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Colombia's Isagén announces power supply offer

Bnamericas

Colombian power generator Isagén has outlined plans to offer up to 6,150GWh over two years to electricity retailers on the regulated market.

The volume equates to around 40% of the company's average annual production and is enough to meet demand from 4mn users, the Medellín-based company said. 

"This ratifies our commitment to the country and contributes to addressing the situation of [rising] rates caused by ... project delays and the El Niño weather phenomenon," Isagén said in a release on Wednesday. 

The announcement comes less than a week after power sector watchdog Creg approved regulations that allow generators and distributors to directly negotiate contracts. The measure includes a cap on how much retailers can charge consumers. 

Contracts must be registered with electricity market administrator Asic by March 1, which is also the deadline for the start of supply agreements. 

Isagén said electricity for the contracts would come from its existing portfolio of 19 power plants totaling around 3,000MW of capacity. 

Electricity in Colombia's regulated power segment can normally only be commercialized via competitive tenders or on the spot market. 

The new contracting model was introduced to curb the impact of an El Niño-induced drought that has reduced output from hydroelectric dams and forced retailers to purchase electricity on the more expensive spot market.

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