This regulation does not modify the current rate formulas, nor does it replace the regulated rates applied by suppliers; rather, it establishes an extraordinary and temporary mechanism for economic incentives.

How does the Program work?

• Determination of the Individual Consumption Target

The Program begins by defining an individual daily consumption target for each regulated user whose billing cycle is no longer than bimonthly.

For this purpose, each supplier shall calculate each user’s individual target based on the formula established in the Resolution in order to determine the individual target for the billing meter-reading cycle, which will serve as the reference for establishing whether the user consumed below or above their individual target.

• Consumption Below the Individual Cycle Target

When the billed consumption during a billing cycle is less than 90% of the individual target, the user will generate Recognized Saved Consumption (“CAR” per its acronym in Spanish), calculated in accordance with the methodology set forth in the Resolution.

The CAR will be used to determine the financial benefit the user will receive, which will be credited to the user’s account on the bill for the following billing period, provided that the following conditions are met, as detailed below: (i) having a positive accumulated CAR; (ii) the consumer must not fall into any of the categories of users excluded from the Program; (iii) the consumer must not be in arrears on energy service payments; and (iv) the consumer must not have committed fraud in the measurement of consumption.

• Consumption Exceeding the Individual Target for the Cycle

If the billed consumption exceeds 110% of the individual target, the user must pay an additional charge on the excess consumption. This charge will be calculated by applying a differential factor based on the regulated user’s category:

• 1.30 for residential users in tiers 1, 2, and 3.
• 1.50 for residential users in tiers 4, 5, and 6.
• 1.70 for commercial and industrial users.

This charge does not constitute an increase in the energy service rate, as it is exclusively part of a temporary mechanism to discourage excessive consumption. Furthermore, the funds collected do not become part of the suppliers’ assets, but rather form a fund administered by each supplier in each of the markets in which it operates.
The fund will be used exclusively to finance the benefits received by users who have succeeded in reducing their energy consumption .

At the close of each settlement period, the suppliers will distribute these funds among the users eligible for the program in proportion to each user’s accumulated CAR. For this reason, the financial benefit each user receives will be a variable amount that depends on (i) the recognized savings they have generated and (ii) the funds available in the fund during the respective settlement period. Consequently, the Program is a self-financing mechanism in which savings incentives are funded exclusively by the charges applied to users who exceed their consumption target.

Who is eligible for the Program?

The program operates automatically for regulated users with monthly or bimonthly billing, without the need to complete any paperwork with the supplier; however, the Resolution establishes a list of excluded entities, such as hospitals, educational institutions, public entities, certain self-generators, and users with special energy needs, among others.

How long is the Program in effect?

The Resolution establishes an initial term of 6 months, beginning on August 15, 2026; that is, it will remain in effect until February 14, 2027.

However, the Program may be extended for successive periods of equal duration, provided that the conditions of energy shortages, low hydrological levels, or risks to the reliability of the electricity supply, which led to the adoption of the Resolution, persist.

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Team:

Ana Cristina Jaramillo Cuellar – Lead Partner
José Luis Suarez – M&A Partner
Alejandro Sanabria – Tax Partner
Mauricio Piñeros – Tax Partner
Patricia Arrazola – Energy and Natural Resources Partner
Mauricio Jaramillo – Antitrust Partner
Daniel Londoño – Finance Partner
Catalina Prieto – Finance Senior Associate
Isabella Rivera –  Tax Associate
Sara Ferrer – Finance Associate
Nasif Hamed – M&A Partner Spain
Alvaro Rueda – M&A Senior Associate
Tobías Kálnay – M&A Senior Associate Spain
Laura Garcia – Energy and Natural Resources Associate
Juan Manuel Ronderos – M&A Associate
María Alejandra Gómez  – M&A Associate

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This Legal Journal is mainly written in Spanish. For further information, please contact: comunicacion@perezllorca.com

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In this context, the Ministry of Environment and Sustainable Development – MADS, with technical support from the Economic Commission for Latin America and the Caribbean – CEPAL and the participation of an Interinstitutional Technical Working Group, prepared the first draft of the roadmap with the priority actions for the implementation of Articles 3 to 10 of the Escazú Agreement.

The document sets out a proposal of priority actions which, based on the principles of equality and non-discrimination, transparency, equitable and timely access to environmental information, meaningful public participation, accountability, prevention of environmental harm, and intergenerational justice, seeks to contribute to the guarantee of environmental justice and the strengthening of environmental democracy in Colombia.

