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EEB Gas also secured approval to sell its interest in Promigas as part of the proposed disposal, which now goes to the mayor's office for signing, the council said in a statement.
Bogotá finance secretary Beatriz Elena Arbeláez said an auction is planned to be held between April and June following an offer to workers, pensioners and strategic buyers.
Between US$105mn and US$120mn of sale proceeds will go to pay EEB debt, US$78mn-90mn to renewable energies, US$76mn-87mn to gas pipelines and US$43mn-49mn to gas production, according to EEB president Astrid Álvarez.
EEB saw net earnings in the first nine months of 2016 jump 80.3% to 1.11tn pesos (US$349mn) which the group attributed to higher operational revenue led by the transmission segment as a result of new lines and substations in Colombia and Guatemala.