Colombia's GEB raises capex forecast amid CentAm expansion

Colombia's Grupo Energía Bogotá (GEB) has increased its five-year investment forecast by US$120mn as it expands its presence in Central America. 

The company plans overall capital expenditure of 1.42bn from 2024 to 2028, up from a previous forecast of US$1.30bn, the company said in a quarterly presentation. 

"The capex projection has increased... due to the addition of transmission projects to be executed in Guatemala by our affiliate, Conecta Energias," GEB said. 

Late last year GEB subsidiary Conecta Energías completed the acquisition of Guatemalan transmission company Transnova from Italy's Enel. 

The deal handed Conecta Energías control of the Uspantán and Chixoy II substations and the Uspantán-Chixoy II transmission line in the departments of Alta Verapaz and Quiché.  

CAPEX BREAKDOWN

GEB has earmarked US$457mn for this year, US$404mn next year, US$259mn in 2026, US$150mn in 2027 and US$145mn for 2028.

The transmission segment will receive the largest share with US$872mn followed by gas distribution (US$224mn), gas transport (US$200mn) and electricity distribution (US$121mn). 

In the first three months of 2024, the company outlaid US$91mn in terms of capex, including US$53mn in transmission, US$24mn in gas distribution, US$8mn in electricity distribution and US$5mn in natural gas transport. 

GEB reported Q1 net income of 788bn pesos (US$207mn), down 11.2% on the year-ago period.