Hidroituango update

Regulation & Policy    Nov 25, 2021 5:38 PM

The Inspector General’s Office rejected a request filed against this entity in the Hidroituango case.

María Eugenia Ramos, one of the 26 defendants in the investigation, had filed this request, seeking the election of an Ad Hoc Inspector for the process, Valora Analitik reported.

Thus, the second instance ruling in the Hidroituango case for fiscal responsibility, including the contractors of the work, may be issued before the end of this year.

If the ruling is confirmed, fiscal responsibility assigned to the contractors of the Hidroeléctrica Ituango project (Consorcio CCC Ituango) and 26 of the 28 people investigated. The case seeks CoP$4.3T for the damages caused by the delays of the work.

In this way, the decision of the Inspector General’s Office could give EPM a free hand to continue with the process to find a new contractor.

The new contractor will be in charge of the construction of the infrastructure for the entry into operation of units three to eight, considering that the current contractor would leave the infrastructure ready for generation units one and two.

Meanwhile, the first two units are expected to start operations between July and November 2021.

Bottom-Line: This news comes just after EPM and contractors announced progress in the negotiation of the contract extension, increasing uncertainty about the future of the mega project.

Ah, EPM has said that the first units would be ready in June 2022, but these could present delays of some months…

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