Distribuidora de Electricidad La Paz S.A. (DELAPAZ)

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What it is

DELAPAZ is Bolivia’s largest electricity distributor, serving the cities of La Paz, El Alto, and the provinces of the La Paz department — a single company with no competitor inside its concession zone. Its legal purpose is the distribution and commercialisation of electricity across La Paz, with the right to expand that service area and to engage in any related commercial or industrial activity permitted by law.

The company now counts more than one million consumers, making it the distributor with the broadest coverage in all of Bolivia. In 2023 alone it laid 1,131 km of new line, connecting 24,089 additional consumers.

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Who owns it

DELAPAZ is a subsidiary of ENDE, the Bolivian state power company; it was incorporated in 1995 and nationalised by the government in 2012. The nationalisation was enacted by Supreme Decree 1448, which ordered the transfer of the entire shareholding previously held by the Spanish group Iberdrola.

On 29 December 2012 the state seized the majority shareholding of what was then ELECTROPAZ; the company subsequently amended its founding documents and changed its name, with President Evo Morales announcing the new brand “DELAPAZ” on 19 March 2013. The Bolivian state now holds 100% of the equity through ENDE Corporación; no free float exists.

A minority of small shareholders holds legacy preference shares listed at the BBV, but control is entirely public.

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Who runs it

The current general manager (CEO equivalent) is Ing. Miguel Ángel Núñez Gaspar, confirmed in office as recently as April 2026 by Bolivia’s official Agencia Boliviana de Información.

He has stated that the company plans to add more than 20,000 new users in 2026 as part of its electrification drive.

Not published: the names of the CFO and the members of the board of directors are not disclosed in the company’s publicly accessible pages, the BBV ficha (updated December 2025), or the ASFI filings page reviewed for this profile. Bolivian securities law (Ley del Mercado de Valores No. 1834 and ASFI Circular RMV No. 020/2010) requires listed issuers to disclose material corporate governance events as *hechos relevantes*, but does not mandate a standing public register of individual directors; DELAPAZ’s corporate governance page (delapaz.bo/organigrama) returned only a navigation menu without named individuals.

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The money, in plain words

In 2023 DELAPAZ posted a net profit — the money left after all costs and taxes — of Bs 215,771,789, equal to about $21.9m at the current exchange rate (our calculation: Bs 215,771,789 ÷ 9.85). That is the most recent audited figure available from the company’s own annual report.

Not published: total annual revenue for 2023 or 2024 is not reproduced in any publicly accessible extract of the Memoria Anual, the BBV company ficha, or the ASFI hecho relevante filings reviewed for this profile. The full Memoria Anual 2024 (web.delapaz.bo/uploaded/multimedia/memoria_dlp_2024.pdf) exists but its SSL certificate prevented direct retrieval; the Memoria Anual 2023 (delapaz.bo/static/memoria_dlp_2023.pdf) is publicly linked but its revenue-statement pages are not reproduced in any indexed search extract.

Bolivian listed companies must file audited annual accounts with ASFI within 90 days of year-end (ASFI RMV regulations); those full accounts, once accessible, would carry the revenue figure.

The most recent material financial event disclosed to the ASFI was a bank loan: on 28 August 2024 the Banco Nacional de Bolivia disbursed Bs 70,000,000 (about $7.1m) to DELAPAZ under a signed loan agreement. For a capital-intensive utility that lays hundreds of kilometres of cable a year, this is routine investment financing, not a distress signal.

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What it is doing now

In November 2024 DELAPAZ celebrated signing its one-millionth service contract — with a customer named Luz Clarita, in the municipality of Chulumani — becoming the largest electricity distributor in Bolivia by customer count. For 2026, the company is targeting 99.49% urban coverage and 95.43% rural coverage across La Paz department.

The 2023 infrastructure programme included a new San Roque substation in El Alto, a 115-kV underground cable linking the Kenko–Villa Santiago–Alto La Paz substations, new feeder lines, modernised underground transformer vaults, and metering upgrades. In 2025 the company’s metering laboratory verified more than 62,000 meters already in service and around 30,000 new units before installation.

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What to watch

• Revenue disclosure. The 2024 Memoria Anual exists; once its SSL certificate is resolved or the ASFI posts the audited statements, investors will be able to calculate the net margin and compare it with the 2023 profit figure.
• Bolivia’s foreign-exchange squeeze. Bolivia’s international reserves have fallen sharply; the boliviano is under pressure. A state-owned utility that earns and spends in bolivianos is insulated from direct currency risk, but a sovereign fiscal crisis could squeeze the tariff-setting process and capital budgets.
• Tariff regulation. DELAPAZ’s revenues and profit are set by regulated tariffs, not by market prices. Any change to the Bolivian electricity tariff framework by the regulator (AETN) flows directly to the bottom line.
• Electrification target. With coverage now above 93% overall, the remaining unserved population is in remote provinces. The cost per new connection rises steeply; watch capital expenditure versus profit in the 2024 accounts.
• ENDE group consolidation. DELAPAZ is one of several ENDE subsidiaries listed at the BBV. Any restructuring of the ENDE group — including possible mergers of distribution companies — would directly affect the company’s legal and financial structure.

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This is news, not investment advice.