January 4 (Renewables Now) – At the very end of 2018, Colombia’s Ministry of Mines and Energy announced the country’s first electricity auction seeking to award 12-year contracts for the annual supply of 1.183 TWh of renewable power in total.
The auction will be held on February 26 and the ministry will take into account four criteria to evaluate bidding contracts: resilience, the complementarity of resources, regional energy security and reduction of carbon dioxide (CO2) emissions.
New generation projects that emerge as winners in the auction will need to enter into service before December 1, 2021. Plants that are already operational will also be able to bid, but only if they started operations after December 31, 2017.
The ministry said it was looking to diversify Colombia’s power mix, complement and boost its competitiveness and make it more resilient to climate change. Deputy minister of energy Diego Mesa stated that the country’s target is to increase the installed capacity of renewable energy to at least 1,500 MW in four years.