Renewable Energy Auction

Regulation & Policy, Renewables    Oct 9, 2019 2:31 PM

The Colombian government will host a renewable energy auction and the Energy Mining Planning Unit (UPME) published the list of qualified trading companies that will participate in this process.

Twenty-three companies qualified to participate in the renewable energy auction. Among them are: Celsia, Ecopetrol (NYSE: EC), EPM and Codensa.

It is important to recall that the government had announced that at least 53 companies were interested in participating in this process, which will take place on October 22nd.

Authorities hosted a first renewable energy auction in February this year, without success, followed by the announcement of changes for this process, looking to achieve better results this time around, the Ministery of Mines and Energy (MinEnergia) said.

The entity explained that one of the most attractive changes for generators is that energy could be offered in stablished schedules, adjusted to the characteristics of the projects.

The government plans to increase the installed capacity of unconventional renewable energy sources from 50MW at present to 1,500MW in 2022.

This would mean an increase from less than 1% in the Colombian energy matrix to 6% of renewable sources such as solar, wind or biomass energy.

Bottom-Line: Diversifying the energy matrix is ​​key for the country and its energy future, as Colombia currently relies on hydroelectric plants.

However, authorities must guarantee free competition and equal conditions for all participants during this process.

Image by, https://pixabay.com/photos/sunrise-nature-guards-fog-sun-3579931/

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