Wednesday, November 21, 2018

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Medellin’s “Metro” public transit agency announced July 9 that Wall Street bond rater Fitch just upgraded Metro’s long-term debt rating to “AAA (col)” from “AA + (col)” while the short-term rating remains at a relatively strong “F1 + (col).”

“In both cases, these are the highest ratings that [Fitch] gives to Colombian companies,” according to Metro, which operates a mainly electric-powered railcar, aerial-tram and surface-tram system, as well as a natural-gas-fueled bus rapid transit (BRT) system in the Medellin metropolitan area.

The ratings indicate that “Medellín Metro has been characterized by solid management and administration,” supported by “income legitimacy, operational risk, financial profile and asymmetric added risk,” according to the agency.

“In the case of the long-term rating, Fitch Ratings raised the rating to 'AAA (col)' from 'AA + (col)' with a stable outlook, which is assigned to issuers or obligations with the lowest expectation of default risk in relation to all other issuers or obligations in the same country. The outlook indicates that it is unlikely that the rating will change in a period of between one and two years.

“In the case of the short-term rating, Fitch affirmed the 'F1 + (col)' rating it had given in its previous review, also with a stable outlook, which is assigned to the lowest default risk in relation to others in the same country. When a + sign is added, as in the case of the Medellín Metro, this indicates that the liquidity profile is particularly strong.

“The legitimacy of revenues refers to the capacity to increase them and the competitive position in the sector, a factor that was considered strong due to the existence of a strategic objective that establishes that by 2020, 10% of revenues must come from different sources to the rate.

“Operational risk is considered as a factor in the medium range because Metro adequately identifies its costs, which allows it to have a certain degree of flexibility for [containing] them.

“Regarding the financial profile, this is considered as a strong range since the EBITDA [earnings before interest, taxes, depreciation and amortization] generation is robust and its margins, although they show the start-up of greater services, remain relatively stable. Likewise, the liquidity position is good due to the existence of adequate levels of cash and liquid investments of free destination. Finally, Fitch highlights the conservative management of investment portfolios, which have a low risk profile,” Metro added.


A new report from the United Nations Economic Commission for Latin America and the Caribbean (CEPAL) finds that foreign direct investment (FDI) in Colombia grew by a relatively modest 0.5% year-on-year in 2017, whereas FDI in Latin America actually fell 3.6% region-wide.

According to the report (see: https://www.cepal.org/es/comunicados/inversion-extranjera-directa-america-latina-caribe-cae-tercer-ano-consecutivo-2017-llega), “FDI inflows into Colombia reached US$13.924 billion in 2017, up 0.5% on 2016 levels and close to those recorded between 2011 and 2014.

“Reinvested earnings increased significantly for the year, especially in the fourth quarter, reflecting the increase in the price of oil, as well as the overall improvement of the economy in the second half of the year.”

Transport and telecommunications sectors were the biggest FDI recipients in 2017, at US$3.136 billion, “matching investment flows to the oil sector (US$3.135 billion), traditionally the largest recipient of FDI in Colombia,” according to the report.

Following the crash in global oil prices starting in 2014, “between 2011 and 2014, the oil sector [in Colombia] recieved over US$5 billion annually, but these [FDI] inflows halved in 2015 and 2016,” the CEPAL report noted.

In contrast, Colombia's oil-and-gas FDI rise seen in 2017 and in the first months of 2018 “reflects the pick-up in investment resulting from the increase in [oil] prices,” according to the report.

Colombia’s mining sector also benefited from a global rebound in prices for basic materials, as 2017 mining FDI rose to US$953 million. “FDI in the manufacturing sector also increased, almost reaching its highest level in the past 10 years, at US$2.523 billion,” the report added.

Following a trend of recent years, Spain was the biggest single source of FDI to Colombia, at US$2.616 billion, with the United States a close second, at US$2.121 billion.

“Mexico was the third largest investor [to Colombia] in 2017 with FDI totaling US$1.717 billion, including an investment by Grupo Salinas, which injected an additional US$100 million into its fiber-optic infrastructure subsidiary, Azteca Comunicaciones Colombia,” according to the report.

“Investments from Spain and Mexico increased owing to the recapitalization of the [telecom] subsidiaries of Telefónica and Claro, after a Colombian court ordered the companies to pay the Colombian government US$500 million and US$1 billion [respectively] in compensation for contractual infringements in the framework of the concessions awarded to them in 1994,” the report added.

