Power Sector Colombia

Transcription

Power Sector
Colombia
May 2014
Produced by:
Any redistribution of this information is strictly prohibited.
Copyright © 2014 EMIS, all rights reserved.
-1-
Table of Contents
III. Power Generation by Type of Fuel
I. Sector Overview
1. Sector Highlights
2. Main Sector Indicators
3. Power Sector Forecast
4. Electricity Demand, Capacity Forecast
5. Natural Gas Demand Forecast
6. Energy System Balance
7. Power Sector Snapshot
8. Power Sector Snapshot (cont´d)
9. FDI
10.CPI and PPI
11.Government Policy
12.Government Policy (cont'd)
1. Fuel Consumption
2. Coal Mining
3. Coal Mining (cont´d)
4. Gas Generation
5. Gas Generation (cont´d)
6. Hydropower Generation
7. Hydropower Reserves
8. Renewable Energy
9. Small Power Plants
10.Power Generation SWOT Analysis
11.Power Transmission and Distribution
IV. Power Exports
1.
2.
3.
4.
II. Power Generation Overview
1.
2.
3.
4.
5.
6.
Power Generation Highlights
Power Generation Demand
Electricity Input and Water Reserves
Electricity Generation
Electricity Demand and Consumption
Other Energy Indicators
Energy Exports
Power Foreign Trade
Power Exchange and Trading
Power Exchange and Trading (cont´d)
V. Natural Gas Distribution
1. PNG in Colombia
2. Natural Gas Coverage
3. Car Fuel
-2-
Table of Contents
VI. Main Players
1. Ecopetrol S.A.
2. Ecopetrol S.A. (cont´d)
3. Interconexión Eléctrica S.A.
4. Interconexión Eléctrica S.A. (cont´d)
5. Codensa S.A. E.S.P
6. Codensa S.A. E.S.P (cont´d)
7. Empresas Publicas de Medellin E.S.P
8. Empresas Publicas de Medellin E.S.P (cont´d)
9. Emgesa S.A. E.S.P.
10.Emgesa S.A. E.S.P. (cont´d)
-3-
I. Sector Overview
-4-
Power Sector Highlights
System Capacity
Colombia's power supply chain is fed by generation plants with a combined net installed capacity of 14,555 MW, of which 63.7% comes from
hydropower plants, 31.5% - from thermal power plants, 4.4% - from small power plants and 0.4% - from cogeneration units. The domestic utilities
fully cover local demand, which reached 9,956.02 MW in 2013. The government projects a domestic demand of 13,070 MW in 2019, a growth trend
that has turned the construction of new infrastructure and the strengthening of the supply chain into a national priority.
Exports
According to the government's mining and planning unit UPME, Colombia is a net exporter of electricity, with a total of 57.8 GWh in exports during
2013, which 89% was exported to Venezuela and the remainder to Ecuador. During same period, Colombia used imports from neighbouring
Ecuador to cover 0.1% of its consumption.
Forecast
The 2013-2027 electricity strategy of UPME is designed to boost the power sector capacity and encourage investments in the energy sector in
order to satisfy the growing electricity demand. According to the government, Colombia's overall power generation during the period will increase
by an annual average of 3.4% to 76.0 TWh with an average annual growth of 3.6% in hydroelectric power generation, while coal and gas-fired
generation are forecast to increase by an annual average of 2.9% and 2.7%, respectively.
Diversification
Hydroelectric power accounts for 75% of the total consumption in Colombia, despite the problems associated with this source of energy such as
protests at construction sites and a risk of guerrilla attacks. In a bid to diversify and attract foreign investments, the government has decided to sell
a 57.6% stake in the nation's third-biggest electricity generator Isagen. The government is seeking USD 2.5 billion for its stake and plans to invest
the proceeds from the sale into electricity infrastructure. Isagen owns and operates six electricity generators in the provinces of Antioquia,
Santander, Caldas and Tolima.
-5-
Main Sector Indicators
Main Sector Indicators
Electricity revenues, COP tn
Electricity growth y/y
Utility gas revenues, COP tn
2005
2006
2007
2008
2009
2010
2011
2012
2013
8.5
8.8
9.2
9.3
9.4
9.8
10.1
10.3
10.7
4.7%
4.3%
3.8%
1.5%
0.8%
4.5%
3.3%
2.0%
4.0%
1.2
1.3
1.4
1.3
1.5
1.6
1.7
1.7
2.0
4.7%
5%
10%
-7,4%
11%
6.5%
-1%
1.4%
14.4%
Water supply revenues, COP tn
4.0
4.2
4.3
4.4
4.4
4.5
4.6
4.7
4.8
Water supply growth y/y
2.8
5.7
2.7
1.4
0.3
1.5
2.6
2.1
3.8
Electricity revenues/GDP
2.5%
2.6%
2.7%
2.7%
2.8%
2.9%
3.0%
2.9%
2.1%
Utility Gas revenues/GDP
0.4%
0.4%
0.4%
0.4%
0.4%
0.5%
0.36%
0.36%
0.4%
Water supply revenues/GDP
0.8%
0.8%
0.8%
0.9%
0.9%
0.9%
0.9%
1%
1%
GDP growth y/y
4.7%
6.7%
6.9%
3.5%
1.7%
4.0%
6.6%
4.0%
4.3%
GDP real value, COP tn
340.2
362.9
388.0
401.7
408.4
424.6
452.8
470.9
490.9
Power sector growth y/y
3.8%
3.8%
2.5%
1.4%
2.9%
1.6%
2.4%
3.8%
4.9%
Utility gas growth y/y
*Colombian currency in constant price 2005 = 100
Comments
In 2013, the revenues from power generation in Colombia grew at a slightly faster pace in comparison to 2011 and 2012. The total growth rate for the sector
was 4.9% - electric power grew by 4.0%, utility gas by 14.4% and growth on the added value of water supply, sewerage and waste reached 3.8%. This
growth was fuelled by rising consumption from both private and household users. The strong growth of Colombia's economy also contributed to the positive
trend, especially with the rise in electricity consumption by public companies and civil works.
Source: National Administrative Department of Statistics
-6-
Power Sector Forecast
Price Regulation
In 2013, Colombia had one of the most expensive residential energy tariffs, totalling USD 0.189 per KWh. The country's energy ministry has set up
an energy efficiency agency, which is responsible for auditing and potentially reducing local electricity prices.
Interconnection
The governments of Colombia and Panama have expressed plans to build a 614 km transmission line connecting the Colombian and Panamanian
power grids. The line will have an initial transmission capacity of 300 MW, with the option to be extended up to 600 MW. Works on the project have
been delayed and the latest estimated launch of operations is 2018.
Biofuels
Colombia is preparing a regulatory framework and legislative instruments to promote the sustainable production of biofuels. Today, biofuel
producers in the country have access to a special regime which allows them to conduct duty-free import of machinery for production and
transportation. Colombia's current production capacity is 1.1 million litres/day of ethanol and 1.8 million litres/day of biodiesel. Production is
expected to grow by 2% annually in the coming years.
Isagen
Colombia's government is seeking to raise USD 2.5 billion from the sale of its 57.6% stake in Isagen, which operates six electricity
generators. In March, local judicial authorities have ordered the suspension of the sale due to constitutional concerns.
