Colombia's EPM unveils US$7bn budget for 2024

Empresas Públicas de Medellín (EPM) has outlined plans to increase spending by around 20% next year as it prioritizes its flagship Hidroituango project and decarbonization initiatives. 

The multi-utility's board approved a budget of 28.8tn pesos (US$7bn) in 2024, up from 24.2tn pesos this year, of which the majority will go to its core businesses of power generation, transmission, electricity distribution, gas, water supply and wastewater.

Forty percent of the total, or 11.7tn pesos, has been earmarked for capital investment in projects such as the 83MW Tepuy solar park, hydrogen development and electric mobility initiatives, EPM said in a statement.

Some 4.2tn pesos will be allocated to infrastructure projects, including 1.7tn for civil works on units 5 to 8 at the Hidroituango hydroelectric project.

"The 2024 budget ... implies a significant challenge in business management, due to regulatory, market and macroeconomic conditions," CEO Jorge Carrillo said. 

"The budget for surplus transfers to the city of Medellín will be 1.8tn pesos, which translates into more resources for social investment and opportunities for thousands of people,” he added.

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