Presidential Statement on Electricaribe

Presidential Statement on Electricaribe

Ministry of Mines and Energy. Presidency of the Republic. Bogota D.C. June 12th, 2018.  I have received the final report with recommendations regarding Electricaribe that was prepared by the National Financial Entity for Development and its team of advisors.

  1. The report underlines that the new rate framework introduced by CREG Resolution 015 from January of this year has had a positive impact that will provide remuneration for the investments required in order to achieve proper service provision within the Caribbean region.
  2. The report recommends keeping a single market and not dividing the company by sub-regions, because this will not improve financial results or the provision of service to users.
  3. For the sake of guaranteeing a continuous and improved energy service provision to the people of the Caribbean region, consistent with the recommendations from the report, an open market process is going to begin by July which shall be transparent and competitive in order to seek a strategy investor with the financial capacity and technical experience necessary for properly managing the transformation plan that the company requires.   

This Administration has guaranteed the resources for financing the operation and company investments until the process of bringing the investor is complete.

We hereby ratify our commitment to a structural solution that will be able to guarantee the energy service that the Caribbean Region deserves.

Tuesday, June 12, 2018, Cundinamarca, Bogotá D.C., Source: Presidency of the Republic
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