The Energy and Gas Regulation Commission (Creg) approved the operational, commercial and regional coordinator regulations that will govern the operation of the new Andes Regional Short-Term Electricity Market (Maercp).
The entity, linked to the Ministry of Mines and Energy, said this project aims to implement an electrical exchange and integration system between Colombia, Ecuador, Peru, Bolivia and Chile.
“For nearly four years, the Creg has been working closely with its counterparts in Peru and Ecuador to prepare the necessary regulations for the implementation of this market, which will bring economic and social benefits to the countries,” the entity said in a statement.
It is expected that the said market will start operating between Colombia and Ecuador in a first phase in mid-2025, replacing the current transactions between the two countries. Subsequently, the integration of Peru is expected for the year 2027 when the new interconnection with Ecuador comes into operation.
It should be noted that international electricity transactions between Colombia and Ecuador have been successfully conducted for almost 20 years, with tangible benefits for both countries.
International interconnections have proven to be effective in supporting critical energy supply situations and optimizing the use of energy resources.
Currently, Colombia has several electrical interconnection links with Ecuador with a capacity of approximately 450 megawatts, allowing the electrical systems of both countries to operate in sync and carry transfers of up to 10 gigawatt hours per day.
In the new regional electricity market in the Andes, participants will be able to offer their surplus energy, which will allow more efficient and better quality services, as well as more effective use of the resources of the three countries involved.
“The adoption of the new Maercp regulations will enable the implementation of decision CAN 816 and update the regulatory framework for better use of international interconnections between the three Andean countries, benefiting users of electricity services in the region,” said the Creg .
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
