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| This is an informative document and does not replace the regulation issued by the CREG. |
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Auction for the Allocation of the OEF
Certification |
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The generators or investors, who comply with the stipulated conditions within the indicated time period, will receive a certification from the ASIC attesting that a dynamic process of negotiation to allocate the OEF was conducted. This certification contains the following information: the identification of Colombian laws, creating and regulating the SIN and the MEM; the laws authorizing the ASIC to Administrate the Commercial Interchange System of energy transactions in the MEM; the laws imposing the obligation to evaluate the generation capacity that backs up the efficient firm energy offer, which serves as the foundation for the collection and payment of the Reliability Charge; the CREG Resolution governing the Reliability Charge scheme; the CREG Resolution that orders the implementation of the respective auction to allocate the OEF. This certification also specifies the OEF allocated to the respective generator or investor; the commitment period of the allocated OEF; the Scarcity Price and the Clearing Price of the Auction.
The objective of this certification is to preserve the essence and improve the mechanism of the MEM which has allowed the generators, during the past ten years of application of the Capacity Charge, to demonstrate before the courts their rights relating to this remuneration scheme.
Likewise, this certification seeks to grant the generators or investors, who participate in the auction, a legal instrument that will allow them, among other aspects:
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To have the certainty and proof before any Colombian court on the conditions under which the auction was implemented, conditions that can not be altered during the commitment period of the OEF (Article 33 CREG Resolution 071 of 2006); |
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To have the certainty on the Colombian laws mandating the rights and obligations associated with the OEF allocation; |
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To establish the legal rights arising from the generators’ participation in the auction and the fulfillment of their obligations; |
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To demonstrate that the OEF was obtained to cover the demand of the SIN, through the MEM, which is under the regulation of the Colombian government according to the Colombian Law; |
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To recognize that the conditions regarding price and quantities were decided through a transparent and efficient market mechanism, legally established in Colombia. |
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