“The energy auction surpassed our expectations”: President Duque

Regulation & Policy, Renewables    Nov 1, 2019 1:49 PM

President Duque said that Colombia will multiply its renewable energy production capacity by 40 times, thanks to the results of last week’s auction.

According to him, the country’s energy generation capacity will go from a current 60MW to 2,250MW by 2022, with clean energy projects that have committed investments of US$2B.

“This reflects investors’ trust,” he told El Colombiano.

Duque also confirmed that seven generating companies and 22 marketers received allocations in the process.

According to information from the Energy Mining Planning Unit (Upme), the energy sector will continue to gain ground after an increase in the demand for energy service.

UPME figures also show that demand will grow 3.3% every year, meaning that the country will need 7,000MW of installed capacity to meet national demand by 2030.

ProColombia’s Paola García added that her team also seeks to boost the development of eight other sectors, putting them on the radar of investors: infrastructure and logistics, creative industry, tourism, real estate, agribusiness, metalworking and science and chemistry.

Bottom-line: Definitely good news for Colombia and the energy sector, that slowly but surely has turned into one of the country’s most important industries.

Aside from generating competitive prices, the positive results of the process show that investors trust this administration, and the government needs to reciprocate that trust by supporting companies in high conflictivity areas like La Guajira.

Image by Pixabay, https://pixabay.com/photos/sunset-sun-windr%C3%A4der-clouds-forest-1752375/

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