Pluz Energía Perú S.A.A.

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What it is

Pluz Energía distributes electricity across north Lima, the Callao port province, and the coastal provinces of Huaura, Barranca, Huaral and Oyón — 59 districts in total, of which 52 it serves exclusively under contract with the Peruvian state. The concession area covers roughly 1,602 square kilometres and reaches approximately 1.6 million customers.

The company traces its lineage to 1906, when privately owned Empresas Eléctricas Asociadas was founded to generate, transmit and distribute power; it was nationalised in 1974 and became Electrolima, then restructured after the 1992 Electricity Concessions Act opened the sector to private investment. It was most recently known as Enel Distribución Perú before its 2024 rebrand.

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Who owns it

On 12 June 2024, Italy’s Enel sold its entire 83.15% stake in the company to North Lima Power Grid Holding S.A.C., a subsidiary of China Southern Power Grid International (HK) Co., Ltd. — completing a deal originally signed in April 2023. A subsequent public tender offer concluded on 25 November 2024, after which North Lima held 2,946,950,198 shares, equivalent to 97.16% of all shares in issue.

China Southern Power Grid (CSG), the ultimate parent, is the second-largest grid company in China and operates as the exclusive builder and operator of electricity networks across five southern Chinese provinces. The remaining free float — barely 2.84% of shares — trades thinly on the BVL.

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Who runs it

Walter Sciutto, a well-known electricity-sector executive, took over as CEO (gerente general) in September 2024, succeeding Carlos Solís who had held the post since June of that year. Sciutto brings more than 30 years of energy-sector experience across Peru, Colombia, Brazil and Argentina.

As of April 2025, Liu Wentao serves as Board Chairman and Wu Yu as Vice-Chairman of the board. The seven-person board includes three independent directors.

Investor relations are handled by Pilar Cano, with Carol Mojalote as sub-manager of Finance and Insurance.

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The money, in plain words

Full-year 2024 revenue came in at S/ 4,117 MM (US$1.21 bn), essentially flat year-on-year, as regulated tariffs fell with Peru’s producer-price index; net profit for the year was S/ 384 MM (US$112.8 M), down 11.5%, with a net margin of 9.3% and a return on equity of 11.0%.

For full-year 2025, revenue rebounded to S/ 4,220 MM (US$1.24 bn) — up 2.5% (our calculation) — driven by higher other operating income from network relocation works and institutional lighting projects; net profit jumped 18.9% to S/ 456 MM (US$133.9 M), lifting the net margin to 10.8% and return on equity to 12.4%. At a price-to-earnings ratio of 8.0 times, the stock trades at a significant discount to regional utility peers, partly because fewer than 1% of the 3.03 billion shares outstanding are actually traded on the exchange — a very thin float that limits investor appetite.

In 2024 alone, the company spent S/ 803 MM (US$235.7 M) on capital investment — grid expansion, modernisation and network reinforcement — a 38.4% jump from the prior year. For 2025–2029, Pluz Energía projects roughly US$1 billion in total investment, aligned to network modernisation and a new transmission plan approved by Peru’s energy regulator Osinergmin.

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What it is doing now

In FY2025, operating profit grew 14.4% to S/ 783 (US$230)MM and cash operating profit (EBITDA) rose 13.4% to S/ 1,107 (US$325)MM, with EBITDA margin improving to 26.2% from 23.7% the year before. The improvement was partly because a costly arbitration award that had depressed 2024 results did not repeat.

Physical electricity deliveries in FY2025 reached 9,197 GWh — up 3.1% on 2024 — with residential customers accounting for nearly 40% of volume and 60.6% of billing. In early 2026, the company raised S/ 640 (US$188)MM in new bank financing and placed new corporate bonds, actively extending its debt maturity profile to reduce near-term refinancing pressure.

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What to watch

• Tariff resets: Revenue is tied to Peru’s producer-price index; when inflation falls, tariffs fall with it, which was the main drag on sales in 2024. Future rate reviews by Osinergmin are the single biggest variable in the earnings model.
• Float and delisting risk: With the controlling shareholder holding 97.16% of shares, the free float is functionally negligible. A full squeeze-out or formal delisting, while not announced, cannot be ruled out.
• CSG’s strategic agenda: The acquisition was valued at approximately US$2.9 billion — China’s largest utilities-sector bet in South America. Whether CSG brings its advanced smart-grid technology into Peru’s network, and how regulators respond, will shape the company’s long-term competitive positioning.
• Investment execution: The 2025–2029 capital plan of ~US$1 billion includes new high-voltage substations and transmission lines. Delays or cost overruns in a heavily regulated sector would weigh on returns.

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This is news, not investment advice.