On January 19, 2026, MADS announced the opening of the public consultation process for the definition of the roadmap, with the purpose of receiving comments, observations and input from the public, in line with the participatory nature of the Escazú Agreement.

Among the priority actions set out in the roadmap are: development of measures aimed at preventing serious and irreversible environmental harm through the incorporation of principles of equality, non-discrimination, prevention and distributive justice into land-use planning and territorial development instruments, as well as measures to strengthen transparency regarding the operations of private actors through the promotion of corporate environmental human rights due diligence instruments.

The proposal seeks to prevent any regression in the standards governing access to information, public participation and access to environmental justice, by strengthening existing mechanisms and protective environments for environmental human rights defenders, and by more robustly incorporating a human rights-based approach into environmental licensing processes, particularly with respect to access to information and public participation.

The roadmap also contemplates the consolidation of an Intersectoral Commission for the implementation of the Escazú Agreement, with clear procedures for public participation; the strengthening of environmental information systems, particularly the Environmental Information System of Colombia (SIAC) and information on pollutants and environmental liabilities; and the adoption of prior, broad, deliberative, informed, responsible and effective public participation mechanisms, in accordance with the standards of the Escazú Agreement and constitutional case law.

Finally, the roadmap includes actions aimed at improving the enforcement and compliance with environmental judicial and administrative decisions, as well as strengthening regional cooperation, with an emphasis on the exchange of environmental best practices.

This public consultation process for the definition of the roadmap is particularly relevant for project developers and investors, as it anticipates a heightened focus on transparency obligations, early and meaningful public participation, an environmental human rights-based approach, and access to information throughout project planning, environmental permitting and environmental management processes.

Comments, observations and suggestions on the roadmap may be submitted until February 19, 2026, through the following link.

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Pérez-Llorca today announced the promotion of twelve professionals to partner in recognition of their track record, commitment, technical excellence and contribution to the growth of the firm. This move bolsters the firm’s leadership and commitment to developing talent in its various offices. Specifically, the new partners are based in the Madrid, Mexico City and Bogotá offices and will strengthen different strategic practice areas for the firm.

The Pérez-Llorca professionals who will become partners as of 1 January 2026 are:

• Melchor Álvarez de Mon (Corporate, London)
• Antonio De Lisi (Corporate, Mexico City)
• Iciar de Lorenzo (Corporate, Madrid)
• Francisco Gómez (Corporate, Madrid)
• Eugenio Marín (Finance, Madrid)
• Ángel Martín (Corporate, Madrid)
• Patricio Martínez (Competition, Mexico City)
• Enrique Muñoz (Regulatory, Mexico City)
• Antonio Ruiz (Tax, Madrid)
• Paola Valderrama (Corporate, Bogotá)
• Belén Wert (Administrative, Madrid)
• Yi Zhou (Tax, Madrid)

In addition, the firm has promoted Daragh Brehony (Litigation and Arbitration, Madrid), Eva del Amo (Real Estate, Madrid), Antonio García (Real Estate, Madrid), Nuria García (Real Estate, Madrid) and María Camila Parra (Real Estate, Bogotá) to counsels.

These appointments reflect Pérez-Llorca’s objective to drive internal growth, recognise in-house talent and strengthen its leadership structure in the face of current and future challenges in the legal market.

“We thank these professionals for their commitment, effort and dedication, and we are confident that, with the drive of this new generation of partners, our ability to serve our clients and our global reach will be further strengthened,” said Pedro Pérez-Llorca, Senior Partner of Pérez-Llorca.

London Office

After seven years at the helm of the London office, the first opened by Pérez-Llorca in foreign territory, Álvaro Ramírez de Haro will hand over the reins to José Luis Romeu, a partner who has been working there since the beginning of 2024.

Ramírez de Haro will return to Madrid, where he will continue to work closely with the London office through his work with major international funds and firms.

Likewise, Ander Valverde, a partner based in London since 2022, who has combined his responsibility for the Finance team in Spain with the development of the firm’s debt practice in London, will return to Spain in April 2026, where he will continue to coordinate the Finance practice in Madrid and remain linked to the London office through the firm’s clients in this key financial centre for this practice.

Pérez-Llorca’s London office has a team of more than 10 people which, alongside José Luis Romeu, includes partners Isabel Villa (Restructuring) and the recently appointed Melchor Álvarez de Mon (Corporate), who joins the team in the British capital to further bolster this location.

