Rurelec PLC

Businesses

Chile

Central Illapa, Mejillones

project detail cascade2

Project Name

Central Illapa, Mejillones

Location

Mejillones, Antofagasta

Capacity

256 MW nominal with the potential to increase to 358 MW

Technology

OCGT (potential for phase II CCGT)

Equipment

701D gas turbines

Fuel

LNG (imported)

Additional details

Central Illapa is a 256 MW open cycle greenfield gas fired power development of which Rurelec owns a 100 per cent. interest

The project has the potential to convert to a 358 MW combined cycle power plant as part of its second stage development

Country

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Location

Southern South America, bordering the South Pacific Ocean, between Argentina and Peru

Population

17,650,114 (July 2016 est.)

Languages

Spanish (official), Mapudungun, German, English

Government Type

Presidential Republic

Capital

Santiago

Administrative divisions

15 regions (regiones, singular - region); Aisen del General Carlos Ibanez del Campo, Antofagasta, Araucania, Arica y Parinacota, Atacama, Biobio, Coquimbo, Libertador General Bernardo O'Higgins, Los Lagos, Los Rios, Magallanes y de la Antartica Chilena, Maule, Region Metropolitana (Santiago), Tarapaca, Valparaiso note: the US does not recognize claims to Antarctica

Legal system

Civil law system influenced by several West European civil legal systems; judicial review of legislative acts by the Constitutional Tribunal

Electricity - production

71 billion kWh (2014 est.)

Electricity - consumption

66 billion kWh (2014 est.)

Country comparison to the world

45

Economy - overview:

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some 60% of total exports. Copper alone provides 20% of government revenue.

From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.7% in 2016. A continued drop in copper prices prompted Chile to experience its second consecutive year of slow growth, elevated inflation, and a depreciating currency. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the EU, Mercosur, China, India, South Korea, and Mexico. In May 2010, Chile signed the OECD Convention, becoming the first South American country to join the OECD. In October 2015, Chile joined the US and 10 other countries and concluded negotiations on the Trans-Pacific Partnership trade agreement. The agreement will need to be ratified by the Chilean legislature. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 October 2015, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than .4 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn.

In 2014, President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.

Source: CIA Worldfact Book, last updated May 01, 2017

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