Diversified generation base (47% coal, 35% natural gas, and the remainder diesel oil, fuel oil, and hydro); A 21% equity stake in the Gasoducto Norandino pipeline, which provides a relatively stable cash stream (dividends plus capital reimbursements); Ownership of transmission lines in Chile's Northern Interconnected System (SING), which provides annual cash flow of about US$4 million; Growing demand for electricity in the SING fueled by globally competitive mining companies; and A smooth debt maturity schedule. A highly competitive market environment; Excess generation capacity in the SING when natural gas is available; High natural gas supply risk in the SING, which has already resulted in sizable natural gas supply shortages; Ship-or-pay natural gas transmission capacity affects cash flow when natural gas