-7-
Electricity Demand, Capacity Forecast
Electricity National Demand (GWh)
National Maximum Capacity (MW)
Year
High Scenario
Medium Scenario
Low Scenario
Year
High Scenario
Medium Scenario
Low Scenario
2014f
65,000
63,481
61,963
2014f
10,600
10,352
10,104
2015f
67,070
65,526
63,983
2015f
10,776
10,524
10,272
2016f
69,704
68,134
66,563
2016f
10,940
10,648
10,429
2017f
71,773
70,172
68,572
2017f
11,184
10,923
10,662
2018f
74,668
73,034
71,401
2018f
11,418
11,152
10,885
2019f
77,613
75,944
74,276
2019f
11,668
11,396
11,124
2020f
79,708
78,002
76,296
2020f
11,900
11,623
11,345
2021f
81,531
79,786
78,040
2021f
12,120
11,926
11,641
2022f
83,297
81,510
79,723
2022f
12,499
12,208
11,916
2023f
84,654
82,825
82,995
2023f
12,798
12,500
12,202
2024f
86,524
84,650
82,776
2024f
13,072
12,767
12,462
2025f
88,448
86,529
84,610
2025f
13,426
13,113
12,800
2026f
90,308
88,342
86,375
2026f
13,754
13,433
13,113
2027f
92,279
90,265
88,250
2027f
14,091
13,673
13,434
Source: UPME
-8-
Natural Gas Demand Forecast
Natural Gas Demand by Industry (GBTUD)
519
308
275
214
322
282
267
224
377
363
336
310
309
234
384
350
340
242
250
256
193
98
2018
85
89
92
95
2014
2015
2016
2017
Domestic
378
373
Industrial
30.8%
275
269
226
101
105
108
236
111
2019
2020
2021
2022
Industrial
207
Electric Generation
Oil Sector
491
434
280
277
114
2023
491
448
491
461
317
285
334
289
117
120
2024
2025
491
474
390
293
124
2026
Automotive
Comments
Oil Sector
31.4%
Domestic natural gas demand is slowing due the fact that service
coverage has nearly reached its peak in 2013 with 6.8 million consumers,
of whom 98.14% are residential, 1.80% - commercial and 0.06% industrial consumers. A major increase in the electricity generation sector
is forecast for 2018 due to the expected launch of the transmission
network project between Colombia and Panama. Industry and the oil
sector will be the driving forces behind the forecast demand, as these
two sectors have the largest number of projects (especially in
infrastructure, construction and extraction).
Automotive
8.0%
Petrochemica
l 1.9%
Domestic
21.5%
Source: Ministry of Mining and Energy, UPME
406
491
420
263
Natural Gas Demand by Sector Forecast, 2022
Electric
Generation
6.5%
491
469
392
-9-
Energy System Balance
National Power Transmission Network Indicators
SUPPLY
Net Daily Volume (GWh)
Volume / Useful Capacity
Hydropower Imput (GWh)
Net Capacity
GENERATION
Hydropower (GWh)
Thermal (GWh)
Small Hydropower Plants (GWh)
Cogenerators (GWh)
Total (GWh)
INTERNATIONAL EXCHANGE
Exports to Ecuador (GWh)
Imports from Ecuador (GWh)
Exports to Venezulea (GWh)
DEMAND
Commercial (GWh)
National, handled by the national transmission company SIN
(GWh)
Regulated (GWh)
Unregulated (GWh)
Unmet due to unavilability, natural disasters or terrorism
(GWh)
Maximum load per hour (MW)
2012
2013
Growth
11,180.61
73.4%
56,446.7
14,361
10,495.05
69.5%
49,619.2
14,559
-6.1%
-4.0%
-12.1
1.4%
44,923.6
11,506.0
3,212.6
346.6
59,988.9
41,835.9
16,838.6
3,170.0
352.0
62,196.6
-6.9%
46.3%
-1.3%
1.5%
3.7%
236.0
6.5
478.4
662.3
28.5
715.0
180.6%
337.8%
49.4%
59,508.6
61,499.3
3.3%
59,369.9
60,890.3
2.8%
39,174.7
19,799.9
40,282.0
20,237.4
3.1%
2.5%
89.0
42.5
-52.2%
9,504
9,383
-1.3%
Source: XM Compañía de Expertos en Mercados S.A ESP
- 10 -
Power Sector Snapshot
World energy consumption by region (quadrillion Btu)
900
800
700
600
500
400
300
200
100
0
35
24
39
33
22
37
31
20
33
29
19
28
199
235
129
132
120
2010
39
27
43
363
35
49
Natural Gas
3,685.9
Africa
Oil 4,367.3
383
306
335
138
146
152
158
162
121
126
130
133
137
144
2015
2020
2025
2030
2035
2040
273
Central & South America
47
42
31
46
World proved natural gas reserves 2013 (tn cub ft)
Middle East
Hydroelectricity
963.9
Asia
Nuclear Energy
704.3
Europe
Renewables
505.5
Biofuels 78.9
Americas
Coal 4,382.0
World energy consumption by fuel type (mn tonnes )
Liquids
Coal
Hydroelectricity
3,159
3,287
3,581
2,864
4,227 4,447
4,131
4,368
3,730 3,960
3,258 3,267
2,987
2,342
2,177
1,926
563
602
453
526
584
1990
1995
2000
490
4,038
3,464
2,923
2,500
2,211 2,235
1,768
3,912
Natural Gas
Nuclear Energy
Europe
4,967
4,671 4,837
4,650 4,743
4,551
4,631
4,285
3,959
1,065
1,155
1,246
859
782
831
859
964
771
839
626
630
794
627
569
2005
2010
2012
2015
2020
2025
2030
662
World Proved Natural Gas Reserves (tn cub ft)
Central & South America
North America
- 11 -
358
504
Africa
515
Middle East
Source: U.S. Energy Information Administration, World Bank, Exxon-Mobil
269
Asia
Eurasia
2035
146
2,178
2,824
Power Sector Snapshot (cont'd)
World Natural Gas Production by Region and Country (trillion cubic feet)
Region / Country
United States
Canada
Europe
Australia / New Zeeland
Rest of OECD
Total OECD
Non - OECD
Russia
Europe and Central Asia
Iran
Qatar
Rest of Middle East
North Africa
Rest of Africa
China
Rest of Asia
Central and South America
Total non-OECD
Total World
History
2010
21.1
5.4
10.4
1.9
2.1
41.0
2015
23.9
5.0
9.0
2.7
1.7
42.3
2020
26.5
5.4
8.1
3.8
1.8
45.6
Projections
2025
2030
28.4
29.7
5.9
6.4
8.0
8.6
4.9
5.6
1.9
2.3
49.1
52.5
2035
31.3
7.0
9.2
6.2
3.0
56.7
2040
33.1
7.6
9.9
6.7
3.8
61.2
Average Annual % Change
1.5
1.1
-0.2
4.3
2.1
1.3
20.9
5.8
5.2
3.4
7.3
5.8
1.6
3.3
11.5
21.6
7.4
6.4
6.0
7.7
5.7
2.3
3.8
11.1
23.6
8.4
7.5
6.9
8.4
6.2
3.1
4.2
11.4
26.3
9.3
8.5
7.3
9.5
6.2
4.0
5.2
11.8
29.4
10.3
9.4
7.6
10.5
6.4
4.8
6.7
12.5
32.1
11.4
10.1
7.9
11.4
6.8
5.6
8.5
13.5
33.3
12.3
10.6
8.3
12.6
7.4
6.3
10.1
14.4
1.6
2.6
2.4
3.0
1.8
0.8
4.8
3.8
0.8
5.4
70.2
111.2
6.4
78.5
120.8
7.4
87.1
132.7
7.9
96.0
145.1
8.5
106.2
158.7
9.5
116.8
173.5
10.4
125.6
186.8
2.2
2.0
Comments
Global energy consumption has grown steadily since 2000, with a significant slowdown in 2009 due to the high instability triggered by energy
price volatility. However, consumption started growing again after 2010. According to the international energy outlook, the global power sector
is expected to rise by 41% from 2012 to 2035, compared to 30% registered during the last decade. Around 95% of the growth in demand is
expected to come from emerging economies, while energy use in developed countries (North America, Europe and Asia) is expected to grow
by a small percentage.