In contrast to the positive signs for Colombia, 2017 FDI actually declined 9.7% year-on-year in Brazil and 8.8% in Mexico, while Chile saw FDI plunge 48% and Peru dipped 1.4%.

Commenting on the CEPAL report, Maria Lorena Gutierrez, Colombia’s Minister of Trade, Industry and Tourism, stated: “Colombia is a stable country. We have instruments that attract investors such as investment agreements, free zones and double-taxation [avoidance] agreements.

“But the prospects are even better. The peace agreement [between the government and the FARC terrorist group] and the entry of Colombia into the Organization for Economic Cooperation and Development are aspects that make the country even more attractive,” she added.


Medellin-based national electric-power grid operator and wholesale trading center XM announced July 5 the debut of an ultra-high-tech control center that will help maintain and improve power reliability and rationality for all Colombia.

According to XM, the new control center is “the most modern of [all] America, with technological platforms of latest generation, ensuring that during [at least] the next 12 years [we can meet] the challenges of the operation and integrated control of the resources of the Sistema Interconectado Nacional [SIN, the national power grid.]”

The new control center also includes two high-tech training rooms that “allow [trainees] to simulate in real time the operation of the entire SIN in a controlled environment,” according to XM.

“We monitor and control around 26,000 electrical variables measured throughout the depth and width of the national geography, employing multi-site technology for the continuous operation and phase measurement as well as maximum observability of the network, identifying [power-disruption] phenomena impossible to detect with traditional technologies,” according to the company.

XM’s system coordinates 66.89 terawatt-hours/year of power production and dispatch, involving more than 55,000 coordinated power moves annually by 112 players in the Colombian power market, including 74 power generators, 60 centrally-dispatched plants, 146 non-centrally-dispatched plants, 16 power transmitters, 32 power wholesalers, 26,000 kilometers of 110-kilovolt power lines, 249 power substations and the power interconnection with Ecuador.

“The new control center of the National Dispatch System will have two updates of hardware and software every four years, which will guarantee the latest available versions and will ensure the best technology to meet the challenges of the operation, maintainance and integrated control of the SIN until 2030,” XM added.

“The global electricity industry is facing one of its biggest changes [in history] and Colombia is not immune to this reality,” said XM general manager María Nohemi Arboleda.

“For this reason it is essential to have very strong institutions that incorporate new elements and actors in the most appropriate and harmonious ways possible. At XM we have been developing initiatives and projects for several years that point in that direction -- and the new control center that we are inaugurating today is proof of this,” Arboleda added.


Medellin’s Plaza Mayor convention center today announced that the ninth annual “Expoartesano” show (June 29 through July 8) broke all sales and attendance records, an encouraging signal for growth in demand for native crafts and goods.

During the 10-day event, "Expoartesano" drew 39,879 visitors, who spent a total of COP$4.08 billion (US$1.4 million) at the 430 exhibition stands, featuring 122 native artisans from 21 ethnic groups as well as 68 other traditional Colombian crafts vendors, according to show organizers Artesanias de Colombia.

“Through this type of events, the aim is to turn artisanal activity into a sustainable way of life for the thousands of artisans in Colombia.,” according to the organizer.

“Since its inception, Exporartesano -- in a strategic alliance between Artesanías de Colombia and Plaza Mayor Medellín -- has fostered the circulation and qualification of the national artisan offer, promoting, developing and boosting business, through an event that brings together different expressions every year of the artisan culture and that over the years has become a cultural movement in the capital of Antioquia,” according to the group.

‘Colombia Canta y Encanta’

Meanwhile, the 16th annual “Colombia Canta y Encanta" festival July 12 through 15 will feature 33 traditional song-and-dance artists from Boyacá, Cundinamarca, Nariño, Santander, Tolima, Valle del Cauca and Antioquia, according to show organizers.

“All members of ‘Colombia Canta’ are true stars for their talent, however, some of them have achieved greater recognition for their participation in programs that are broadcast on national television channels,” according to the group, which promotes development of young talent.

Besides live public performances, the festival also will include special workshops for local schools, bringing “recognized masters of Colombian music” as well as a class in orchestra conducting.

Among the participants: 15-year-old Esmeralda Gil Cano, who first gained fame four years ago in the Colombian national TV talent show “La Voz Kids,” and 14-year-old Michael Uribe Alzate, who at seven-years-old made a sensational debut on the “X Factor” TV talent show.

The full program of “Colombia Canta” is available at this web site: www.colombiacanta.org.

