Empresa Eléctrica Ende Guaracachi S.A.

What it is

Ende Guaracachi is Bolivia’s largest thermal generator on the national interconnected grid — what engineers call the SIN — and was formerly controlled by the private consortium Guaracachi America Inc., which held 50.001% of its capital before the company was nationalised in 2010 via Supreme Decree 493.

Today it operates three thermal plants — Guaracachi (250 MW), Aranjuez (32 MW), and Karachipampa (14 MW) — and added Bolivia’s largest solar plant at Uyuni (60 MW) in 2023, at a total recognised cost of USD 62.8 million. It also runs the country’s first commercial wind park, at Warnes in Santa Cruz province, which came online in 2021 with an installed capacity of 14.40 MW.

The company was incorporated on 19 October 1995 and its core legal purpose is the generation, sale, distribution, and associated transmission of electric power under Bolivia’s Electricity Law.

Who owns it

After Venezuela’s capital — which had entered in 2007 with a 40% stake — quietly exited through board resolutions with no public debate, ENDE Guaracachi itself was admitted as a symbolic minority shareholder, lifting total state ownership to 99.999%. The parent, ENDE Corporación, is a wholly state-owned national electricity holding company; the free float for ordinary shareholders on the BBV is, in practical terms, negligible.

EGSA is one of ENDE Corporación’s subsidiaries that lists bonds on the Bolsa Boliviana de Valores, which requires it to publish periodic financial statements to the securities regulator ASFI. That bond-market listing — not an equity float — is what makes the company formally “public.”

Who runs it

Within ENDE Corporación’s broader restructuring, engineer David Antonio Fernández Román was installed as acting General Manager (Gerente General a.i.) of ENDE Guaracachi S.A., opening what the company described as a new chapter.

The board of directors lists Manuel Valle Vargas as Chairman (Presidente) and Filiberto Soto Encinas as Vice-Chairman (Vicepresidente). The ASFI company card records a director resignation in 2024, reflecting the wider leadership turnover across the ENDE group.

The money, in plain words

In 2024, EGSA’s operating revenue came close to BOB 351 million — about USD 35.6 million at the current rate (our calculation: BOB 351m (US$36 mn) ÷ 9.85). For a utility that is the single largest thermal generator in a country of 12 million people, that is a modest absolute number, reflecting Bolivia’s heavily regulated and below-market electricity tariffs.

In 2023 the company carried out a capital increase to BOB 913 million (US$93 mn), linked to the formal recognition of the Uyuni solar plant assets on its balance sheet. Net profit for 2024 is not published in any public filing accessible to this profile; the full income statement exists — it was reviewed by independent journalists — but has not been released by ASFI or the BBV in a form accessible to the public at the time of writing.

What it is doing now

The audited financial statements of ENDE Guaracachi at 31 December 2024, reviewed by investigative journalists, show the company holds a 60% stake in ENDE Brasil Energia Ltda., valued at BOB 9.84 million (US$999 k) on its books. That Brazilian venture has already cost the Bolivian state BOB 9.8 million (US$995 k) in capital from Guaracachi alone, with additional foreign-exchange losses recorded in 2024.

In December 2025 ENDE Guaracachi completed the annual maintenance cycle of one of its main generation units — routine but essential work for a fleet of gas-fired plants whose fuel supply is under increasing pressure. Bolivia’s grid operator, the CNDC, spent much of 2024 managing gas supply shortfalls at key pipeline nodes, a sign that the system designed for fuel abundance is now operating near scarcity.

What to watch

• Gas supply risk. Bolivia’s proven gas reserves fell from 10.45 trillion cubic feet in 2013 to 3.7 trillion in 2025 — a nearly two-thirds drop. EGSA’s thermal plants run on gas; shrinking reserves are an existential input risk.
• Dividend freeze. Across the ENDE group, retained profits are being held back rather than paid out. Minority bondholders and equity investors on the BBV should watch whether this policy extends formally to EGSA’s own dividend decisions.
• Disclosure gap. EGSA’s own audited notes acknowledge it holds “control” over ENDE Brasil — a 60% stake with board influence and dividend power — yet it does not consolidate that subsidiary into its published accounts. Bolivia’s own accounting standard, Norma de Contabilidad N° 8, requires consolidation where control exists — making this an open compliance question for ASFI.
• Leadership continuity. The acting general manager David Fernández Román received his formal mandate only in December 2025, after a period of rapid executive turnover across the ENDE group. Stability at the top matters for a utility of this scale.
• Renewables pipeline. The Uyuni solar plant — Bolivia’s largest, at 60 MW and connected to the national grid — shows EGSA can build and operate utility-scale renewables. The pace of further renewable investment will determine whether the company can offset its gas dependency.

This is news, not investment advice.