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Industry Group Says China Energy Deal Risks Monopoly

PERU
  • A Peruvian industry group said on Tuesday that a major Chinese deal to buy two local power suppliers would hand the China a near monopoly over the sector in Peru, particularly in and around populous capital Lima. (Reuters)
  • Italy's biggest utility Enel said on Friday it had agreed to sell its equity stakes in the two Peruvian assets for $2.9 billion to China's state-owned Southern Power Grid International (CSGI), which will still require regulatory approval.
  • Under the agreement, Enel's Peruvian subsidiary will sell its entire stake of 83.15% in power distribution and supply company Enel Distribucion Peru and 100% of Enel X Peru, which provides advanced energy services. The two firms generate and supply electricity for just over half the population of Lima, as well as other parts of the Andean nation, according to data from the national statistics institute and Enel.
  • "If approved, it would lead to a concentration of 100% of Lima's electricity distribution market in the hands of the People's Republic of China," the Peruvian National Society of Industries, a chamber of private companies, said in a statement. The group have called on the domestic antitrust agency, INDECOPI, to closely scrutinize the deal.
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