The electric power operator of the Atlantic Coast, Air-e, denounced five electric power generatorsby, allegedly, having manipulated the market and “arbitrarily increasing energy stock market prices”.
“In November 2023, there was excess water in the reservoirs, which would have forced the generators to release water that would have generated the same energy as that consumed by La Guajira and Magdalena for a month. The shortage situation never arose, however, users had to assume the speculative price of the Energy Stock Market, generating unjustified enrichment for the generators, without obtaining compensation for consumers.” the company said.
And he argued for energy prices in October 2023, when there was an approximate increase of 400% in the stock market compared to the average energy price in the stock market in 2022.
It should be noted that, according to the operator XM, the average energy price on the stock market was $218.27 for 2022, while for 2023 the consolidated price was $572.47.
The variation of the maximum stock market price was more volatile during the most critical stage of El Niño. It started the year at $513.74 and then reached a peak of $1,267.47 k/h on April 3, which was the highest energy price this year. Then, just 25 days later, it hit the lowest price so far in 2024, of $113.92 k/h.
It is worth remembering that in mid-May, the Ministry of Mines declared the end of the El Niño phenomenon, but at the beginning of June, The price of energy on the stock market rose again to $931.08 k/h, and then fell again to $320.65, which is the most recent data.
In response to Air-e’s complaints, the Colombian Association of Electric Power Generators, Acolgen, indicated that it disagreed and explained the handling given to the energy demands on behalf of El Niño.
“When the dry season began, the level of the reservoirs was at 76%, which allowed all Colombians to have enough electrical energy for our consumption during El Niño”, he highlighted.
He said that the electricity sector is highly regulated, and has a solid control and surveillance institutional framework, represented by the Superintendencies of Public Services and Industry and Commerce, which have powers and tools at their disposal to investigate anomalous behavior.
“Transactions are free and are remunerated by the prices agreed upon by the parties. Such guidelines, established after the supply crisis that led to a bloody blackout in 1992 and 1993have allowed the increase in coverage, the efficient formation of prices and the development of resource-saving mechanisms, especially in times of drought,” the union noted.
Isagen also responded to Air-e and noted that, in 2023, in preparation for the El Niño phenomenon, made the decision to increase the aggregate level of its reservoirs to 92% of their capacity. “Decision that allowed us to fulfill our commercial commitments and guarantee normal electricity supply in the country during the extreme drought season that occurred at the beginning of the year.”
It is recalled that, by October 2023, Brookfield Corporation, largest shareholder of Isagen, sent a letter to the National Government warning that, if implemented, the measures announced in energy matters They would harm the rights and expectations of investors in Colombia.
To date, the Superintendency of Industry and Commerce has not commented on Air-e’s complaints against the five energy generators.
Meanwhile, the Ministry of Mines and Energy announced more measures to lower the price of energy tariffs. It published two draft resolutions from the Creg and a document on the Reliability Charge Shortage Price that prevents users from paying higher prices than generation plants.
