Thats what it says Hernan Molina, director of the energy and Gas (CREG) regulatory Committee, in an interview with Reuters: it is a market that has respected the rules of the game for 10 years, a country that has established trust, with an efficient price formation process, and that gives signals to enter. This change in the rules of the game is of the utmost importance for the success of the above-mentioned tenders as there was an outline of generation in which projects were designed, built and operated by the State until the Decade of the 90s. This system collapsed at the beginning of the 1990s with worse rationing of energy in the history of the country. This caused millions in losses that Colombia does not want to repeat. In these auctions won not only large companies, but also other small such as Gecelca and Poliobras, who also built and operated plants, backed by firms such as the Helm group of United States or the Japanese Marubeni Corp., which apply innovative systems of generation as big drops of water-based.
The Spanish giant Endesa, will build the hydroelectric project El Quimbo, through its subsidiary EMGESA. At the same time, public enterprises of Medellin (EPM), the largest provider of public services of the country, will lead the project Pescadero Ituango with a capacity of up to 2,400 megawatts. I would remind you that in the energy sector, Colombia has made great progress in tendering’s exploratory areas of the petroleum sector where there is a great potential for wealth to be discovered that could be ten times the current stock of oil reserves proven in Colombia. Colombia knows that to grow it needs major investment and is for this reason that it has also proposed a target on the flow of foreign direct investment (FDI).