Source: U.S. Energy Information Administration, World Bank, Exxon-Mobil
- 12 -
FDI
FDI in Electricity, Gas and Water (USDmn)
FDI in Mining, Oil and Derivatives (USDmn)
7,825
7,516 7,732
819
5,203 5,453
4,433
470
3,282
380
135
-71
68
-251
1,741
156
88
36
-141
4,540
3,777
1,044 915
36
905
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
-79
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Comments
Colombia attracted a record-high FDI of USD 16.7bn in 2013, which is equal to 4.5% of the country's GDP. In terms of sectors, 46.7% of the inflows went
into mining, 15.9% to manufacturing, 10.4% into transport and communications, 9.4% into financial institutions and 9.4% into commerce.
Source: Central bank
- 13 -
CPI and PPI
Consumer and Producer Price Index (COP)
3.73%
3.17%
118.90
115.39
112.69
107.97
114.82
2.44%
2%
2009
1.94%
2010
2011
PPI
Source: Central bank
- 14 -
2012
CPI
2013
Government Policy
Key Bodies
Ministry of Mining and Energy (MinMinas) – The ministry acts as a liaison between the central government and state utilities with both public and private ownership, as well acts as
leading regulator of the energy sector and implements sectorial policies.
Mining and Energy Panning Unit (UPME) - Its main function is to conduct the energy planning, advise and provide support for the implementation of the ministerial sector policies.
UPME is responsible for the development of the “Expansion Plan Reference Generation and Transmission” and is also responsible for the selection of the investors which will
undertake and contribute in the Expansion Plan project development .
Energy and Gas Regulatory Commission (CREG) – The commission is responsible for the regulatory aspects of the market; it also promotes competition and prevents abuse of
dominant position by companies.
Superintendence of Public Services (SSPD) – This body supervises and monitors the utilities, compliance with the law and the relevant regulations in terms of current contracts
between firms service provides and final consumers. JAIRO: It means this institution works based on the regulations, legislation, politics, etc.
The energy development plan for the period 2013-2027 aims to assure the adequate supply of electricity and also makes a projection for the sector development in the 15-year period.
Electricity
Market
Colombia has the Wholesale Energy Market (MEM), where power generation companies, as well as public, private and mixed
commercial traders, buy and sell energy in large blocks within a regulatory framework, established by CREG. There is a market for
short-term deals (Bolsa de Energía) where market players offer prices and availability of their energy stock through daily auctions.
Also, there is a market for long-term contracts under a financial scheme, where agents obtain coverage against the high volatility of
energy prices on the short-term market. The main operator and administrator of the energy market in Colombia is XM S.A. E.S.P., a
subsidiary of state-run energy company ISA.
Compensation
and Fee
Setting
In Colombia, there are two schemes for electric transmission assets remuneration. The first one applies for electric transmission
assets generated until 1999, this scheme pays to the carrier an annual fee as a compensation for the annual valuation of the electric
transmission assets; this fee is calculated under electric assets “Replacement Value to New” (VRN), where VRN is calculated using
the approved structural unit for each unit costs and a discount rate defined by the Energy and Gas Regulatory Commission (CREG).
The second one applies in the case of a Public Offer, where the remuneration consist in paid to the investor an annual fee due to his
investment in a transmission project. This fee corresponds to the investment in the power assets divided by the first 25 years of the
project operation. Remuneration offer is made in U.S. dollars as of December 31 prior to the project award and payments are updated
in an annual base under the Producer Price Index of the respective payment year.
Source: Ministry of Mining and Energy, UPME, Energy and Gas Regulatory Commission
- 15 -
Government Policy (cont'd)
Energy Market
Energy generation in Colombia is open to competition therefore prices are defined by the market. Generation agents carry out
their energy transactions on the stock energy market. Revenues from generation are derived from the sale of energy through
bilateral contracts to the regulated and unregulated markets, energy exchange, secondary frequency regulation service and
reliability charges. The Colombian generation system had a installed capacity of 14,559 MW at the end of 2013.
Energy
Transmission
The voltage of the national transmission network, operated by Empresa de Energia de Bogota (EEB), is equal to or greater
than 220kV. ISA and Transelca control 80% of the transmission network. This network consist of equipment of 220kv, 230kv
and 500kV. The planning of the transmission network and its new lines is developed by the UPME, most of the tender are
adjudicated for 25 years.
Energy
Distribution
The distribution of energy under 220kV is fully regulated. Colombia's energy regulator CREG defines and reviews the
distribution price component on a 5-year basis. The methodology differs depending on the voltage. In the case of level 4 it
corresponds to regulated revenue; for levels 3, 2, and 1, the methodology corresponds to a maximum price. The voltage levels
are as follows: Level 1 (1kV), Level 2 (1 to 30kV), Level 3 (30 to 57.5kV) and Level 4 (57.5 to 220kV).
Energy Trade
Trade can be carried out by the generators and distributors of electricity, or can be performed independently. The trader acts as
an intermediary between the final consumers and all the other agents along the chain (generation, transmission, distribution
companies and the market administrator). The international trade of energy is operated in two ways: the international
transactions system that is a spot market with Ecuador and the interconnections with Venezuela that are managed by ISA.
There are two interconnections of 230kV (Circuitos –Cuestecitas-Cuatricentenario and Corozo-San Mateo) The daily average
of exports has reached levels of 2.5GWh since 2008.
- 16 -
II. Power Generation Overview
- 17 -
Power Generation Highlights
Performance
Power generation companies in Colombia had a difficult year in 2013 due to adverse weather conditions which resulted in volatile prices and
threatened the stability of the market. Hydropower was particularly affected by the bad weather. Meanwhile, electricity generator Celsia, a
subsidiary of holding firm Grupo Argos, posted better financial results through diversification of its sources (50% thermal and 50% hydropower) and
higher prices on the stock market.
Generation
The national transmission network transported 62,296.6 GWh of electricity in 2013. The effective capacity in 2013 was 14,559 MW up by 198 MW
compared to 2012 mainly due to the entry into operation of hydroelectric plants Amoya la Esperanza and Valencia Samper.
Energy Supply
The generated power in 2013, together with the 28.5 GWh imported from Ecuador during the year, satisfied the 60,890.3 GWh in domestic
demand.
Fuel Consumption
Fuel consumption by thermal power plants in Colombia rose by 42% in 2013. This growth was spurred by the 46% hike in thermal generation.
- 18 -
Power Demand
60,890
59,370
57,150
Installed Capacity by Technology Type (%)
56,148
54,679
53,870
52,853
50,813
48,829
47,017
Demand (GWh)
Gas 13.5%
Coal 6.8%
Hydraulic
64.0%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Jett1 0.3%
Wind 0.1%
Diesel 6.2%
Small
Hydraulic
3.8%
Number 6 fuel
oil 2.1%
Gas.Jett A1
1.8%
Small Thermal
0.5%
Cogenerators
0.5%
Comments
Energy demand in 2013 increased by 2.8%, slightly lower than the 3.8 growth rate registered in 2012. This slowdown was largely due to lower
consumption by traditional consumers such as oil, coal and cement, as well as the fall in public orders. The unfavourable weather conditions,
which brought hydropower generation and reserves to their lowest levels since 2000, also resulted in highly volatile energy prices.
Source: National Administrative Department of Statistics, XM Compañía de Expertos en Mercados S.A ESP
- 19 -
Electricity Imputs and Water Reserves
Cumulative Energy Inputs vs Monthly Average Values
Hydropower share in national power transmission network, December 2013
60,000
Central Region
25.6%
50,000
40,000
East Region
28.4%
30,000
20,000
Caribbean
Region 1.5%
10,000
0
Valle Region
2.8%
GWh Average Cumulative
Antioquia
Region 41.6%
GWh 2013 Cumulative
Comments
Due to adverse weather conditions, the cumulative energy contributions in 2013 fell by 9% from the previous year. The total hydropower reserves stored in
national reservoirs amounted to 10,495.1 GWh of electricity or 6.1% less than 2012.
