Chile's Congress approves renewable energy law
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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)