Renewable energy law signed into effect in Chile
Chilean President Michelle Bachelet signed a new energy law into effect that requires electric utilities to invest in and supply nonconventional energy sources (NCES).
The law mandates that NCES account for at least 10% of the energy supplied by Chile's electric utilities by 2024, and was approved by Congress unanimously earlier this month.
“The main idea is to establish conditions to attract investment to projects for non-renewable energy by accelerating the development of the market, eliminating entry barriers making these new sources compatible with the country's electricity market,” Bachelet said on signing the law.
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. (Reuters)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.