Medellín - Minas - Maestría en Ingeniería - Sistemas Energéticos · 2023

Green power markets in Latin America: Experiences and trends

In recent years we have been observing essential changes in the electricity systems, where international agreements and environmental measures are pushing towards an energy transition with a tendency to incorporate cleaner energy technologies, energy efficiency, and new ways of doing energy business. Concern for the security of energy supply, reducing environmental impacts, improving the conditions for adaptability to climate change, and incorporating elements of competition in the provision of energy services. In this document, we analyze the emerging green energy market in Latin America and review the green electricity policy of the countries identified with this market. We look at the policy's effectiveness in the evolution of renewable installed capacity as part of the electricity matrix. It was a surprise that there is growth in renewables across the region, but there is also an overall growth in thermal installed capacity. We also look at the key factors influencing the market penetration of green energy products, such as market design, pricing, incentives, policies, and the interaction between these. In Latin America, we identified higher market penetration in Chile and Panama; however, it is not a very dynamic market so far. More excellent political leadership is needed to vigorously promote the inclusion of incentives to accelerate the energy transition.

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