 

 


Colombia’s national development agency (Financiera de Desarrollo Nacional, FDN) announced June 27 that it approved another COP$600 billion (US$204 million) in debt finance for the crucial “Mar 1” highway project linking Medellin to current and future Atlantic ports in Antioquia and indirectly to the Pacific port of Buenaventura.

The latest debt approval means that definitive financial close on the project is expected around September 2018, according to FDN. The new senior debt credit carries a term of up to 18 years, the agency added.

“The financing of the project comprises a structure with three tranches, two tranches in pesos -- one in pesos and one in UVR [inflation-adjusted pesos] -- and one tranche in U.S. dollars,” according to FDN.

“Thus, the total debt of the project amounts to COP2.04 trillion [US$693 million], of which COP1.48 trillion [US$502 million] is structured in pesos and COP$560 billion [US$190 million] are denominated in dollars. With this loan, the total participation of the FDN represents 29.5% of the total debt of the project,” according to the agency

The project consists of upgrading and operating the existing highway between Santa Fe de Antioquia and Bolombolo (71 kilometers), constructing and operating a new divided highway between Medellin and Santa Fe de Antioquia (43 kilometers), construction and operation of a parallel tunnel to the existing “Tunel al Occidente” west of Medellin (4.6 kilometers) and the construction of 39 bridges, according to FDN.

The project also will connect with three other “fourth generation” (4G) highway projects including “Mar 2” and “Conexión Pacífico 2,” the latter of which would drastically improve freight traffic between Medellin and the Pacific port of Buenaventura.

Partners in the “Mar 1” project including Austrian construction company Strabag (Strabag AG Switzerland (37%), Strabag SAS (0.5%) and Strabag AG Austria; Sacyr (Sacyr Concesiones Colombia (37.5%) and Sacyr Concesiones Participadas SL; and the Colombian company Concay, SA (25%).


Cemex Colombia – a subsidiary of Mexican multinational cement producer Cemex Inc. and Cemex LatAm Holdings – announced June 22 that it failed in its final appeal over a cement price-fixing charge brought by Colombia’s Superintendencia de Industria y Comercio (SIC).
 
The company will pay a COP$923 million (US$316,476) fine as a result of the final ruling by Colombia’s Council of State (Consejo de Estado), which also upheld fines against alleged co-conspirators including Medellin-based Argos (which has denied the charges) and Bogota-based Holcim Colombia (a division of Swiss-based LafargeHolcim).
 
According to Cemex Colombia's June 22 filing with Colombia’s Superintendencia Financiera (Superfinanciera), the price-fixing was alleged to have occurred between May and December of 2005. However, the latest Council of State ruling doesn’t cover separate SIC allegations of price-fixing between 2010 and 2012 -- charges which Cemex continues to dispute in separate proceedings.
 
Maceo, Antioquia Scandal Continues
 
On another front, Colombia’s Attorney General (Fiscal General) announced June 12 that it has brought criminal charges against Édgar Ramírez Martínez (former Cemex Colombia vice president of planning) and Camilo González Téllez (former Cemex Colombia vice president legal affairs) over the Maceo, Antioquia, cement-plant land-acquisition scandal (see Medellin Herald 02/09/2018).
 
Ramirez and Gonzalez both faces charges of illegal enrichment as well as “unfair administration” over allegedly illegal acquisition of lands around the mostly complete, US$420 million Maceo cement plant, which hasn’t started-up and remains in legal limbo pending operating-permit approvals.
 
The Attorney General also brought illegal-enrichment and money-laundering charges against Eugenio Correa Díaz, the legal representative of “C.I. Calizas SA,” which is alleged to have illegally sold land to Cemex for the Maceo plant.
 
The lands originally held by C.I. Calizas had been subject to another legal proceeding (“extinction de dominio”) over non-payment of Colombian taxes on allegedly phony exports of auto parts by former C.I. Calizas owner Jose Aldemar Moncada, who was assassinated two years ago.

According to the Attorney General, Ramirez, González and Correa “advanced negotiations to acquire several assets” of C.I. Calizas -- including lands that supposedly should have been in control of Colombia’s tax authorities because of the earlier tax-evasion charges against Moncada.
 
“According to the investigation, the executives of Cemex and Eugenio Correa were aware of this situation and despite this they insisted on the negotiation, under which the cement company would have disbursed more than COP$40 billion [US$13.7 million], money that went into the personal accounts of Correa Díaz, and from which apparently one part was used to pay obligations of José Aldemar Moncada, while the rest was converted into cash without having entered a single peso into C.I. Calizas S.A.,” the Attorney General charges.
 
