Colombian Association of Large Industrial and Commercial Energy Consumers Warns of Possible 30% Increase in Energy Prices
On January 11, 2024, the Colombian Association of Large Industrial and Commercial Energy Consumers (Asoenergía) issued a warning about a potential increase of up to 30% in energy prices. This alert comes as a result of a new Commission resolution of Energy and Gas Regulation (CREG) that could lead to additional costs exceeding 2.4 billion pesos for the sector.
Sandra Fonseca, the executive president of Asoenergía, expressed concerns about the resolution’s impact on the Wholesale Energy Market, stating that it could promote restrictive competition between hydraulic and thermal generators and negatively affect the expansion of energy production. The resolution is aimed at mitigating the adverse impacts of the El Niño phenomenon in the energy field.
In response to the warning, Minister of Mines, Andrés Camacho, has assured the public that an immediate increase in energy rates is not expected. However, the situation remains uncertain.
Given the potential for increased energy costs, Colombians have been advised to implement energy-saving measures. This includes unplugging certain appliances at night, as some modern devices are found to continue consuming a significant amount of energy even when turned off, according to research by the U.S. Department of Energy’s Lawrence Berkeley Laboratory.
The news has sparked widespread concern, with many citizens taking proactive measures to reduce their energy consumption. The development is actively being monitored as stakeholders await further updates.
For more information, read the full report in El Tiempo.