Colombia renewables auction: What you need to know
Colombia's first auction for long-term energy supply contracts from non-conventional renewable energy (NCRE) projects will take place on Tuesday.
The event comes as the government attempts to diversify the country's hydropower and fossil fuel-dependent energy mix and mitigate risks associated with the troubled Hidroituango mega-dam project. BNamericas takes a look at the key aspects of the auction.
What's available? The auction will offer 12-year power purchase agreements for electricity from new plants with combined installed capacity of around 1.5GW. At least 1.18TWh a year is expected to be contracted in the auction, according to the mines and energy ministry.
Who can compete? NCRE sources such as wind, solar and biomass have been given favorable conditions. Technically, the auction is also open to hydropower and thermoelectric generators.
Time-frame: Plants must begin commercial operations by December 1, 2021.
Bidding: Offers that exceed a government-fixed ceiling price will be omitted, ensuring the lowest possible rates for consumers.
Generators: Energy ministry planning unit UPME said last week that developers requested the participation of 22 non-conventional renewable energy plants: 17 solar parks, four wind farms and one biomass plant.
Buyers: Eight electricity distributors and traders qualified to take part and are free to operate in the deregulated or regulated markets.
How much? The auction is expected to lead to investments of US$1.3bn to US$1.8bn in new projects, according to UPME.
Before: The new format replaces a previous model in which bilateral contracts lasting one to four years were signed between generators and distributors or traders.
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