Cemex LatAm Holdings earlier brought details of this situation to the attention of the Attorney General, as the alleged scheme “caused serious damage to property and reputation, both to the company and its shareholders,” according to the Attorney General.

Medellin’s business promotion agency ACI (Agencia de Cooperacion e Inversion de Medellin y el Area Metropolitana) and Netherlands-based Sana Commerce jointly announced June 21 the launch of Sana’s e-commerce consulting business at the high-tech “Ruta N” business center here.

Attending the launch was Netherlands Ambassador to Colombia JJ Roodenburg as well as Sana Commerce director Cas Nieskens.

According to the company, over the past 10 years, Sana has developed e-commerce strategies based upon enterprise resource planning (ERP), tapping the Microsoft Dynamics systems, applications and products (SAP) software.

Besides the new office in Medellín – targeting customers throughout Latin America -- Sana also has branches in the Netherlands, USA, UK, Sri Lanka, Ukraine, Germany, Austria and Australia, according to the company.

“The city of Medellín was chosen as the location for our newest office for its emphasis on IT [information technology] and engineering education, startup environments and entrepreneurship, as well as for its supportive government and favorable business environment,” Nieskens added.

Medellin’s northern South America location and time-zone “allows Sana Commerce to efficiently deliver technical solutions to a rapidly growing number of customers across the Americas,” the company added.

“Our e-commerce solution leverages existing business logic and data in powerful and user-friendly web stores. This lets our clients focus on improving customer experience, streamlining sales processes, and increasing sales volume and frequency.”

The company touts having developed more than 1,200 “web stores” worldwide, with support services including “online marketing, Search Engine Optimization (SEO) advice, hosting, design and online payment providers.”

“We would like to extend our gratitude to the Colombian government, and in particular to the ACI, ProColombia, the Dutch Embassy and the Holland House for their support in our research and start-up phase,” added Sana chief operating officer Tim Beyer.


In a June 20 press conference, Medellin-based multinational electric power giant EPM announced that it now foresees the likelihood of overcoming the current engineering crisis at its US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project in Antioquia by around October 2018.

What's more, EPM revealed in a separate filing June 18 that Hidroituango construction would be completed by around 2021 -- possibly a year later than initially planned --  assuming that current engineering and geology challenges facing the dam and tunnel works are overcome.

EPM general manager Jorge Londoño de la Cuesta explained that thanks to falling water levels in the Cauca River, EPM probably can move in the next months to close permanently the right diversion tunnel that had collapsed and burst last month, forcing EPM to redirect Cauca River waters temporarily through the dam's machine house. 

Since EPM is likely to have completed raising and reinforcing the dam to at least 418 meters above sea level over the coming weeks, it's now become possible to forecast closing another crucial tunnel -- that is, the tunnel to the machine room -- hence enabling Cauca River waters to flow safely over the engineered spillway at 401 meters above sea level, rather than through problematic tunnels. 

Bottom line: The currently evacutated downstream populations in Puerto Valdivia could return to their homes, probably around October -- meaning the crisis is nearly over.

In the filing (see: https://www.superfinanciera.gov.co/publicacion/informacion-relevante-61446, listing under "Empresas Publicas de Medellin ESP,"), EPM points out that “until today [June 18] the technical information available allows us to estimate that the main structures of the Ituango hydroelectric project -- dam, landfill and powerhouse -- have not been significantly affected, so the completion of the project is considered viable, which we believe could be carried out within an estimated period of three years. But there is still uncertainty due to the fact that several of the activities necessary to achieve this objective are in the process of definition and design.”

According to the filing, EPM is working with “specialists, contractors and a panel of national and international experts in regaining control of the project with actions that include reaching the 418 [meters above sea level] of the dam, plugging the right [Cauca River water] diversion tunnel, covering the auxiliary diversion system and closing the flow of water through machine house.

“In this process, the company has been accompanied by world authorities in fields of knowledge such as: construction aspects, hydraulics, geology, geotechnics, risk management and emergency response,” according to the filing.

Despite the current challenges, EPM so far this year has delivered earnings before interest, taxes, depreciation and amortization (EBITDA) of COP$1.7 trillion (US$580 million), up 10% year-on-year, according to the filing. EPM is 100% owned by the city of Medellin, which gets about 25% of its annual revenues from the utility.

What’s more, the company expects that full-year 2018 EBITDA will come-in at around COP$5 billion (US$1.7 billion), according to EPM.

