Energy Policy 171 (2022) 113261

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Energy Policy
journal homepage: www.elsevier.com/locate/enpol

Energy transition and renewable energies: Challenges for Peru

Humberto Campodónico a, *, César Carrera b
a
Centro de Promoción de Estudios para el Desarrollo (DESCO, Perú) and Universidad Nacional Mayor de San Marcos, Lima, Peru
b
Universidad Nacional Mayor de San Marcos, Peru

A R T I C L E I N F O A B S T R A C T

Keywords: Peru currently presents serious challenges in the promotion and production of renewable energies, making it
Energy transition difficult to fulfill its commitments to reduce greenhouse gas emissions within the framework of the United
Renewable energies Nations Climate Change initiatives. Peru has a high renewable energy potential with various sources: solar, wind,
Public policies
geothermal, biomass and hydroelectric. However, after twelve years of having promulgated a law to promote the
Regulatory framework
Peru
development of power plants that use renewable energy resources through auctions, only about 5% of current
electricity generation comes from renewable sources and the auctions are suspended.
This article will analyze the causes of the difficulties that Peru presents to achieve a change of the energy
matrix in electricity towards renewable energies, among which: lower economic growth, excess installed ca­
pacity, deficiencies in the regulatory framework and the need to changes that lead to a new institutional
framework. It is essential to build a new consensus between the government, companies, and civil society to
achieve the objectives of climate change in Peru.

1. Introduction electricity generation matrix, which is part of the energy transition

One of the most important tools for Peru to comply with the com­
mitments that it sustained in the 2015 Paris Agreement adopted by 196
parties at the Conference of the Parties (COP) is to reduce greenhouse
gas (GHG) emissions, which in the case of Perú come mainly from
deforestation of the Amazon forests and from fossil fuels, particularly oil
and natural gas.
Peru has assumed GHG mitigation commitments - like all countries
that signed the Paris Agreement - so that the world temperature does not
increase 2 ◦ C by 2050. At the 2015 COP, Peru assumed the goal of
reducing GHG emissions to 30% by 2030. In December 2020 the Peru­
vian High-Level Commission on Climate Change communicated the
United Nations Framework Convention on Climate Change (UNFCCC)
that it was increasing its goal of reducing CHG emissions to 40%
(depending on international funding) and, most important, the High-
Level Commission declared an increase in Peru’s “climate ambition”
with the aim of becoming a carbon-neutral country by 2050. Peru must
also comply with the United Nations Sustainable Development Goals,
including Sustainable Development Goal 7.2, “by 2030, increase sub­
stantially the share of renewable energy in the global energy mix".
In this article we only deal with the progressive installation of non-
conventional renewable energy resources (hereinafter RER) in the
policies. The article does not address energy efficiency nor the substi­
tution of fossil fuels in automotive transport (electromobility).
In 2008, Peru implemented important energy transition polices
measures, in particular the creation of the Ministry of the Environment
and the enactment of Legislative Decree 1002 (Gobierno del Gobierno
del Perú, 2008), which aimed to promote the use of RER, establishing
guidelines to define contribution percentages of RER in electricity gen­
eration. It also determined a source of financing to subsidize RER sales
prices and the holding of auctions for projects with RER generation,
among other measures. The goal of 5% electricity generation through
RER was met in 2017.
But progress has stalled. Since 2015 there have been no new auctions
for RER projects and the target percentage of the contribution from RER
sources has not been updated. For Peru to fulfill its commitments in
environmental matters, it is necessary to implement an updated legal
framework and new policies that allow to renew the momentum to
advance in the energy transition. Nevertheless, these policies need to be
different from those adopted in 2008 (i.e., mandatory auctions and
subsidized tariffs) because the RER industries have developed innova­
tive technologies and capabilities and are now able to compete with
conventional energies.

* Corresponding author.
E-mail address: hcampodonicos@unmsm.edu.pe (H. Campodónico).