José Luis Romeu joined Pérez-Llorca in 2017 as a lawyer in the Corporate practice and made partner in January 2024. Specialising in commercial law, his career has a strong international flavour as, in addition to an LL.M. in International Business and Economic Law from Georgetown University, he worked in the firm’s London office in 2019 and 2020 and is also a Solicitor of England and Wales.

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The Resolution partially replaces certain provisions of CREG Resolution 075 of 2021, which will remain in force for all matters not addressed by the new regulation. Its application will be temporary, until CREG issues an update of the transmission capacity allocation framework established in Resolution 075 of 2021. It is important to emphasize that the issuance of the Resolution does not imply the reopening of the transmission capacity allocation process, which remains suspended pursuant to article 1 of CREG Resolution 101 071 of 2025.

The Resolution introduces several modifications to the current applicable regulation for submitting transmission capacity allocation requests, including the following:

Transitional and selective allocation scheme

The resolution establishes a differentiated procedure aimed at prioritizing only two types of class 1 projects:

• Projects with system obligations (such as firm energy obligations, long-term contracts or any other that its defined by the Ministry of Mines and Energy its designees, or the CREG).
• Projects with completed environmental permitting meaning valid and enforceable environmental licenses and permits.

While the resolution remains in force, no other type of project may submit a request for transmission capacity allocation.

To verify the assignment of obligations with the system, developers must submit the results of the allocation of obligations.

Furthermore, projects that have completed environmental permitting process must provide a copy of the administrative acts granting the required environmental licenses or permits, as applicable. Additionally, they must submit a communication issued no more than 60 calendar days prior, in which the environmental authority confirms the validity or non-revocation of the submitted administrative acts.

Changes in the authority responsible for evaluating requests

The resolution temporarily modifies the UPME’s exclusive authority to evaluate requests for transmission capacity allocation, as follows:

• Projects under 10 MW: requests are submitted to and evaluated by the relevant network operator (OR).
• Projects equal to or greater than 10 MW: remain under UPME’s authority.

In both cases, the procedure for the allocation of transmission capacity will be defined by UPME within thirty (30) business days following the effective date of the Resolution.

In all cases, UPME retains responsibility for the acceptance and release of transmission capacity.

Voluntary release of capacity

As an exceptional measure, the resolution establishes a one-time period during which projects with assigned capacity, as of the resolution’s effective date (i.e., the date of its publication in the Official Gazette), may voluntarily relinquish their connection point in order to receive the return of their posted guarantee, without additional conditions.

The period for exercising this relinquishment of the connection point will be one (1) month from the effective date of the Resolution.

Inclusion of an Initial Guarantee

Another important amendment introduced by the Resolution is the establishment of a new guarantee called the Initial Guarantee. This guarantee has a basic fixed amount of 5 USD per kW requested and is required at the time the request for the allocation of transmission capacity is submitted. It will have a minimum validity of one (1) year and will later be replaced by the capacity reservation guarantee referred to in CREG Resolution 075 of 2021.

This measure seeks to ensure that requests for transport capacity are submitted with genuine commitment, as the CREG has observed a high number of insufficiently supported applications that have caused congestion and delays. For this reason, the aim is for only those agents that are truly capable of carrying out the project to participate, to guarantee seriousness.

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This Legal Journal is mainly written in Spanish. For further information, please contact: comunicacion@perezllorca.com

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The transaction involved the acquisition of seven companies: one dedicated to providing back-office services for the others, and six focused on the development and operation of solar projects in Colombia. The sellers were Enerfin Sociedad de Energía, S.L.U. and Enerfin Enervento Exterior S.L., both Spanish subsidiaries of Statkraft, an international leader in power generation that is currently pursuing a divestment strategy in the region and other jurisdictions. Closing of the remaining three companies—comprising wind projects totaling 0.7 GW—remains subject to additional closing conditions.

Pérez-Llorca Gómez-Pinzón provided comprehensive legal support throughout the entire process, including thorough due diligence of all companies and projects involved; structuring the transaction from regulatory, corporate, and tax perspectives; drafting and negotiating the complex documents governing the deal; and structuring the R&W insurance policy. The existing project finance facilities for the solar projects were assumed by Ecopetrol S.A., avoiding impacts on operational liquidity.

The transaction documents reflect a highly sophisticated approach, addressing differences in commercial positions, regulatory constraints, tax considerations, and other legal matters. These include the Share Purchase Agreement (SPA), a Transitional Services Agreement (TSA), and various ancillary agreements incorporating complex regulatory and other conditions precedent that needed to be resolved prior to closing, as well as the corresponding antitrust filings and approvals.

