The Comisión de Regulación de Energía y Gas (CREG), the Colombian energy regulator, has presented a draft regulation on the wholesale gas market in Colombia, which introduces significant adjustments in the current model.
The initiative creates two types of market for trading of energy (primary and secondary) and defines the types of contracts that can be made between sellers and buyers, both supply and transport. One of the changes proposed is the standardisation of contracts, which in the case of producers will be of three types (contracts guaranteeing firmness of fuel, gas purchase contracts with options and conditional gas purchase). In the case of transport contracts, the draft defines two methods.
A transitional period would run until late 2013 and gas could be sold under an auction model as of 1 January 2014. A wholesale market and spot transactions would then replace the current bilateral contracts.
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