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South America news Regional update We are happy to share that Luanna Souza, EIC Project Manager, has had a baby named Manuela on 4 April. Luanna is now on maternity leave and returns to the office in October. We wish Luanna all the happiness and health with her little one.
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Given the current context, the EIC has put together a series of webinars such as the EIC LIVE e-vents: Brazil Market Update, which happened on 30 April and had over 200 people booked. Through this webinar attendees were given an update on the latest energy project developments in Brazil, as well as a unique insight from the Port of Açu and the UK Department for International Trade. Many EIC webinars are being held in the same way, to keep members always up to date in regards to the market and business opportunities.
We hope you and your families are keeping well amid the COVID-19 outbreak. We would like to restate that, at the time of writing, our team is working from home and all office lines are being forwarded to the respective EIC staff. If you need any assistance or advice in the region or for more information about upcoming events, please contact: Clarisse Rocha, Head of Americas clarisse.rocha@the-eic.com
Regional news
Brazilian power segment impacted by COVID-19
Brazil’s power generation, transmission and distribution segments are experiencing major challenges as a result of the COVID-19 pandemic. The country’s National Electric Power Agency (ANEEL), the sector’s national regulator, has suspended six power generation and transmission auctions originally scheduled for 2020. This includes the A-4 and A-6 auctions for new power projects as well as an annual auction for new transmission line projects. Power distribution companies, meanwhile, are bearing the brunt of lower demand in the commercial and industrial sectors. On the other hand, active projects in the conventional power and renewables segments are not expected to be cancelled or put on hold, as they are supported by long-term power purchase agreements with distributors and/or large industrial consumers.
Ecopetrol cuts 2020 CAPEX by US$1.2bn
The Colombian national oil company has announced that it will cut its capital expenditure by US$1.2bn and operational expenses by US$500m this year as a result of the COVID-19 pandemic and the downturn in oil prices. Following this reduction, Ecopetrol’s new CAPEX target is now US$3.3-4.3bn. The company’s oil production target for 2020 remains the same at 745,000-760,000 barrels per day. Ecopetrol’s breakeven oil price is estimated at US$30-35 per barrel, which poses serious challenges for the company amid the current downturn.
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