In addition, EPM can tap US$1.3 billion in credit lines from major international financiers including the Inter-American Development Bank, IDB Invest, CAF and BNDES, according to the company.

Furthermore, EPM has decided to cut 2018 expenditures by around COP$300 billion (US$102 million) in order to help offset future losses expected by delays in electricity sales from Hidroituango, as well as to cover associated extra costs for food, shelter, water, sanitation, utilities, transport, health-care and new infrastructure for affected downstream populations during the temporary crisis.

What’s more, the company has identified a further COP$2 trillion (US$681 million) in possible postponements of planned investments, in order to compensate for future delays in earnings from Hidroituango, according to the filing.

If necessary, EPM also could tap sales of certain assets from its COP$48 trillion [US$16 billion] portfolio, including assets in affiliates worth more than COP$9 trillion (US$3 billion), according to the company.

Thanks to continuing construction of the dam – now at 415 meters above sea level -- and with the engineered spillway now complete, the dam could withstand a Cauca River flood-flow of 6,000 meters per second, a rate that is calculated to occur about once every 500 years, according to the company.

“In this priority landfill [that is, the accelerated raising of the dam-height to 415 meters], the same materials were also used in the construction of the [pre-emergency dam works] up until the moment of the [diversion-tunnel collapse and later tunnel rupture] on April 28, when the dam elevation was 385.8 meters above sea level. These materials comply with national and international standards in terms of impermeability, filters and transitions for this type of works,” according to the filing.

“After reaching the [current] level 415 meters above sea level, the works are now focused on raising the dam to 418 meters above sea level and reinforcing the priority landfill. This with the purpose of turning [the priority section landfill] into a definitive dam for the project and reaching a final elevation of 435 meters above sea level.

“To have greater control over any contingency, a monitoring center was established that operates seven days a week, 24 hours a day, 365 days a year, where it is possible to observe that for [the last] 10 days the behavior of the monitored indicators (flow, dam and landslides) show a normal and stable performance,” EPM added.

Beyond all these financial and engineering safety measures, EPM also has a US$2.55 billion insurance policy covering infrastructure and equipment damage (with a US$1 million deductible), and a loss-of-electricity-sales policy (because of delays in entry-into-operations beyond 90 days) of US$628 million, the company added.

That policy is underwritten by global insurance giant Maxseguros, while EPM’s own (proprietary) insurance company isn’t affected, according to the company.


By 54% to 42%, moderate conservative Ivan Duque handily defeated socialist-populist Gustavo Petro in the final round of Colombia’s presidential voting June 17, with Medellin and Antioquia providing most of the margin of victory.

Both Medellin and Antioquia massively delivered 72% of their votes for Duque compared to only 22% for Petro, while Duque also won majorities in 24 of Colombia’s 32 departments.

Petro won 54% of the vote in Bogota, where he once held the Mayor’s office.

Duque’s vice-presidential running mate -- veteran Conservative Party politician Marta Lucia Ramirez -- now becomes Colombia’s first-ever female Vice President.

In an attempt to broaden his appeal to more-moderate voters, former M-19 guerrilla Petro spent the past several weeks trying to whitewash his socialist-populist past including issuance of a feeble statement calling for a repeat of elections in the socialist dictatorship of neighboring Venezuela, whose leaders and governments he has publicly defended.

During the presidential campaign, Petro also issued a veiled threat -- disguised as an “invitation” -- that suggested he would expropriate the sugar-cane processing operations of Medellin-based Carlos Ardila Lulle, owner of the mainstream RCN radio and television news network. Such a threat carries frightening consequences, as Venezuela's government has similarly expropriated and destroyed nearly the entire private sector in that country, triggering a near-total collapse of the economy and forcing millions to flee the resulting starvation and a massive surge of street violence.

RCN’s “NTN24” international broadcast network was thrown out of Venezuela for vigorous and continuing exposes of that government’s massive corruption, its collusion with Colombian narco-terrorist communist groups including FARC and ELN, its repression of free speech, free press, free markets and Venezuela’s freedom parties, its rigging of elections, and its imprisonment of opposition leaders.

The Venezuelan government had been hoping that Petro would defeat Duque, as Duque is among a group of leading South American politicians who have brought suit in an international human-rights court against Venezuela’s fraudulent elections and its massive repressions.

Following a consistent pattern of insulting Duque and his supporters -- rather than democratically congratulating Duque on an overwhelming victory -- Petro instead claimed in his post-election speech that Duque won the presidential race by “lying” about Petro’s veiled autocratic-socialist agenda.

