United States power giant becomes Panama’s lowest-price electricity producer

DAVID J. SUNDSTROM General Manager of AES Panama

When Panama opened up its electric power sector in 1998, the U.S. power giant AES spotted a golden opportunity and immediately put down its bid, eventually acquiring two of the four electric generation companies up for privatization. The two companies were then merged to form AES Panama, now the leader in the development and expansion of Panama's power generation capacity and production.

"AES Panama is now the proven lowest-price electricity producer in Panama. In a new round of international bids in January, AES Panama made a clean sweep in the first round, winning every single contract," notes David J. Sundstrom, General Manager of AES Panama.
"We are in a very good position as the lowest-cost producer and we are fully contracted until 2005 with a large amount of our capacity contracted through 2013," he says.

POWER TO THE PEOPLE: AES Panama’s Bayano hydroelectric plant.

The U.S.-based AES is a leading global power company comprised of competitive generation, distribution and retail supply business in more than 20 countries. The company's generating assets include interests in 173 facilities totaling more than 59,000 megawatts of capacity in 32 nations. AES also distributes electricity in nine countries through distribution businesses and sells electric power to more than 16 million end-use customers through its various retail electricity supply businesses.

Mr. Sundstrom says AES Panama is more than just your average power company seeking profits at any cost. He points out that AES is noted for helping the communities in which it operates; everything from providing medical treatment to supporting local schools.
"AES is an interesting company founded basically on four shared values that are easy to understand and identify with: integrity, fairness, social responsibility and fun. With all the things affecting the electric power sector in the United States and the world today, including the collapse of Enron, I cannot emphasize enough the importance of a company founded on those values." Mr. Sundstrom concludes.