- 20 -
Electricity Generation
Power Generation by Source (GWh) 2013
Power Generation by Company (GWh)
23%
Output (GWh)
21%
14,518
12,877
Thermal
27.1%
17%
11%
10,322
6%
5%
6,833
3,461 3,373
Hydraulic
67.3%
.Small and
Cogenerators
5.7%
Share
4%
3%
2,474 2,041
2%
2%
3%
1%
1%
1%
1%
1,317 1,078
680
506
445
428
1,843
Comments
Domestic power generation increased by 3.7% in 2013 to 62,196.6 GWh on the back of increased demand and exports to Venezuela and Ecuador.
Hydropower generation accounted for 67.3% of the total, compared to 74.9% in 2012. The most important power generators in 2013 were Empresas
Publicas de Medellin E.S.P., EMGESA, Isagen and GECELCA with a combined market share of 71.6%.
- 21 -
Electricity Demand and Consumption
Energy Monthly Demand Performance (GWh)
Energy consumption by economic activity in 2013(GWh)
8,304.2
5.03
5.03
5.03
4.81
4.63
5.11
5.21
5.16
5.03
4.73
4.96
5.03
5.20
5.10
5.09
5.03
5.25
5.07
5.09
4.98
5.18
5.03
4,201.2
4.89
2,605.8
4.61
2013
1,856.3
1,443.9
701.6
547.0
531.4
46.1
2012
Electricity production indicators
2006
2007
2008
2009
2010
2011
2012
2013
Real Cost of Energy, COP/KWh
25,3
27,8
28,3
30,8
28,5
30,5
33,52
35,02
Maximum Load per Hour, MW
8,762
9,093
9,079
9,290
8,946
8,917
9,504
9,383
Net Installed Capacity, MW
13,279
13,410
13,479
13,543
14,423
14,420
14,361
14,559
- 22 -
Other Energy Indicators
Real Cost of Energy (COP/KWh)
27.8
28.3
30.8
28.5
30.5
33.5
35.0
25.3
2006
2007
2008
2009
2010
2011
2012
2013
Maximum Power Demand (MW)
9,093
9,079
2007
2008
9,290
8,762
2006
2009
8,946
8,917
2010
2011
9,504
9,383
2012
2013
Net Installed Capacity MW
14,423
13,279
2006
13,410
2007
13,479
2008
14,361
14,559
13,543
2009
2010
14,420
- 23 -
2011
2012
2013
III. Power Generation by Type of Fuel
- 24 -
Fuels Consumption
Fuel Consumption of the Thermal Power Generation Plants GBTU
2011
2012
2013
Total Share 2013
Gas
71,359.4
75,576.4
98,224.6
64.8%
Coal
16,748.9
26,894.9
50,017.3
33.0%
Diesel
38.3
1,635.8
1,547.9
1.0%
1,589.0
2,326.0
1,757.8
1.2%
0.0
78.8
91.1
0.1%
89,735.6
106,511.9
151,638.8
100.0%
Fuel Oil No. 6
Jet fuel A1
Total consumption
Comments
Fuel consumption in Colombia rose by 42.4% in 2013, with a total consumption of 151,638.8 GBTU due to a 46% rise in thermal power
generation in 2013.
Source: UPME, National Administrative Department of Statistics
- 25 -
Coal Mining
Coal Production and Price
89.2
85.8
73.5
69.9
66.2
55.0
47.4
37.0
2006
2007
2008
85.5
74.3
72.8
73.2
52.5
43.1
2009
2010
Coal Production (mn tonnes)
2011
 Colombian coal production decreased by 3.7mn tonnes or
4% to 85.5mn tonnes in 2013. Two events seriously
affected the output during the year – a 32-day walkout of
workers at Colombia's largest coal exporter Cerrejon and
the suspension of loading cranes and barges for 23 days
due to a contamination of the Drummond port.
55.8
50.4
2012
2013
 Not all regions in the country registered a slowdown in
production. For example, the Boyaca region reported a
rise of 2.7 million tonnes, while the Cundinamarca region
produced 2.4 million tonnes more coal.
Coal Price (USD/tonne)
Exports and Imports of Coal
6,309
5,416,385
6,819
8,396,847
6,015,180
7,858
7,805,190
 As much as 94.3% of the coal production was bound for
exports while the remaining 5.7% went to the domestic
market mainly to the thermoelectric, cement and
metallurgical industries.
6,887,834
7,068
4,402
 Coal exports in value terms fell by 11.75% in 2013 mainly
as a result of the decline in international coal prices.
2009
2010
Coal Exports (USD thou)
2011
2012
2013
Coal Imports (USD thou)
Source: Ministry of Mining and Energy, UPME, Energy and Gas Regulatory Commision
- 26 -
Coal Mining (cont’d)
Coal FDI (USD mn)
3,025
2,926
2,546
2,250
2,157
1,798
1,783
1,246
507
524
466
 The share of mining sector (except oil), in total of FDI in
Colombia has averaged at 24.5% over the past decade,
reflecting the sector's economic importance and its
stability.
1,755
1,100
627
 The sector was, however, inevitably affected by the global
crisis and in particular by the significant drop in prices that
since 2011 went from 80 USD/tonne in 2011 to 54
USD/tonne in November 2013, affecting the product
environment and consequently mining FDI in Colombia.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Coal and Hydrocarbons Royalty Payments
Royalties 2004
Royalties 2012
COP bn
GDP %
Total Royalty %
COP bn
GDP %
Total Royalty %
2,585
0.8%
90.1%
8,500
1.3%
81.3%
Coal
285
0.1%
9.9%
1,958
0.3%
18.7%
Total
2,870
0.9%
100.0%
10,458
1.6%
100%
Hydrocarbons
 Royalties from the mining sector have been rising
considerably in the recent years, while in 2004, royalties
provided by this sector corresponded 9.9% of the total
royalties, in 2012 accounted 18.7%, almost twice. The
amount paid in royalties during same period increased
from 285 to 1,958 billion COP.
Source: Colombian Mining Information System (SIMCO), National Administrative Department of Statistics, Central Bank.
- 27 -
Gas Production
National Gas Production
1,188
1,179
1,134
1,040
2010
1,064
2011
 In 2013, natural gas production in Colombia increased by
4.5%, with over 47% of the output coming from the La
Guajira region.
2012
2013
 In December 2013, national demand increased by 3.4% to
1,038 GBTUD, compared with same month in 2012.
March 2014
Gas Production (GBTUD)
 According to Colombia's energy ministry, the proved gas
reserves in the Andean nation reached 5,727 GPC in
2012, a figure that should secure gas supply for the
country by 2026.
National Production and Reserves
8,460
7,277
4,384
319
2008
7,058
4,737
5,405
6,630
7,008
5,463
5,727
371
398
387
423
2009
2010
2011
2012
Resereves (GPC)
Proved Reserves (GPC)
 In 2012, a total of 131 exploratory draw-wells were drilled.
 Under a bilateral agreement, Colombia is expected to
start importing gas from Venezuela from the second half
of 2014.
Production (GPC)
Source: Ministry of Mining and Energy, National Association of Hydrocarbons
- 28 -
Gas Generation (cont’d)
Annual Average Demand (GBTUD)
Gas Annual Exports (million tonnes)
1,200
874
903
892
905
1,000
800
215
179
188
202
223.6
1,038
198
195.2
185.4
201.1
Regulated
(GBTUD)
600
400
695
715
690
707
823
200
Unregulated
(GBTUD)
Total
0
2009
2010
2011
2012
2013
2010
2011
2012
2013
Comments
Domestic gas demand in the 2009-2013 period increased by an annual average of 3.93% for the unregulated sector, which in the last year had a share of
79% in the total gas demand, and by 4.61% in the regulated market (21% market share).
