Creation of the Caribbean Energy Company / RAP CARIBE is announced

Machine translation was used to publish the following Ministry of Mines and Energy release

Barranquilla, Atlántico, Saturday, August 10, 2024. The Caribbean region takes a firm step towards its energy autonomy with the creation of the Caribbean Energy Company, a strategic project that marks the beginning of a new era in the management and production of renewable energy in Colombia.

In a historic event, the governors of the Colombian Caribbean departments and the National Government, represented by the Minister of Mines and Energy, approved working together on the creation of this new company that will be able to supply the 2,762,374 homes in the region and thousands of commercial and industrial establishments. “This is a very important step for the Caribbean to make a different energy plan. This company will make the region more competitive by developing its climatic potential with wind and sun generating the energy that the country needs. We ratify our commitment to contribute to the constitution of this company that will mark the history of the Caribbean and will contribute to the energy transition of the country.” Minister of Mines and Energy, Andrés Camacho.

This milestone represents the first step in an ambitious energy transition process, aimed at consolidating the region's capacity to generate and manage its own energy, making the most of its favorable climatic conditions, such as the abundance of hours of sunshine and the strength of its winds that will improve the lives of 12 million Colombians who live in this region of the country. For the Governor of Atlántico, Eduardo Verano, "this energy company needs the support of the national government and must go hand in hand with the Ministry of Mines and Energy, with a manager and a team that knows the sector and is born and sustained for the benefit of the people of the Colombian Caribbean."

The Caribbean Energy Company is emerging as an energy hub that, with a clear strategic vision, will seek to replicate successful models of companies such as Empresas Públicas de Medellín (EPM) and Grupo de Energía Bogotá (GEB), but adapted to the needs and potential of the Colombian Caribbean. This new player will enable the regional implementation of renewable energies, positioning the region as a benchmark in sustainability and energy governance.

Concrete and specific discussions on the Caribbean energy company will begin when the proposal is formally accepted and each governor delegates an expert to be present at the working table.

With robust planning and a focus on sustainability, the company will articulate its efforts in short, medium and long-term action plans . Highlighted initiatives include solar energy projects, onshore and offshore wind energy, and eventually, more cutting-edge technologies such as hydrogen production, which will lay the foundations for solid and lasting energy autonomy.

The creation of this company will directly improve the energy generation component of the tariff equation.

This new entity will become a key ally of the national government's commitment to energy transition through its energy community and municipality strategies.

The path towards energy autonomy in the Caribbean has begun, and with this alliance, the region is closer to becoming a leader in the energy transition in Colombia and Latin America.