The transaction required an extensive process of innovation, structuring, and negotiation lasting more than a year, during which Pérez-Llorca Gómez-Pinzón provided continuous legal support to manage the complexities of the deal.

This transaction represents an important milestone for Ecopetrol S.A. in advancing its energy transition strategy, strengthening its presence in the renewable energy sector, particularly through the addition of 0.6 GW of solar projects to its portfolio. The acquisition supports the company’s decarbonization goals under its 2040 Strategy and includes one of the most significant renewable energy assets in Colombia. It will also drive the development of solar projects in the country, especially in La Guajira, a region recognized for its exceptional renewable resource potential.

Team:

Ana Cristina Jaramillo – Partner Mergers and Acquisitions
Juan David Quintero – Partner Mergers and Acquisitions
José Luis Palacios – Partner Energy and Natural Resources
Mauricio Piñeros – Partner Tax
Mauricio Jaramillo – Partner Competition
Andrea Stephanou – Senior Associate Mergers and Acquisitions
Paola Valderrama – Senior Associate Mergers and Acquisitions
Alejandro Sotello – Senior Associate Tax
John Rojas – Associate, Mergers and Acquisitions
Nicolás Rocha – Associate Energy and Natural Resources
Laura García – Associate, Energy and Natural Resources
Bernardo Cardenas – Associate Mergers and Acquisitions

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The Decree, among other things, grants ANLA the exclusive authority to evaluate and decide on the LAEólica, and allows for the incorporation of connection assets without requiring an Environmental Alternatives Diagnosis, provided that the inclusion criteria described below are met. If a project does not meet those criteria, it must undergo the regular environmental licensing procedure.
To qualify for the LAEólica, the project must simultaneously meet the inclusion criteria related to location, design, and technology. These include, among others:

1. Location criteria:

• Location within CORINE land cover categories 1, 2, or 3 (scale 1:10,000), with strict limits on forest use.
• The project must not overlap with watercourses, buffer zones or protection areas for springs, or water sources; coastal and marine areas are excluded. It must be located at least three thousand (3,000) meters from the coastline and from SINAP zones important for birds and bats, and at least one thousand (1,000) meters from the boundaries of SINAP-protected areas.
• A minimum separation between wind farms equivalent to ten (10) times the turbine height and a minimum distance of five hundred (500) meters from housing, populated centers, or settlements is required.

2. Criteria on technology adoption and design:

• Automated detection systems or smart shutdown mechanisms in response to flying fauna, modulation of nocturnal cut-in speed to mitigate barotrauma in bats, aerodynamic blade designs to reduce noise and turbulence, effective deterrent devices, a minimum turbine height of forty (40) meters, and a direct occupation area of one (1) hectare per turbine (including platforms, roads, substations, and maneuvering areas).
• ANLA may update these technologies and measures through circulars, providing a six-month transition period, without affecting projects already licensed or under review of Specific Terms of Reference or environmental impact study evaluation.

To request a LAEólica, the applicant must submit a request for Specific Terms of Reference-TdR, including: the coordinates of the area to be intervened, the infrastructure layout, a description of project phases, and technical justification demonstrating compliance with inclusion criteria. This request must be responded to by the ANLA within fifteen (15) days or reject them within five (5) days if requirements are not met. The TdR will be valid for one (1) year from the business day following their issuance. It is important to note that simultaneous processing of the Wind License and the ordinary environmental license is not allowed; however, a transition regime is provided for applicants to withdraw from the ordinary process and adopt the LAEólica process, upon payment of the corresponding fees.

In addition to the above, it is established that a Social Management Strategy must be implemented, which in no case replaces prior consultation, where applicable. Likewise, regarding compensation, the implementation of Energy Communities and related productive linkages is allowed as the main sustainable use measure.

Additionally, the Decree provides that, within the framework of projects developed under the Wind License, projects are considered of low environmental impact and social benefit and therefore do not require forest reserve clearance, as long as no new roads or accesses are required and the inclusion criteria are met. This applies to wind projects greater than 5 MW and up to 100 MW in Type C Zones, and wind projects of up to 5 MW in any forest reserve classification.

In conclusion, the Decree reduces evaluation timelines, clarifies technical and locational parameters, and strengthens legal certainty for medium-scale wind projects. It also streamlines the development of such projects with the aim of minimizing critical impacts and socio-environmental conflicts, while enabling compensation schemes aligned with local development and Energy Communities.

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