Gas & Electricidad S.A.

What it is

Gas & Electricidad S.A. (G&E) operates in Bolivia’s fossil-fuel electricity generation sector and was founded on 17 January 2001. Its principal headquarters is in Sucre, the constitutional capital of Bolivia.

The company generates electricity using natural gas and sells that power under contract to industrial clients — among them Itacamba Cemento S.A. in Yacuses and Pil Andina S.A. in Warnes, where G&E converts gas to electricity on-site and feeds it directly to the factory floor. It also runs compressed natural gas (CNG) filling stations for vehicles, and at the trailing-12-month mark to September 2023, CNG vehicle fuel represented 62% of revenues, with power generation making up the remaining 38%.

From May 2013, G&E was reclassified by the BBV as a “Gran Empresa” — a large company — moving it out of the SME category it had previously occupied. Its paid-in share capital stands at Bs 101.4m (~US$10.3m), against an authorized ceiling of Bs 150m (~US$15.2m), as recorded in the BBV company ficha updated to January 2026.

Who owns it

The bond prospectus filed with ASFI lists a “Cuadro No 12: Nómina de Accionistas de Gas & Electricidad S.A.” confirming the existence of a formal shareholder register, but the exact ownership percentages and controlling-shareholder names are not disclosed in the publicly available summaries of that document. The company is privately held with no listed equity on any exchange; the full shareholder list is in closed regulatory filings.

The company’s original constitution as a sociedad anónima was recorded before a Sucre notary in September 2012 and registered with FUNDEMPRESA under file N° 136988 on 19 September 2012, building on its original 2001 founding. Controlling shareholder identities and ownership percentages are not disclosed in available public sources.

Who runs it

The chief executive is Ing. Jorge Calderón, who holds the title of Presidente Ejecutivo; the finance and administration function is led by Lic.

Freddy Chumacero, Gerente de Finanzas y Administración, as last disclosed in ASFI regulatory filings.

The company employs 130 people as of 2024 — a tight headcount for a firm with gas stations across three Bolivian cities and industrial power-generation contracts. Any leadership changes since the last prospectus filing have not been disclosed in available public sources.

The money, in plain words

G&E does not list its shares, so there is no stock price, no price-to-earnings ratio, and no dividend yield to track. What it does have in the market are two series of long-dated bonds: the GYE-2-N1B-18 series (Bs 51.6m outstanding, ~US$5.2m, due July 2028) and the GYE-2-N1U-20 series (Bs 50.9m outstanding, ~US$5.2m, due June 2030), both carrying a fixed interest rate of 5.25% per year, paid every six months.

The ratings agency PCR assigned these bonds BAA- (equivalent to AA3 on the ASFI Bolivian scale) with a stable outlook in December 2023 — a grade that means the bonds carry high credit quality and that G&E is very likely to make every scheduled payment. At September 2023, the company’s ability to cover its short-term debts was 1.45 times — for every boliviano it owed within the year, it held Bs 1.45 in liquid or near-liquid assets, a comfortable buffer.

Profitability in the trailing 12 months to September 2023 was squeezed by a one-off overhaul of one of its generation plants, pushing return on equity (ROE — how much it earns for every boliviano shareholders have put in) down to just 0.82%, and return on assets (ROA) to 0.25%; both metrics had been stronger in prior years and the agency flagged the maintenance as non-recurring. EMIS data show revenue growing by 12.44% in 2025, suggesting a recovery in the top line.

What it is doing now

G&E was planning to install a solar energy component at its Itacamba plant in 2024, adding a renewable element to what is otherwise an entirely gas-fired portfolio; separately, its power-supply contract with SOBOCE S.A. concluded in March 2023, and a government decree means the Pil Andina contract will not generate regulated income after 2026.

Bolivia’s government announced in May 2026 a new Electricity and Renewable Energy Law designed to open the sector to private competition for the first time in three decades, replacing the 1994 framework — a structural shift that could redefine the market in which G&E operates.

What to watch

• Gas supply risk. Bolivia’s proven gas reserves fell from 10.45 trillion cubic feet in 2013 to 3.7 TCF by 2025, and production has declined from a peak of around 59 million cubic metres a day in 2014 to roughly 27 million in 2025 — a structural contraction that directly threatens the fuel G&E needs for both its generation plants and its CNG stations.
• Contract roll-off. The Pil Andina revenue stream disappears from regulated income after 2026 under Decreto Supremo 4794; G&E must replace it or see revenues shrink.
• Bond maturities. Two bond series totalling ~Bs 102.5m (~US$10.4m) mature in 2028 and 2030 — manageable, but refinancing in a Bolivia with tight hard-currency reserves is a genuine risk.
• Regulatory reset. The new electricity law signals a move from a state-controlled to a more competitive market — G&E’s industrial supply model could face new entrants, but the same law could unlock private financing for expansion.
• Solar pivot. The Itacamba solar add-on is a small but meaningful test of whether G&E can diversify before its gas-dependent model faces supply constraints.

This is news, not investment advice.