Colombia moves to tackle surging energy prices

Colombian energy sector regulator Creg has published a draft resolution that aims to mitigate the impact of rising wholesale electricity prices. 

It includes a proposed new formula for prices offered on the spot market for short-term contracts.  

More information, can be seen here, in Spanish. 

The move forms part of wider efforts to tackle spiraling electricity prices in the Andean country, which rose faster than the 13.1% annual inflation rate last year. 

Colombia currently uses both the producer price index (PPI) and consumer price index (CPI) to calculate reference electricity rates.

Creg also published a draft resolution designed to tighten industry oversight.

The document seeks to protect the rights of consumers impacted by new activities in the electric power supply chain, according to the five-page document. 

"[We] considered it necessary to make adjustments in the regulation to ensure that those who develop the activities ... are subject to the control and surveillance of the superintendency of residential public services," Creg said. 

The draft resolution can be seen here, in Spanish.