In contrast to Petro’s venom, Duque's post-election speech continued to offer words of moderation and conciliation.

“We are not going to deprive anyone of the rights they have achieved in our country,” Duque said. “We are always going to have a constructive attitude in government, deliberative but motivated to consolidate this idea of the ‘Pact for Colombia,’ where we move forward an agenda of reforms to make this country grow, defeat poverty, expand the middle class, and plant hope again in every corner of the territory . . .

“[I]f illicit crops [coca and cocaine trafficking] continue to grow in our country, threatening national security, if [narco-terrorist] money and hidden weapons reappear, we see that there are some who allow, with their weapons, to continue obstructing the institutional course of the country or what is worse, silencing the authorities and silencing citizenship, then what we are doing is breaking the longing for peace . . .

“Our country has to be the country of environmental sustainability, [so] here we are going to protect the [highland] páramos, the rivers, the diverse ecosystems, the protection of fauna and flora, the promotion of electric vehicles, the country of reduction, reuse and recycling, the country of twenty-first century ethics that protect nature and create entrepreneurship where [the environment] is also preserved . . .

“We are going to become once and for all the nation of social justice, of equity policy, where in the whole territory we guarantee a dignified education, with [full-day] classes, with double [breakfast and lunch] feeding, with preschools, with technical education and where free university education reaches strata 1 and 2 [the poorest sectors] of our country,” he added.


The latest monthly study from Medellin-based wholesale electric-power grid operator XM finds that hydroelectric generators now account for 85.7% of all national power generation – confirming Colombia’s enviable status among the “greenest” power generators on Earth.

What’s more: Once Medellin-based EPM resolves what today is looking more like a temporary engineering problem with its under-construction, 2.4-gigawatt “Hidroituango” hydroelectric dam in Antioquia, hydropower’s dominance in Colombia is likely to continue for decades to come.

The city of Medellin is the 100% owner of EPM -- and the US$5 billion “Hidroituango” project is expected to help to continue delivering about 25% of the city’s annual revenues, when the current tunnel-and-dam engineering challenges are overcome -- as is now expected -- over the coming months.

Meanwhile, EPM announced June 13 that it has hired Imperial College (London) geology expert Nicolas Barton -- one of the world's top authorities on rock stability associated with mountains, dams and tunnels -- to investigate the current status and outlook for the rock massif and tunnels above and adjacent to the Hidroituango dam. EPM general manager Jorge Londoño de la Cuesta previously has stated that existing geological studies and EPM's continuous measurements employing sophisticated equipment indicate a very small possibility of any major collapse of the massif. 

Aside from hydropower -- 99.17% of all renewable power delivered to the Colombian grid -- other relatively negligible renewable-power generators here include bagasse-based thermal power generation (0.75%), wind-turbine generation (0.06%) and photovoltaic power (0.02%), the new XM study shows (see chart, above).

Bagasse-fired thermal power generation (using sugar-cane crop residue) fell 37% month-on-month (May 2018 versus April 2018) while biogas-fired thermal power generation plummeted 66%, the study shows.

“The source of [renewable] energy with the greatest contribution [to the national power grid] was the hydraulic generation with 99.17%, equivalent to 158.47 GWh-day [gigawatt-hours per day], a decrease of 0.45% in relation to April of 2018, and solar power, with a contribution of 0.02%, equivalent to 0.03 GWh-day, saw a decrease of 6.33% in relation to April of 2018,” according to XM.

“The total generation with non-renewable resources (fossil fuel) for the month of May was 26.70 GWh-day, a growth of 7.49% compared to April 2018.

“By subtype by source of energy, we found that natural gas was the largest contributor [in fossil-fueled thermal-power generation] with a 72.25% share, equivalent to 19.29 GWh-day, 10% more than that reported in April 2018. The greatest decrease was presented by liquids [diesel and fuel-oil] with 9.30%,” XM reported.

“For Colombia, it is very positive to have a diversified energy matrix, adaptable to climate changes, thereby contributing to preserve the provision of electric power service in conditions of reliability, security and economy,” added XM’s National Dispatch Center manager Jaime Alejandro Zapata Uribe.


Page 5 of 37

NEW GUIDE "Avifauna de Colombia" (link by clicking on book)

SILLETEROS PARADE 2016 by JOHN AND DONNA STORMZAND (click to enlarge)

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About Medellin Herald

Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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