• 08 Mar 08
  

  Glycon Garcia

  quickd

  • Chile's Congress approves renewable energy law

     
    Thu Mar 6, 2008 3:35am EST
     
     
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    SANTIAGO (Reuters) - Chile's Congress voted on Wednesday to require electric  utilities to invest in and supply nonconventional energy sources (NCES) as part  of the government's drive to diversify current tight energy supplies.

     

    The vote in favor of the project, which mandates that NCES account for at  least 10 percent of the energy supplied by Chile's electric utilities by 2024,  was unanimous.

     

    "To ensure that these energy projects are effectively implemented, the  obligation will be 5 percent in 2010 to 2014. After that, the percentage will  increase 0.5 percentage points per year until it totals 10 percent in 2024," the  energy ministry said in a statement.

     

    Energy Minister Marcelo Tokman said approval of the law, "was the only way to  confront future energy risks and challenges."

     

    The next step is for the project to be signed into law by the  president.

     

    Nonconventional energy sources include wind, solar, geothermal, hydraulic and  other forms of energy that have low environmental impact and are still not  widely used in the local market.

     

    Chile, which imports nearly all of the fuel it consumes, has been grappling  with a serious energy shortage amid cuts in natural gas from sole supplier  Argentina and lower hydroelectric reservoir levels caused by scant  rainfall.

     

    Short energy supplies caused electricity prices on the spot market to more  than quadruple in 2007, and are cramping Chile's economic growth  potential.

     

    (Reporting by Monica Vargas; Writing by Lisa Yulkowski; Editing by Christian  Wiessner)
• 06 Mar 08
  

  Colin Bennett

  energy renewable utility

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