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Government / Legislation Subsecretaria de Electrificación The Subsecretaria de Electrificación assumes the duties formerly held by the State utility monopoly, the Instituto EcuatorianodeElectrificación(INECEL). Asaresultof the 1996 Electric Law, INECEL will divest itself of all its assetsandceasetoexist. Theutilitywillbeprivatizedby July 1, 1999. Consejo Nacional de Electrificación (CONELEC) CONELEC replaced INECEL to become the agency responsible for the development of a national electric plan as well as the regulation and control of the electric sector. CONELEC will have final approval of all electric power rates. Power generation activities will be developed either through concessions or capitalization granted by CONELEC. Concession of transmission services will be granted exclusively to one company owned by the GOE; concession of distribution and commercialization will be granted by CONELEC to several corporations with exclusivity in their assigned areas. Companies granted concessions must carry out activities in accordance to Ecuadorian environmental regulations, establishing an environmental impact study and an environmental management plan. Law for the Electric Sector (September 18, 1996) The Electrification Law ends the GOE’s monopoly in the generation,transmission,anddistributionofelectricpower and encourages free market competition, transparency, and efficiency. It allows for the transfer of INECEL’s assets to public corporations that can then sell up to 39% of their stock to private investors and an additional 10% to employees. The newly created companies will operate existing electric generation projects or will build new plants under concession agreements. The Solidarity Fund was created to manage resources resultingfromtheprivatizationprocess. Shareswillbe offered to qualified operators, either national or international. No Specific Law for Geothermal The new Electricity Law promotes the use of non-conventional energy generation sources. Companies that install and operate electricity plants using non-conventional energy sources are exempt from paying income tax for a period of five years. Geothermal Resources in Latin America & the Caribbean 162PDF Image | Geothermal Resources in the Caribbean and Latin America
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