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Ecuador approves electricity generation and investment law
- 3 months ago (2024-01-12)
- David Flin
Ecuador’s national assembly has approved a bill proposed by President Daniel Noboa to increase electricity generation and attract foreign investment to the sector.
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The electricity law, which gives tax incentives for companies which generate their own power and cancels interest on delinquent energy payments, was approved by 131 of 136 lawmakers present. Noboa said: “The ‘No More Blackouts’ law, which supports investment and helps which to create jobs, was approved with historic support. The support of citizens and political parties is fundamental to leave the darkness and create better days for all.”
The electricity law also creates an energy efficiency fund meant to finance improvements to the sector that reduce consumption, funded from the national budget and international aid, and will support production via renewable sources.
Public utility companies – which dominate Ecuador’s electricity sector – are now allowed to cede their duties to private providers in exceptional circumstances.