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Project information

A market based proposal for generation capacity payments in Colombia

M. Rivier J.C. Enamorado T. Gómez C. Vázquez

November 1999 - March 2000

Funding entity ACOLGEN (Asociación Colombiana de Generadores de Energía Eléctrica)

The project has been developed jointly with Prof. José Ignacio Pérez Arriaga, Commissioner of the Spanish Electricity Regulatory Commission (CNSE). The main goals of the project are: a) the detailed analysis of the methodology that at that time fixes and assigns capacity payments in the Colombian electricity market, b) the identification of the main difficulties and problems, and c) the proposal of a new methodology, theoretically well sounded, to overcome such problems. The proposal is based on the design of reliability contracts (buying options) valued and assigned according to market based mechanisms.