- Ecuador has updated its PME until 2031, making way for an additional 1.44 GW renewable energy to be grid connected
- It will be added between 2024 and 2028, with the share of solar PV as 490 MW
- This increase would attract an investment worth $2.2 billion according to the ministry
The Ministry of Energy and Non-Renewable Natural Resources in Ecuador has announced approval of Electricity Master Plan (PME) updation until 2031 by the government. It would enable the addition of around 1.44 GW of new renewable energy sources to the national grid, than what is already planned to connect.
Renewable energy sources it counts for this addition include solar PV, wind energy, biomass projects, among others.
The 1.44 GW additional capacity is to be added in the form of 4 blocks as 500 MW each in 2024 and 2025 (with solar PV’s share being 100 MW and 270 MW, respectively), and in 2026 and 2028, it would mean an addition of 120 MW PV, and 320 MW biomass, respectively.
Government expects this additional capacity to attract private investment worth $2.2 billion. Updation of the document ‘seeks to guarantee’ electricity supply to meet the country’s growing demand in the future, stated the ministry.
Among the current lot of renewable energy projects, the country is to see the addition of 258 MW DC El Aromo solar PV project being built by Solarpack, and 14.8 MW solar+40.9 MWh battery energy storage system (BESS) by Gransolar & Total Eren (see $0.04588/kWh Bid Offered For Conolophus RE Project).
In July 2021, the ministry expanded the capacity of Non-Conventional Renewable Energies Block (ERNC) by an additional 300 MW to take the total to 500 MW which it said will be tendered (see Ecuador Expands Renewable Energies Block To 500 MW).
Between January 2021 and July 2021, Ecuador experienced an increase of 8.13% in the demand for electricity on annual basis, thanks to gradual increase in commercial and industrial activities. Surplus electricity available was exported to neighboring nations of Colombia and Peru, comprising 93.4% renewable electricity and 6.6% of thermal power. Export of electricity during the reporting period enabled Ecuador register revenues of $7.25 million.