As Portafolio had already published, the energy marketers had warned about the debt that the National Government had for energy subsidies. In some cases, the “gap” came from the second quarter of the year and according to figures from Asocodis, adds up to more than $1.4 trillion as of November.
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Now, the Ministry of Mines and Energy issued a resolution to pay balances corresponding to the second and third quarter debt with the companies providing the service. The twist that the government will add $420,000 million to cover the deficit generated in the National Interconnected System (SIN).
It should be remembered that although the cross-subsidy format applies in the country (strata 5 and 6 pay a percentage more to subsidize the rate of strata 1, 2 and 3), these resources not enough to cover all the resources. Therefore, the liabilities are generated by the companies and then the Government pays them.
Now the Ministry is going to transfer resources to coverr the debt generated between the second and third quarters of the year. For this, the Ministry allocated 84% of the resources that the Public Credit Department authorized for these balances ($500,000 million) and those of natural gas. This money will come out of the debt service approved for 2022, according to the decree of the Ministry.
These resources will be transferred to 30 public service provider companies that will receive this transfer. Among those that will receive the most money are Afinia, Air-e, Celsia and EPM. Between these four companies they total $248.4 billion, which represents 59.1% of the resources to be transferred. The one with the highest percentage of money owed that is going to be drawn is Afinia, with a balance of $72,113 million.
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According to Javier Lastra, manager of the company, the estimated debt amounts to about $240 billion this year.
The situation is similar with other companies. For example, Air-e will receive $65,248 million, but its manager, Jhon Jairo Toro, assured that the total debt is greater than $150,000 million for its areas of operation.
In the case of Celsiathey will receive $56,663 million, although with the cutoff to September they were owed $90,000 million, explained Carlos Solano, leader of Regulatory Affairs of the provider. However, for the entire year, the total debt will be $168 billion. This means that even with the turn of the government, the total owed for the third quarter will not be covered.
In the case of Compañía Energética de Occidente (CEO), the Ministry will pay $14,175 million and its president, Ómar Serrano, explained that until October the balance in the red was $35,000 million.
The same Ministry points out that the debt with a cut-off until the third quarter is $789,740 millionwith which what will be missing after this turn will be 46.8% ($369.740 million).
José Camilo Manzur, president of Asocodis, pointed out that although it is important that this change be made, the truth is that the deficit that remains at the end of the year is $1.25 trillion, taking into account that at the end of the yearthe debt would reach $1.65 or $1.7 trillion.
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The leader hopes that the payment will be made in the first two months of the year, since the trading companies are facing liquidity problems due to the sum between this factor and the deficit that exists for the tariff option, which amounts to more than $4 billion.
Additionally, he points out that within the budget of the Ministry of Mines and Energy there is a lack of resources for next year’s subsidies. “Next year the Government will make a budget addition, it should include resources for these subsidies”, he affirmed.
At the end of 2023, the uncovered debt could reach $2 trillion, according to Asocodis estimates. For this reason, Manzur points out that with the additional resources expected from the tax reform, they could and should be allocated to this subsidy program. He warns that with cash difficulties, some companies may not be able to continue passing these aids and the bills will rise to consumers, for this reason.
Leverage with the amount owed
At the end of the year, the balance payable to energy traders could reach $1.2 trillion, according to Asocodis estimates. Although in the appropriation of the budget an amount was allocated for the payment of these subsidies, the Association still considers that $2 billion of appropriation is missing to cover the entirety next year.
Javier Lastra, manager of Afinia, assures that there is an alternative that they are studying to handle these difficulties with payments.
“The idea is to use the figure of decree 399 of 2020 that allows the use of the amount of subsidies that has not been disbursed and request advances from the financial system to leverage us while government resources arrive,” said the manager. However, José Camilo Manzur, president of Asocodis, assures that although it is feasible, it takes a long time to become effective, so it will not be possible for all companies in the national electricity sector.
Daniela Morales Soler