Gas exports increased by 8.4% in 2013. Liquefied petroleum gas (LPG) has accounted for a significant part of Colombia's gas exports in recent years.
- 29 -
Hydropower Generation
Hydropower Generation
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Comments
In December 2013, electricity generation reached 5,323.3 GWh, of which 3,621.6 GWh came from hydropower plants or 68.03% of the total. Hydropower
plants had the largest share in the total installed capacity of power generation in the country, with 64.0% of the total 14,569.4 MW for the whole year. On the
other hand, water intake during 2013 saw a significant increase, passing from 75.06% in 2012 to 111.15% in 2013, allowing for an increase of 69% in the
volumes of water inflows in the domestic energy sector.
Source: UPME, XM Compañía de Expertos en Mercados S.A ESP
- 30 -
Hydropower Reserves
Reserves Level GWh
9,132
7,921
9,556
9,516
9,531
Aug-13
Sep-13
Oct-13
10,436
10,495
Nov-13
Dec-13
8,420
7,568
7,843
May-13
Jun-13
6,756
5,843
Jan-13
Feb-13
Mar-13
Apr-13
Jul-13
Comments
At the end of 2013, water reserves in the country were estimated at 10,495 GWh with a decrease of 6.1% y/y when the total reserves totalled 11,180 GWh,
a reduction that was the result of the low levels of hydropower intakes that during 2013 decreased by 9% due to adverse weather conditions. The lowest
reservoir level since 2004 was registered in April with 5,843 GWh, while in the second half of 2013 the levels recovered due to better weather conditions.
- 31 -
Renewable Energy
Colombian Renewable Energy Basket, April 2014
Small Thermal
11.5%
Small
Hydropower
77.3%
 As of April 2014, the net energy installed capacity in the
country stood at 14,665.05 MW, out of which renewable
energy accounted for 725.29 MW or 4.94%.
Bagasse
Cogenerator
9.1%
 Small hydropower plants accounted for 77.3% of the
capacity, followed by small thermal plants (11.5%) and
bagasse cogenerators (2.1%).
Wind Power
2.1%
Net Energy Capacity including Renewable Sources (MW)
Type
Effective Capacity
Hydropower
9,415
Thermal
4,521
Cogeneration Bagasse
66.30
Wind Power
18.42
Small Hydropower
560.98
Small Thermal
83.35
Total Net Effective Capacity
 The northern part of Colombia has the best potential to
generate wind energy where Empresas Publicas de
Medellin (EPM) has put the first wind farm into operation,
with 15 turbines, providing 19.5 MW.
 According to the Colombian government, based on recent
biomass production studies, 1.5 million tonnes of
sugarcane, and 450,000 tonnes of rice a year can be
utilised for biofuel.
14,665.05
Source: Ministry of Foreign Affairs, UPME, XM Compañía de Expertos en Mercados S.A ESP
- 32 -
Small Power Plants
Net Capacity Small Power Plants as of April 30 , 2014
Power Plants
Celsia S.A. E.S.P
Central Hidroelectrica de Caldas S.A. E.S.P
Central Termoelectrica El Morro 2 S.A.S. E.S.P.
Centrales Electricas de Nariño S.A. E.S.P.
Compañia de Electricidad de Tulua S.A. E.S.P.
Diceler S.A. E.S.P.
Electrificadora de Santander S.A. E.S.P.
Electrificadora del Huila S.A. E.S.P.
Emgesa S.A. E.S.P.
Empresa de Energia de Cundinamarca S.A. E.S.P.
Empresa de Energia de Pereira S.A. E.S.P.
Empresa de Energia del Pacifico S.A. E.S.P.
Empresa Multiproposito de Calarca S.A. E.S.P.
Empresa Municipal de Energia Electrica S.A. E.S.P.
Empresas Publicas de Medellin E.S.P.
Enerco S.A. E.S.P.
Energia del Rio Piedras S.A. E.S.P
Energia Renovable de ColombiaS.A. E.S.P.
Enervia S.A. E.S.P.
Generadora Colombiana de Electricidad S.A. E.S.P.
Generamos Energia S.A. E.S.P.
Generputumayo S.A.S. E.S.P.
Grupo Gelec S.A.S. E.S.P.
Isagen S.A. E.S.P.
La Cascada S.A.S. E.S.P.
Termopiedras S.A. E.S.P.
Termoyopal Generacion 2 S.A.S E.S.P.
Vatia S.A. E.S.P.
Total Small Power Plants
Capacity / Effective MW
39.80
24.22
59.70
27.13
14.19
1.25
18.0
11.14
75.09
9.60
8.50
53.30
2.0
4.50
132.04
18.42
2.30
7.29
2.28
4.03
0.38
0.75
0.47
1.48
19.90
61.10
3.75
19.90
40.24
662.75
Source: UPME
- 33 -
Type
Hydropower
Hydropower
Thermal
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Wind Power
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Hydropower
Thermal
Thermal
Hydropower
State
Antioquia
Caldas
Casanare
Nariño
Valle del Cauca
Tolima
Santander
Huila
Cundinamarca
Cundinamarca
Risaralda
Valle del Cauca
Quindio
Cauca
Antioquia
Antioquia
Antioquia
Antioquia
Quindio
Antioquia
Caldas
Antioquia
Putumayo
Cauca
Antioquia
Antioquia
Tolima
Casanare
Cauca
Power Generation SWOT Analysis
Strengths
Opportunities
• Main players such us Ecopetrol EPM and ISA which have
achieved high levels of regional presence, diversifying the
export market and generating new business in the power
sector.
• Building of new energy networks, development of
infrastructure projects and high international presence via
national power transmission network.
. Carrying out the expansion plan of power transmission networks
for the next 15 years, developed by the Ministry of Mines and
Energy and Mining Energy Planning Unit.
The plan features 16 projects worth USD 1.680mn, which would
result in building 3,000 km of power grids.
Power Sector
SWOT Analysis
• Low share of renewable energy.
• Attacks on the country's electricity infrastructure by guerrillas,
which both jeopardises energy supplies and drives away
potential foreign investors.
• Dissatisfied labour force, which leads to frequent stoppages
and security issues.
• Unfavourable weather conditions.
• Lack of security in regions far from urban centres.
Weaknesses
Threats
…
Source:
- 34 -
Power Transmission and Distribution
Power Transmission Losses
1.6%
2005
1.8%
1.9%
2.0%
1.5%
2006
2007
2008
2009
Source: UPME
- 35 -
1.7%
1.7%
1.8%
2010
2011
2012
106,986
106,378
107,050
107,273
107,557
107,259
105,939
105,330
104,005
103,744
102,699
103,325
103,893
104,979
105,161
104,644
103,989
103,892
104,846
105,253
102,832
103,931
102,873
103,628
Power Transmission Net Income (COPmm)
Power Transmission and Distribution (Cont´d)
Transmission Lines by Operator
Operator
Electrificadora del Caribe S.A. E.S.P.
International Colombia Resources Corporation
Transelca S.A. E.S.P.
Zona Franca Celsia S.A. E.S.P.
Central Hidroelectrica de Caldas S.A. E.S.P.
Centrales Electricas de Nariño S.A. E.S.P.
Centrales Electricas del Norte de Santander S.A. E.S.P.
Codensa S.A. E.S.P.
Compañia Energetica de Occidente S.A. E.S.P.
Compañia Energetica del Tolima S.A. E.S.P.
Electrificadora de Santander S.A. E.S.P.
Electrificadora de Caqueta S.A. E.S.P.
Electrificadora del Huila S.A. E.S.P.
