Legal director | Compañía General de Electricidad- CGE

Ernesto Javier Peñafiel Morgan
Legal director | Compañía General de Electricidad- CGE
What are the most significant cases, projects and/or transactions that you and/or your legal team have recently been involved in?
Bond offering by the transmission company CGE Transmisión S.A. on the local market (Chile) in June 2026, which allowed it to extend the average maturity of its financial debt as of March 2026 from 1.5 years to 7.2 years, thereby reducing the concentration of short-term financial obligations, addressing the observation made by credit rating agencies regarding the shorter average maturity of that company’s debt compared to comparable companies, which maintain average maturities of around 5 years.
We participated as a key technical stakeholder in the drafting of Law 21,721, the Energy Transition Act, in late 2024, which helped unblock transmission projects that had been delayed for years, hindering the country’s development, particularly in regions such as Ñuble. The significance of our team and the Company in this process was evident when the former President of the Republic of Chile chose the San Carlos Electrical Substation (owned by CGE) as the official venue for the law’s promulgation. Following the law’s approval, the company immediately assumed ownership and financing of priority projects, such as the Charrúa-Chillán and Monterrico-Cocharcas lines, whose bidding and construction were directly unblocked thanks to the new legal provisions and our internal advisory services, even managing to bring forward the original completion deadlines by one year, meaning these projects are now scheduled to be completed in November 2027, rather than 2028.
How do you approach managing legal aspects during periods of instability or crisis to ensure the organisation’s resilience?
First, through a proactive approach that allows us to anticipate risks—which are periodically identified and classified and propose specific measures to mitigate them.
Second, by maintaining a flexible approach that allows us to understand the environment, its challenges, and the various stakeholders’ interests, so that we can propose the necessary adjustments to adapt and, ideally, take advantage of the constant regulatory and market changes in the energy sector, aligning them with the company’s medium- and long-term objectives.
Third, by actively participating in crisis committees that consider and reconcile legal and regulatory aspects with business decisions.
All of the above is carried out while always keeping in mind that ensuring the company’s operational continuity and protecting its reputation are top priorities.
How can general counsel foster a corporate culture that supports ESG principles and compliance across all levels of the organisation?
The general counsel shapes corporate culture by serving as a bridge between business strategy and regulatory compliance. He or she fosters a work environment based on integrity by leading by example, establishing, and communicating clear standards, policies, and procedures, managing risks proactively and continuously, and always maintaining transparent communication.