Columbians protest power company privatization

columbia dam construction isgen elp

BOGOTA, Colombia (AP) — A consortium led by Toronto-based Brookfield Asset Management is paying $2.2 billion for one of Colombia's largest power generators in a government auction surrounded by controversy.

Brookfield was the only bidder Wednesday to make an offer for 57 percent of Isagen. The state-run company operates Colombia's largest hydropower dam.

Employees of the Medellin-based company staged protests across the country in recent days to denounce the privatization of the strategic, profit-making company. Even some allies of conservative President Juan Manuel Santos questioned the sale's wisdom after the only other potential bidder pulled out, all but guaranteeing the winning offer wouldn't exceed the government-set minimum.

But Santos went ahead with the sale as a collapse in oil prices batters Colombia's fiscal accounts. Oil accounts for more than half of the country's exports.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013