Electrificadora de Meta S.A. E.S.P.
Empresa de Energia de Arauca E.S.P.
Empresa de Energia de Boyaca S.A. E.S.P.
Empresa de Energia de Casanare S.A. E.S.P.
Empresa de Energia de Cundinamarca S.A. E.S.P.
Empresa de Energia de Pereira S.A. E.S.P.
Empresa de Energia del Bajo Putumayo S.A. E.S.P.
Empresa de Energia del Pacifico S.A. E.S.P.
Empresa de Energia del Quindio S.A. E.S.P.
Empresa de Energia Electrica del Departamento del Guaviare S.A. E.S.P.
Empresa Distribuidora del Pacifico S.A.E.S.P.
Empresas Municipales de Cali E.I.C.E. E.S.P.
Inteercolombia S.A. E.S.P.
Termoyopal Generacion 2 S.A.S.E.S. P.
Distasa S.A.E.S.P.
Empresa de Energia de Bogota S.A. E.S.P.
TOTAL
Length (Km)
1,441.72
2,089.21
304.0
1,577.01
3.20
501.47
476.50
348.06
1,119.57
338.70
504.27
553.03
111.50
297.67
385.47
60.0
543.59
373.50
106.59
7.80
102.0
1,258.16
17.0
187.0
281.75
3.40
9,780.30
27.31
18.75
1,451.14
24,269.67
- 36 -
Length (%)
5.94%
8,61%
1.25%
6.50%
0.01%
2.07%
1.96%
1.43%
4.61%
1.40%
2.08%
2.28%
0.46%
1.23%
1.59%
0.25%
2.24%
1.54%
0.44%
0.03%
0.42%
5.18%
0.07%
0.77%
1.16%
0.01%
40.30%
0.11%
0.08%
5.98%
100%
IV. Power Exports
- 37 -
Energy Exports
Electricity Exports to Ecuador and Venezuela (GWh)
257
155
111
53 59 52
43
72
225
223
203
193
180
126
119
103
70
59
46
137
168
155
133
124
67
34 32 40
54 52 56 63 61
63
81
53
68
149
124
108
66
49 58
73
jan-10
Feb-10
Mar-10
apr-10
May-10
Jun-10
Jul-10
aug-10
Sep-10
Oct-10
Nov-10
dec-10
jan -11
Feb-11
Mar-11
apr-11
May-11
Jun-11
Jul-11
aug-11
Sep-11
Oct-11
Nov-11
dec-11
jan -12
Feb-12
Mar-12
apr-12
May-12
Jun-12
Jul-10
aug-12
Sep-12
Oct-12
Nov-12
dec-12
jan -13
Feb-13
Mar-13
apr-13
May-13
Jun-13
Jul-13
aug-13
Sep-13
Oct-13
Nov-13
dec-13
Dec-13
5 5 - 1
Comments
The total energy exports reached 149 GWh in December 2013. Exports to Ecuador in December 2013 grew by 1,317% compared to same month in 2012
due to adverse weather conditions in Ecuador that decreased its domestic power generation capacity.
- 38 -
Power Trade with Ecuador
Colombia and Ecuador Power Trade (MWh)
Energy Exports (MWh)
Energy Imports (MWh)
Exports (USD thou)
Imports (USD thou)
2013
662,343.7
28,502.4
78,442.1
1,682.5
2012
236,034.5
6,510.2
24,148.3
243.2
2011
1,294,591.8
8,218.5
92,995.8
231,3
2010
797,690.0
9,745.0
73,825.1
565.3
2009
1,076,725.6
20,764.1
107,751.0
1,118.5
2008
2007
509,782.2
876,602.3
37,533.3
38,392.6
35,908.4
66,269.4
2,309.4
1,336.0
2006
2005
1,608,628.9
1,757,882.9
1,070.4
16,028.8
127,104.5
151,733.7
50.0
509.8
2004
2003
1,681,088,1
1,144,521.6
34,974.3
67,202.7
135,109.1
80,309.2
738.0
2,334.7
Total
11,645,891.5
268,942.2
973,596.7
11,118.7
Comments
Since 2002, Colombia has exported 11,645,891.5 MWh of electricity to Ecuador worth a total of USD 973mn. In 2013, Colombian exports to Ecuador
reached 662,343.7 MWh, up by 236,034.5 MWh compared to the previous year.
- 39 -
Power Exchange and Trading
Wholesale Market Prices (COP/KWh)
600
500
400
300
200
100
0
National Exchange Price COP/KWh
Average Contracts Price COPKWh
Scarcity Price (COP)
Comments
In February 2014, energy stock prices stood at an average of 189.38 COP/KWh, higher by 4.71 COP/KWh compared to February 2012.
- 40 -
Power Exchange and Trading (cont'd)
Market Sales by Type (COPmn)
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
National Exchange Sales COP mn
Contract Sales COP mn
Total Exchange Purchases (COPmn)
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Source: UPME
- 41 -
V. Natural Gas Distribution
- 42 -
PNG in Colombia
Piped Natural Gas Status as of December 31, 2013
Company Name
Alcanos de Colombia
Empresa Integral de Servicios OP&S
ORECUE
EPM
ESPIGAS
G8 Proyectos Energeticos
Gas Natural Cundiboyacense
Gas Natural del Cesar
Gas Natural del Oriente
Gas Natual S.A.
Gases de la Guajira
Gases de Occidente
Gases del Caribe
Gases del Cusiana
Gases del Llano
Gases del Oriente
Ingenieria y Servicios
Medigas
Metrogas de Colombia
Nacional de Servicios Publicos Domiciliarios
Promotora de Servicios Publicos Domicialiarios
Servicios Publicos Ingeniaria y Gas
Surcolombiana de Gas
Surtidora de Gas del Caribe
Yavegas
Total
Domestic
consumers
533,959
1,413
1,056
744,621
2,005
305
254,829
57,494
238,872
1,804,091
77,753
852,472
705,713
42,760
144,964
88,035
4,028
21,990
92,075
2,337
13,076
1,798
23,060
568,430
673
6,277,809
Non-Domestic
consumers
5,512
14
30
13,206
63
8,218
385
7,464
46,482
1,677
12,234
10,783
1,558
4,097
115
47
438
505
43
17
54
5,519
118,461
Source: Superintendent of Public Utility Services
- 43 -
Total Invoiced
Total Invoiced
Domestic consumers (COP) Non-Domestic consumers (COP)
120,896,934,553
28,519,726,551
298,741,371
33,126,245
112,834,157
10,310,588
125,303,998,927
89,694,325,151
405,662,972
261,493,140
4.072.608
39,041,864,349
27,309,280,326
12,386,396,602
1,338,740,700
43,523,443,039
23,986,200,666
431,338,266,576
233,688,378,483
14,570,727,576
5,800,202,557
131,318,433,455
76,418,834,393
133,411,795,207
72,913,709,717
4,502,066,368
1,480,512,276
19,052,760,082
8,606,447,784
25,209,355,205
2,495,570,667
981,370,483
157,103,754
3,483,040,052
784,512,205
22,459,780,446
4,343,976,241
751,903,632
3.848.843.706
88,286,384
415,705,910
34,068,878
7,215,088,897
255,859,512
119,809,617,099
25,819,444,887
136,491,054
1,260,479,194,326
604,040,111,105
Natural Gas Coverage
Natural Gas Consumption by Electric Generation Plant (GBTUD)
Year
Termosierra
Termocentro
Termovalle
Merilectrica
Termoemcali Termodorada
2009
19.6
12.7
7.8
2.4
0.4
0.9
2010
21.8
12.7
8.2
0.7
0.1
0.5
2011
1.7
7.9
n/a
2.9
0.3
0.3
2012
14.0
9.4
2.9
3.5
0.6
0.5
2013
7.9
29.3
5.7
5.3
4.3
n/a
Number of Regions Covered by User Type
Year
Domestic
Commercial
Industrial
Total
2009
383
354
141
878
2010
401
365
142
908
2011
434
398
158
990
2012
481
435
163
1,079
2013
501
459
165
1,125
Source: Concentra Information System
- 44 -
Car Fuel
Gas Stations by Region
Region
Bogota
Valle del Cauca
Antioquia
Atlantico
Cundinamarca
Santander
Bolivar
Meta
Tolima
Risaralda
2009
145
101
70
69
22
22
25
21
23
20
2010
148
103
75
74
26
23
27
22
25
22
2011
154
106
79
78
29
27
28
26
26
22
2012
156
109
83
79
31
29
28
26
26
22
Cars Converted to Compressed Natural Gas
City
Bogota
Cali
Medellin
Barranquilla
Pereira
Manizales
Santa Marta
Armenia
Bucaramanga
Ibague
2009
6,694
2,674
1,648
1,853
715
520
392
443
1,093
690
2010
4,772
3,246
2,482
3,121
970
503
334
452
607
489
2011
11,239
5,292
5,096
4,672
1,795
1,555
325
664
560
733
Source: Superintendent of Public Utility Services
- 45 -
2012
13,305
4,738
3,913
1,863
2,124
1,729
671
850
716
1,022
2013
5,830
2,396
1,891
1,573
926
677
508
486
445
327
VI. Main Players
- 46 -
Ecopetrol S.A.
