New Regulatory Scheme to Guarantee Power Reliability Colombia, an investment oportunity Santo Domingo, March 14 -15, 2007
Content 1. An investment oportunity in the Colombian power market 2. How to participate 3. Rights and Obligations 4. Schedule
What is the oportunity? Delivery of energy in scarcity conditions Building and operation of power assets Constant payment ($/GWh) of Firm Energy Commitment period: up to 20 years Firm Energy Auction to allocate FEO
Colombian Power Market data (2006) Generation 36 Transmission 11 Distribution 32 Retailing 67 13. 280 MW installed (64% hydro 33% thermal) Ten years of operation Peak demand: 8762 MW (Growth: 1. 42%) Generators and retailers Energy demand: 50. 815 GWh (Growth: 4. 07%) Centralized transactions Firm energy (declared by suppliers): 60, 6 TWh-year
Transactions in the wholesale energy market (2006) $ 537. 76 18. 44% $ 1 653. 61 56. 71% $ 175. 78 6. 03% $ 549. 00 18. 83% $ 2 916. 16 mlls
How to participate? 1. To Inscribe a project of power generation in Colombia Requirements for the Inscription üFeasibility studies üFinancial and management scheme üApproval of Environmental Alternatives Diagnosis üInformation about land acquisition options üRequest of conection to the transport network üFuel acquisition scheme üDesigns in execution üRequest of environmental licence Information about power generation projects in Colombia upme. gov. co www. upme. gov. co
How to participate? 2. To bid in the Firm Energy Auction US$/MWh 26. 8 = P 0 Starting price Aggregated supply D excess supply P 1 Round 2 P 3 Round 3 P 4 Round 4 P 5 13. 4 = P 6 13. 00 = P 6’ 3. Round 1 Round 5 D Clearing price = CXC To build and operate the generation asset MWh
Energy to be auctioned and commitment period GWh Demand Energy to be auctioned Commitment up to 20 years Transition Period 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016. . . . 2028 2029 years 2030 2031 2032 2033 2034 2035 2036 2037 2038
Construction period longer than 3 years GWh Commitment up to 20 years < 50% growth Take price of auction of year 0 years Auction 4 0 1 2 3 5 6 7
Construction period longer than 3 years GWh Commitment up to 20 years < 60% growth Take price of auction of year 1 years 0 1 2 3 Auction 4 5 6 7 6
Construction period longer than 3 years GWh Commitment up to 20 years < 80% growth Take price of auction of year 2 years 0 1 Auction 2 3 4 5 6 7 6
Construction period longer than 3 years GWh years 0 1 Auction 2 3 4 5 6 7 6
Construction period longer than 3 years GWh Bid for the rest of firm energy Commitment up to 20 years 0 1 Auction 2 3 4 5 6 7 6
Generator: Obligations and Rights Obligations 1. 2. 3. To have a generation assed to back the FEO To have the fuel to generate Deliver the energy when Spot > Scarcity prices as dispatch required it Spot price FEO is required Rights 1. 2. To receive the Reliability Charge, even if the FEO is not required, during the commitment period. FEO protected by Colombian Laws and Regulation
Demand: Obligations and Rights Obligations To pay the reliability charge during the commitment period, even if the FEO is not required. Rights To buy the energy up to the Scarcity Price when Spot Price>Scarcity Price
Security Rings Secondary Market Demand Response Last resource generator Reconfiguration Auctions
Schedule • March 2007 – Information of Combined Cicles and Repower Projects. • April 2007 – Demand forecast – Definition about the date of first Firm Energy Auction.
More information Energy and Gas Regulatory Commission www. creg. gov. co creg@creg. gov. co
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