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Colombia

With a power score of 2.35, Colombia ranks number 8 among emerging markets and number 21 in the global power ranking.

  • Emerging markets
  • Latin America

2.35 / 5

Power score


-6 places

Global power rank change


2021
2022
2023
35
15
21

Overview

Colombia has a power score of 2.35, which puts it at rank 21 in the global power ranking, and rank 8 in the emerging markets power ranking. In comparison to 2021, Colombia has improved in the power rankings by 14 places, from rank 35, to rank 21.

At 2.35, the power score of Colombia is better than the regional average of 1.81 in the Latin America region.

Regional power score comparison

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Colombia

Power

Power policy

Colombia implements policies in 4/6 power policy categories tracked by Climatescope, including Renewable energy target, Renewable energy auction, Feed-in Tariff, Net Metering, Import tax incentives, VAT incentives.

Power policies

Renewable energy target
Renewable energy auction
Feed-in Tariff
Net Metering
Import tax incentives
VAT incentives

Power prices and costs

The average electricity price in Colombia has increased from 135.48 USD/MWh in 2021 to 145.87 USD/MWh in 2022. Since 2017, the average electricity price in Colombia has fluctuated between 118.18 USD/MWh (2017) and 145.87 USD/MWh (2022).

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Power market

The top amount of capacity installed in Colombia in 2022 was in Large Hydro at 60.51%, down from 61.11% in 2021. The technology with the biggest increase in capacity installed in 2022 was Solar PV at 2.67%, up from 1.87 in 2021.

Installed capacity (in MW)

2014201620182020202205K10K15K20K MW

Electricity generation (in GWh)

20142016201820202022020K40K60K80K GWh

The largest electricity generating technology in Colombia in 2022 was Large Hydro, generating some 76.19% of electricity, up from 73.84% in 2021.

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Investment in clean energy in Colombia was around $1178.4 million in 2022, an increase of 23.66% from 2021 ($952.95 million). Between 2017 and 2022, the highest investment in clean energy was in 2022 at $1178.4 million, while the lowest was in 2017 with $29.91 million.

Utility privatisation

Which segments of the power sector are open to private participation?

Generation: Yes
Transmission: Yes
Retail: Yes

Type

Question

Availability

Wholesale power market

Does the country have a wholesale power market?

Yes

Doing business and barriers

Type

Question

Availability

Currency of PPAs

Are other PPAs (eg. corporate PPAs) signed in or indexed to U.S. Dollars or Euro?

No

Type

Question

Availability

Bilateral power contracts

Can a C&I (Commercial and Industrial) customer sign a long-term contract (PPA) for clean energy?

Yes

Type

Question

Availability

Fossil fuel price distortions - Subsidies

Does the government keep the wholesale price of electricity from fossil fuels artificially low through subsidies?

No

Type

Question

Availability

Fossil fuel price distortions - Taxes and carbon prices

Does the government significantly increase the wholesale price of electricity from fossil fuel through targeted taxes and/or carbon prices?

Yes

Transport

Transport policy

Colombia implements policies in 7/9 transport policy categories tracked by Climatescope, including Clean transport target, National ICE phase-out, EV purchase grant/loan incentive, EV VAT reduction/exemption, EV import tax reduction/exemption, EV income tax reduction/exemption, EV recurring tax reduction/exemption, EV charging infrastructure target, E-bus target.

Transport policies

Clean transport target
National ICE phase-out
EV purchase grant/loan incentive
EV VAT reduction/exemption
EV import tax reduction/exemption
EV income tax reduction/exemption
EV recurring tax reduction/exemption
EV charging infrastructure target
E-bus target

Type

Question

Availability

Fuel economy standards

Does the country have a fuel economy standard in place?

Yes
Climatescope 2023 print report cover

Power Transition Factbook

This marks the 12th anniversary of Climatescope, BNEF’s annual assessment of energy transition opportunities. In recent years, the project has been expanded to include activity not just in clean power, but also in the decarbonization of transportation and buildings.

Download report

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