Financial Indicators (USD mn)
32,990
 Ecopetrol S.A. is the largest petroleum company in
Colombia. The company is also among the 35
largest petroleum companies in the world and among
the top four petroleum companies in Latin America.
Ecopetrol extracts petroleum, hydrocarbons and
natural gas and accounts for over 60% of the
national oil production. The company was founded in
1948. Ecopetrol is publicly traded and controlled by
the Ministry of Mines and Energy.
31,734
27,904
18,785
7,952
 In 2013, Ecopetrol S.A. made investments for USD
4.5 million primarily aimed at drilling activities,
especially in the Rubiales and Quifa fields, and
facilities construction, primarily in the Castilla and
Chichimene fields that comprised a total of 22 wells
explored in the year. The company’s investments
also included contributions to Reficar modernization
project, Barrancabermeja refinery and Bioenergy.
8,468
6,930
4,361
2010Y
2011Y
Total Operating Revenue
2012Y
 For 2014, Ecopetrol expects a Capex of USD 10.6bn
distributed as follows: USD 5.1bn for production,
USD 1.8bn for exploration, USD 2.1bn for refining
and USD 1.4bn for transportation.
2013Y
Net Profit (Loss)
Source: Company data
- 47 -
Ecopetrol S.A. (cont’d)
Return on Assets and Equity (%)
Capex Breakdown (USD9.5 billion for 2013)
Exploration
18%
33.59
28.08
24.15
20.10
19.31
16.07
10.76
9.90
2007
2008
2009
22.94
18.12
12.82
2010
ROA
Refining
18%
2011
ROE
14.88
2012
Transport
19%
18.60
11.71
Production
44%
2013
Other 1%
Ecopetrol in Figures
Type
EXPORTS
PRODUCTION
FUELS
TRANSPORT
RESERVES
Indicator
Volume (Kbdc)
Value (USDmn)
2009
302
5,825
2010
370
11,420
2011
493
16,062
2012
521
19,127
2013
540
18,879
520
426
68,990
99,730
616
482
72,940
100,580
724
569
74,500
109,000
754
591
76,974
110,746
788
612
80,401
114,406
Volumes of Oil Transported (Kbdc)
576,2
770,9
916,2
917,5
950,3
Refined Volumes Transported (Kbdc)
Oil and Gas (Mbpe)
Replacement Index (%)
223,3
1,538
351%
264,9
1,714
193%
289,0
1,857
164%
234,0
1,877
109%
237,0
1,972
139%
Oil and Gas Ecopetrol Property (Kbpde)
Total Oil (Kbpd)
Gas Sales (Bpd)
Diesel Sales (Bpd)
- 48 -
Interconexión Eléctrica S.A.
571
517
513
492
 Interconexion Electrica S.A. (ISA) is a Latin American
business group, whose activities include electricity
transmission, telecommunications transmission,
operation of roads concessions, intelligent
management of real-time systems and infrastructure
construction projects.
 Today, ISA has presence in eight countries through
33 companies and operates 40,630 km of highvoltage power lines and 75,960 MVA of
transformation capacity.
 In 2013, ISA added 1,900 MVA of transformation
capacity and about 270 km of power-lines to its
network with an investment of close to USD 300
million. The company plans to invest additional USD
3bn to expand its power grid by 5,000 km and
increase transformation capacity by 16,000 MVA.
 In the third quarter of 2013, ISA won a new
concession to design, finance, build, operate and
maintain the transmission line Mantaro-MarconaSocabaya-Montalvo of 500 kV and 920km and its
associated substations. It is the largest concession
won by ISA in the recent years.
225
173
180
2010Y
2011Y
154
2012Y
2013Y
Net Profit (Loss)
- 49 -
Interconexión Eléctrica S.A. (cont’d)
Electric Energy Business Unit Evolution (USD mn)
1,896
1,803
5.90
5.15
4.92
3.56
2007
3.23
2008
5.34
3.70
3.81
2009
2010
ROA
5.81
5.27
4.46
3.59
4.22
726
3.06
2011
ROE
2012
2011
2013
2012
Income
Colombian Shareholding
Country
COLOMBIA
PERU
EPM 10.2%
BOLIVIA
Ecopetrol
5.3%
EEB 1.7%
BRAZIL
Company
EBITDA
- 50 -
Operational
Circuit Km
Transformation MVA
ISA
TRANSELCA
REP
Transmantaro
ISA Peru
10,144
1,585
6,230
2,465
393
13,040
3,848
2,605
4,325
235
ISA Bolivia
CTEEP
IEMG
PINHEIROS
EVRECY
588
18,893
172
6
154
370
45,587
3,900
1,600
450
40,630
75,960
TOTAL
2013
Electric Infrastructure
Private
Investors
31.4%
The State
51.4%
1,390
1,354
1,322
Codensa S.A. E.S.P
 Codensa S.A. E.S.P. activities include distribution
and sales of electric energy and other utility-related
activities. The company was established in October
1997 as a joint venture of Empresa de Energia de
Bogota (EEB) and Grupo Endesa.
1,777
1,667
 Codensa is the main electricity distributor in the city
of Bogota. The company is currently managed by
Grupo Endesa, as part of the agreement signed
between this international group and the EEB in the
late nineties.
374
 Codensa has expressed interest in participating in
the privatization of electric companies across
Colombia and has created a unit, Inversora Codensa
S.A.S., for this purpose.
407
289
278
 In 2013, Codensa approved an investment budget of
USD 110.5mn aimed at covering local power
demand. Based on this investment budget, Codensa
is working on two new projects Nueva Esperanza
Substation with a high-voltage circuit of 459 MVA and
North Substation of 300 MVA, both in Bogota.
69
2010Y
2011Y
2012Y
2013Y
Net Profit (Loss)
- 51 -
Codensa S.A. E.S.P (cont’d)
16.1
17.0
Ownership Structure (%)
17.0
16.4
17.0
9.0
9.5
9.7
Chilectra S.A.
9.4%
14.1
7.6
2008
9.2
9.0
Empresa de
Energia de
Bogota S.A.
51.5%
2009
2010
ROA
2011
ROE
2012
Enersis S.A.
