Colombia to see strong electricity consumption over medium term

Wednesday, October 29, 2014

Colombia will continue to see strong growth in electricity consumption over the medium term, according to BNamericas' latest Intelligence Series report.

Electricity consumption is forecast to grow more than 4% annually this year and in 2015-16, before eventually tapering off, the report said, citing figures from Colombia's energy and mining planning agency UPME. By comparison, Latin America's total electricity consumption grew at an annual average of 3.4% from 2000-11.

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UPME's medium term demand forecast shows Colombia's power consumption growing by an additional 30,000-63,000GWh in 2014-28.

The nation of 47mn sported a relatively modest effective capacity of roughly 14.9GW at end-July.

To meet the extra demand an additional 3.1GW of generation capacity is needed in 2018-27. Under Colombian law, the government must auction new grid capacity three years in advance, indicating new capacity auctions will be held next year if not earlier.

To learn more about Colombia and the rest of Latin America's electricity outlook, read BNamericas latest Intelligence Series report, Outlook: Natural Gas, Renewable Power Gain Importance in 2015.