Diversified generation base; High level of contracted sales; High power prices in the Chilean SING mainly due to tight demand supply balance and also to high dispatch of diesel fired units; Significant increase in debt service coverage ratios as from 2007 mainly due to the strong increase in power prices in the SING; High cash reserves; and A smooth debt maturity schedule. A highly volatile market environment; High natural gas supply risk in the SING, and Volatile cash flow generation due to fluctuating sale prices and fuel costs. This is partly mitigated by relatively high contracted power sales for about 300MW to 400MW in the 2009-2011 period. The ratings on Empresa Eléctrica del Norte Grande S.A. (Edelnor) mainly reflect its
