 4 Generating Facilitiies 5 Transmission and Distribution 6 Telecmmunications 7 Planning 7 Tariffs 8 Accounts and Audit 8 Financial Position 9 Earnings Record 10 4. THE PROJECT 11 UTE's Construction Program 11 The Bank Project 12 Estimated Cost 12 Procurement and Disbursement 13 5. JUSTIFICATION OF THE PROJECT 14 6. FUTURE FINANCES 15 Financing Plan 15 Future Earnings 16 Future Financial Position 17 7. AGREENENTS REACHED DURING NEGOTIATIONS 18 This report was prepared by Messrs. R. Ribi and E. Wessels.  LIST CF A