On July 2nd, the Ministry of Mines published resolution 40225 through which it generated actions that could lead to rates energy by including in the energy accounts the credits obtained by the marketing companies of this public service to be capitalized by the tariff option.
(We suggest: Energy rates: without a quorum, the Creg is tasked with applying relief within 30 days)
However 22 days have already passed of the 30 days that the Ministry of Mines and Energy gave for the Commission of Energy and Gas Regulation (Creg) to do so “the regulatory adjustments it deems necessary, for the calculation and reduction of the Unit Cost of Service Provision (CU), and the reduction of rates, for users of strata 1, 2 and 3”.
This is so that companies can pass on the benefits of the services to users. Credits acquired through the resources provided with a compensated rate launched by the Government to be assigned by the National Development Finance Company and Findeter specifically to energy marketing companies.
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The aforementioned resolution establishes that the Commission shall “Enabling businesses distributors and/or marketers, subject to the scope of this resolution, so that they can apply the tariff reduction to users of strata 1, 2 and 3, in proportion to the credits disbursed with respect to the accumulated balances of the tariff option of said users, the benefits received from the loans disbursed and/or the securitization of the debt by the national government”.
It is worth noting that eLast October, Findeter made available $1 billion for companies, with the aim of providing them with liquidityamid high debt figures due to the tariff option that reached more than $5 billion, according to calculations by Asocodis.
In this regard, President Gustavo Petro stated that It would be the Nation that would assume these amounts, through securitization.This would mean that user rates would be reduced by eliminating the additional charge made to recover these amounts.
(Of interest: Naturgas calls for action to address a natural gas deficit in the coming years)
According to the Minister of Mines and Energy, Andrés Camacho, this could lead to reductions in the unit cost of energy of between 4% and 20%, depending on the market. For the moment, The Ministry of Finance has not indicated what mechanism it will use so that the Nation is the one who makes the payment of the balance. tariff option for the lowest strata, which would reach $2.7 billion.
However, for these contractions to occur The Creg needs to generate the regulation that allows the calculation of how to apply this to the rates.
Creg without quorum
The Ministry’s resolution gives the Commission the obligation to issue the regulation in the next 30 calendar days; however, this entity does not have the decision-making quorumsince there are only two commissioners of the six who should be appointed as permanent members.
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Is about Baisser Antonio Jiménez, who was appointed as expert commissioner and later executive directorfollowing the departure of Omar Prías, whose appointment was declared null and void by the Council of State, as he did not meet the required experience criteria.
LaterAnd, the Ministry appointed Fanny Guerrero to be the second expert commissioner who is currently in the entity.
This means that At least two more commissioners are missing to achieve a quorum decisive.
According to Portafolio sourcesanother appointment would be ready to be made in the next few days: that of William Mercadowho was in line to be Minister of Mines and Energy. For the moment his resume has not appeared on the page of candidates for the Presidency of the Republic, although it could happen in the next few days.
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Until this entity is composed Such a reduction in rates could not be givenThe Ministry estimates that the tariff option debt of users in strata 1, 2 and 3 would be around $2.7 billion.
More credits
In the midst of these difficulties, The Ministry of Finance announced that it would double the resources available through the compensated rate credit line which is being granted to marketers.
This is a draft decree that modifies decree 1068 of 2015, which establishes the rules for the Treasury sector. The proposal presented includes a$1 billion extension to the credit line that was established with Findeter and the National Development Finance Company (FDN) for energy marketing companies. Thus, the total amount of this line will be $2 billion.
(Of interest: There are 600 thermal megawatts awaiting auction, but gas supply is required)
The Financial conditions remain with aspects such as the term up to 10 years, with an interest rate of IBR +2% per month due and with uses such as working capital or liquidity.
First casualty in months
Although this measure was intended to generate price reductions, the first drop in energy rates in most markets was seen in June. Data from the Superintendency of Public Services show significant reductions in markets such as Celsia Tolima (-11.09%), Empresa de Energía de Pereira (-11.07%) and EPM (-10.7%).
Daniela Morales Soler
Portfolio Journalist