39.1%
Others 0,03%
2013
Power Purchases
Type
GWh
Regulated Market
Contracts
EMGESA
Other Suppliers
Stock Market Purchases
Non-Regulated Market
Contracts
EMGESA
Other Suppliers
Stock Market Purchases
Purchases
Stock Market Sales
Total Energy Purchases
8,769
7,995
4,131
3,854
773
240
221
105
116
19
9,008.29
22.62
8,985.67
- 52 -
COP mn
1,244,044
1,102,035
573,205
528,830
142,009
33,358
29,433
14,193
15,241
3,924
1,277,402
3,668
1,273,734
Empresas Publicas de Medellin E.S.P
 Empresas Publicas de Medellin E.S.P (EPM)
provides water and sewage services, power and gas
fuel distribution, fixed and mobile telephony and
other telecommunications services. EPM group is
comprised of 45 companies, including 20 in
Colombia and 25 in Central America and Caribbean,
South America, the USA and Spain.
3,070
2,847
2,529
2,351
 In December 2013, EPM approved and investment
program of COP 10.1bn, COP 2.5bn were allocated
to improving infrastructure and COP 1bn would be
transferred to the Municipio de Medellin for public
works investments. The remaining investment
resources would be allocated to different business
projects, including capitalization, production, sales
and others.
992
858
786
762
2010Y
2011Y
2012Y
 In 2013, EPM expanded its international coverage by
creating a new unit in Chile, EPM Chile S.A., and the
acquisition of Tecnologia Intercontinental S.A. de
C.V. through EPM’s Mexican subsidiary EPM Capital
Mexico S.A. de C.V.
2013Y
Net Profit (Loss)
- 53 -
Empresas Publicas de Medellin E.S.P (cont’d)
9.01
1,976
9.59
8.96
7.22
7.16
EBITDA (USD mn)
7.19
7.90
5.55
7.64
5.33
8.25
7.43
5.87
1,262
5.19
2008
2009
2010
ROA
2011
ROE
2012
1,463
2013
2007
2008
2009
EBITDA Breakdown (%)
2010
2011
2012
2013
EPM Ratios
TYPE
Hodropower
9%
Energy 74%
Telecom 17%
2,029
888
677
2007
2,119
- 54 -
EPM Group 2012
EPM Group 2013
EBITDA Margin
30%
29%
Net Margin
13%
13%
Net Debt
37%
40%
Financial Debt
22%
24%
EBITDA / Financial Expenses
6.52
6.91
Financial Debt / EBITDA
2.02
2.43
Emgesa S.A. E.S.P.
 Emgesa S.A. E.S.P activities include generation
include generation and sales of electric energy. The
company owns ten hydropower plants and two
thermal plants. Emgesa was established in October
1997 as a joint venture of Empresa de Energia de
Bogota (EEB) and Capital Energia, a unit of Endesa
International.
1,244
1,213
978
 In 2013, Emgesa’s sales on the non-regulated
market marked an increase of 3.4% compared to
2012, mainly due to a contract with Ecopetrol S.A.
The contract with Ecopetrol will be valid for five years
from 2013 to 2018, with total energy consumption
estimated at 5,613 GWh during the contract period.
452
443
344
 Emgesa is currently building the El Quimbo
hydroelectric power project, a plant with installed
capacity of 400MW that is expected to generate
2,216 GWh per year. The construction is scheduled
to be completed in 2014 with an estimated
investment budget of USD 837mn. The power plant
is located in the Huila department and will use water
from the Suaza and Magdalena rivers.
238
81
2010Y
2011Y
2012Y
2013Y
Net Profit (Loss)
- 55 -
Emgesa S.A. E.S.P. (cont’d)
12.27
9.06
7.87
7.18
5.29
8.08
6.58
5.64
Ownership Structure (%)
13.69
Endesa Chile
26.9%
14.99
8.89
8.57
Empresa de
Energia de
Bogota S.A.
51.5%
3.03
2.00
2007
2008
2009
2010
ROA
2011
ROE
2012
Enersis 21.6%
2013
Power Purchases (GWh)
Power Generation by Power Plant
Power Plant
574
379
204
135
2010
2011
2012
2013
GWh
GUAVIO
42,4%
5,403.9
PAGUA
33,1%
4,222.1
BETANIA
15,2%
1,932.4
SMALL Power Plants
1,8%
225.5
TERMOZIPA
6,8%
872.6
CARTAGENA
0,7%
91.1
100.0%
12,747.6
Total
%
- 56 -
Contact:
Corporate Headquarters
Nestor House
Playhouse Yard
London EC4V 5EX
UK
Voice: +44 207 779 8471
Fax: +44 207 779 8224
Asia Headquarters
Eucharistic Congress Bldg. No.
III
4th Floor, 5 Convent Street
Mumbai 400 001
India
Voice: +91 22 22881123
Fax: +91 22 22881137
Americas Headquarters
225 Park Avenue South
New York, New York 10003
US
Voice: +1 212 610 2900
Fax: +1 212 610 2950
Disclaimer:
The material is based on sources which we believe are reliable, but no warranty, either expressed or implied, is provided in relation to the accuracy or completeness
of the information. The views expressed are our best judgment as of the date of issue and are subject to change without notice. EMIS and Euromoney Institutional
Investor PLC take no responsibility for decisions made on the basis of these opinions.
Any redistribution of this information is strictly prohibited. Copyright © 2014 EMIS, all rights reserved. A Euromoney Institutional Investor company.
About EMIS Insight
EMIS Insight is a unit of EMIS that produces proprietary strategic research and analysis. The service features market overviews, industry trend analysis, legislation
and profiles of the leading sector companies provided by locally-based analysts.
About EMIS
Founded in 1994, EMIS (formerly known as ISI Emerging Markets) was acquired by Euromoney Institutional Investor PLC in 1999. EMIS works from over 15 offices
around the world to deliver electronic information products, by subscription, to institutional customers globally. EMIS provides hard-to-get information covering more
than 100 emerging markets. Its flagship products are EMIS Intelligence and EMIS Professional.
EMIS clients include top investment banks, corporations, law firms, consultants, investment and insurance companies, universities and libraries, multilateral
organizations, and others.
- 57 -
Contact:
Corporate Headquarters
Nestor House
Playhouse Yard
London EC4V 5EX
UK
Voice: +44 207 779 8471
Fax: +44 207 779 8224
Asia Headquarters
Eucharistic Congress Bldg. No.
III
4th Floor, 5 Convent Street
Mumbai 400 001
India
Voice: +91 22 22881123
Fax: +91 22 22881137
Americas Headquarters
225 Park Avenue South
New York, New York 10003
US
Voice: +1 212 610 2900
Fax: +1 212 610 2950
Disclaimer:
The material is based on sources which we believe are reliable, but no warranty, either expressed or implied, is provided in relation to the accuracy or completeness
of the information. The views expressed are our best judgment as of the date of issue and are subject to change without notice. EMIS and Euromoney Institutional
Investor PLC take no responsibility for decisions made on the basis of these opinions.
Any redistribution of this information is strictly prohibited. Copyright © 2014 EMIS, all rights reserved. A Euromoney Institutional Investor company.
About EMIS Insight
EMIS Insight is a unit of EMIS that produces proprietary strategic research and analysis. The service features market overviews, industry trend analysis, legislation
and profiles of the leading sector companies provided by locally-based analysts.
About EMIS
Founded in 1994, EMIS (formerly known as ISI Emerging Markets) was acquired by Euromoney Institutional Investor PLC in 1999. EMIS works from over 15 offices
around the world to deliver electronic information products, by subscription, to institutional customers globally. EMIS provides hard-to-get information covering more
than 100 emerging markets. Its flagship products are EMIS Intelligence and EMIS Professional.
EMIS clients include top investment banks, corporations, law firms, consultants, investment and insurance companies, universities and libraries, multilateral
organizations, and others.
- 58 -

Power Sector Colombia

Transcription

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