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The improvements introduced at this second long-term electricity auction, Certainly helped diversify the base of participating developers and allowed smaller projects to qualify for the auction (the number of promoters tripled from 9 to 27) and further maximize diversification, the Energy and Gas Regulatory Commission (CREG) ordered that no vendor provide 50 percent or more of the average daily performance. The auction conditions are set by the Ministry of Mines and Energy, which states in a separate statement that, while the large industry accounts for 29% of national energy needs, the potential participation of energy companies serving households and small businesses is not excluded. This is an unofficial English translation of the long-term mooring contract established by the National Mining and Energy Planning Unit (UPME) of Colombia. Official documents and associated addendums are available on the UPME website. Details of the first auction and the proposed electricity supply contract, which have not yet been concluded, will provide details that will be essential to assess the feasibility and viability of the agreements. The mandate for the first auction must be published by September 30, 2018 (but is currently expected to be published in October) and the first auction is expected to take place in January 2019. According to a recent report by S-P, Latin American countries could see significant investments in renewable energy, particularly in Chile, Colombia and Brazil. In this regard, President Ivén Duque announced at the United Nations General Assembly in 2019 that Colombia, along with Chile, Peru, Ecuador, Costa Rica, Honduras, Guatemala, the Dominican Republic and Haiti, is playing a leading role in achieving the common goal of 70% renewable energy by 2030. According to President Duque, this is part of the region`s compromise on combating climate change. Cost reduction and the abundance of natural resources are of crucial importance to the region in the implementation of wind and solar projects, as well as to major electricity players and international lenders. Colombia`s national department of mining and energy planning provided 2.2 GW of solar and wind power generation capacity at the country`s first renewable energy auction, which ended yesterday.

The final average price for the year was cop95/kWh ($0.027) and the highest bid was only COP110. Plus: The first solar and wind auction in Colombia carries an average price of 0.027 USD/kWh The Authority said the auction will allow the country to increase its renewable energy capacity from about 50 MW currently to 2.2 GW in early 2022. No information was provided on the capacity allocated to the eight winning projects, three of which were solar farms and five wind turbines. There is no doubt that Colombia must continue to improve its energy matrix and is trying to play a leading role in a region that has a strong appetite for more renewable energy sources. However, despite Colombia`s noble intention, the path to success of this endeavour will be a challenge, and a significant dose of yearn, pragmatism and careful consideration of risks and mitigations will be required during the implementation phase of this commitment by the relevant market players, including government, developers, offertors, lenders, suppliers and contractors. The buying cycle is aimed at electricity distributors serving large industrial consumers and projects should be online by December 2022, the president stressed at the opening of the Bayunca 1 solar farm in Cartagena.

Posted on December 14th, 2020 | filed under Uncategorized |

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