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Power Prices Begin To Fall After Petro’s Pledge To Reduce Costs

COLOMBIA
  • Following President Petro’s pledge to lower energy costs, Medellin-based Celsia has announced that a number of its customers will see energy fees fall by around 11%. Celsia said that the move is partly due to prices in the energy exchange falling.
  • Speaking at the inauguration of the 2024–2025 legislative period in congress last weekend, Petro said that he is seeking legislation that will lower electricity tariffs and rental prices, noting that these are the main drivers of inflation and need to be reduced.
  • On the data front, today’s calendar is light, with focus next week turning to the BanRep monetary policy meeting on Wednesday. Latest surveys indicate that the central bank is expected to deliver another 50bp cut to 10.75% next week, before it steps up the easing pace from September. BanRep will also publish its latest quarterly monetary policy report next Friday.

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