Wednesday, January 30, 2013

Derwick President meets with President of the Spanish electrical sector

The president of Derwick Associates, Alejandro Betancourt, met this morning with Eduardo Montes, the Spanish President of UNESA, in Madrid. At this meeting, Betancourt presented his company's plans to study investment opportunities in the Spanish energy sector.

The president of the Venezuelan company wanted to obtain more precise information about the current situation of the Spanish energy sector in order to begin working on an international development strategy for the company.

The production and distribution of electrical energy is one of the main components of the Spanish economy, particularly in terms of its contribution to GDP (1,2%) and its status as the country's first industrial sector. The largest Spanish electricity companies are all active on the stock exchange and are financed through first-class local and international funds

Derwick has had an office in Spain since 2010. This office is responsible for strategy development in international markets, the outcome of which can already be seen in countries such as Chile.

In the past five years Derwick has faced a number of difficulties, but it has also experienced fast growth as a result of Venezuela's energy demands. These demands have been caused by the needs of the oil industry and a severe drought the country experienced, which in turn generated power shortages resulting from its dependence on hydropower.

Energy shortages forced the Venezuelan government to draw up a strict rationing plan as well as a plan to urgently expand the country's capacity for electricity generation and a strategy for the diversification of power generation sources at very short notice. This situation has placed the company in a unique position in the market, and it finds itself influencing the decisions of the market at large. Derwick has in recent years developed eleven engineering projects and has been responsible for the construction and commissioning of thermoelectric power plants in Venezuela with a total installed capacity of 1,216 MW, thus supplying energy to more than 800,000 Venezuelan families.

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