https://doi.org/10.1016/j.enpol.2022.113261
Received 3 December 2021; Received in revised form 15 August 2022; Accepted 11 September 2022
0301-4215/© 2022 Elsevier Ltd. All rights reserved.
H. Campodónico and C. Carrera
2. Methodology
The present article analyses the evolution of electricity generation
through RER sources in Peru for the period 2008 to 2021, considering
the statistical information and other publications of Peruvian regulatory
and operational bodies such as OSINERGMIN, Ministry of Energy and
Mines and COES, as well as information from international organiza­
tions in order to establish comparisons with Peru.
Also, we have used information on the main policy measures pub­
lished by the Peruvian Government, mainly the Legislative Decree 1002
and its amendments, to analyze the evolution of RER power generation
within the framework of such policy measures.
Finally, information was collected on the main criticisms of the state
of generation through RER in Peru and the policy measures adopted, and
recommendations are presented on the policy measures that should be
adopted so that Peru can reach the fulfillment of its commitments in
terms of reduction of emissions to achieve its mitigations commitments
in the energy generation sector.
3. The Peruvian electricity generation sector
Electricity generation in Peru has had two significant changes from
2008 to the present. First, an expansion was observed in the develop­
ment of natural gas plants, which were supplied by the then new
Camisea natural gas fields, which started its production in 2005. Be­
tween 2008 and 2016, its participation in the production of electricity
increased from 31% to 49.4%, coming slightly ahead of hydroelectric
plants (Fig. 1). In 2016 for the first time RER plants come into the picture
with a participation of 3.0% (the generation with RER was zero since the
projects of the first auction conducted within the framework of DL 1002
had not yet entered into operation before 2016).
In 2020, RER power plants increased their participation to 5.9%,
meanwhile hydroelectric plants participation increased to 59.6% and
natural gas thermal plants participation decreased to 34.5%. It must be
noted that electricity generation has year to year variations in the
contribution of hydroelectric plants, depending on the amount of water
available.
However, it is projected that the participation of the RERs will
remain stagnant or grow slowly. According to the Diagnostic Report of
the Operating Conditions of the Sistema Eléctrico Interconectado Na­
tional (SEIN, Interconnected National Electric System), prepared by the
Comité de Operación Económica del Sistema Interconectado Nacional
(COES, 2021, Economic Operation Committee of the National Inter­
connected System), the projections to 2026 of its baseline scenario
establish that natural gas power plants and hydroelectric power plants
will continue to be predominant and the participation of the RERs would
remain at the current levels.
It should be noted that Peru can meet current and future demand for
electricity, as it has sufficient installed capacity, or power supply.
Indeed, according to a report by OSINERGMIN (2020a), in 2019 the
maximum demand for electricity in Peru was approximately 7,000 MW,
while the installed generation capacity was approximately 15,223 MW
(OSINERGMIN, 2020b, page 31). This means that Peru has a particularly
important power reserve margin.
The installed capacity of 15,223 MW (Fig. 2) is composed of efficient
and inefficient generation. Efficient generation, as defined by the COES,
comes from hydroelectric plants, natural gas plants and RER. Inefficient
generation comes mainly from diesel thermal power plants. This inef­
ficient generation is three to four times more expensive and more
polluting.
As stated by COES, efficient energy plants will be able to satisfy
current demand until 2026. If no more efficient energy plants are built,
existing inefficient energy plants (diesel powered) will enter the gen­
eration system. That is why new investments in efficient power plants
are required to meet market demand, which makes it necessary to plan
and incentivize new investment. Therefore, the need to promote
2
Energy Policy 171 (2022) 113261
investment in RER technologies to meet future demand, while the
country complies with its environmental commitments and objectives.
4. The potential of RERs in Peru and comparison with Latin
America
According to a study published by the International Renewable En­
ergy Agency (IRENA, 2014) Peru has a potential of 69,445 MW of hy­
droelectric power; 22,500 MW of wind power, located mainly on the
Peruvian coast; 3,000 MW of geothermal power, and a solar energy
power with average daily irradiance of 250W/m2. Large hydroelectric
plants do not fall into the RER category due to environmental damage
and the emission of methane gas that their construction entails. Small
hydroelectric plants with a generation capacity of up to 20 MW do count
as RER. This energy potential, compared to its current level of use, tells
us that Peru has a high diversified energy potential of RER to be
exploited.
In comparison with other countries of Latin America and the Carib­
bean, the Organización Latinoamericana de la Energía (OLADE, 2020)
states that electricity generation in Peru from hydroelectric plants
(55.2%) and RER (5.2%) plants account for 60.4% of total generation
(Fig. 3). This places Peru near the average of 58.5% of hydroelectric and
RER in Latin America. It is also worth noting that the RER electricity
generation average in Latin America and the Caribbean is 13,3%. This
data is very much influenced by renewables in Brazil, due to the size of
its economy. Peru is below the average for region with only 5.2% of RER
generation.
4.1. RER policy in Latin America
The policies for the promotion of renewable energies in Latin
America are varied and, to a considerable extent, depend on the
endowment of energy resources of each one of them. In countries with
large reserves of fossil fuels, such as Ecuador or Venezuela, the trend
towards the promotion and development of RERs may take a longer
period, while in countries with few reserves of fossil fuels, such as
Uruguay and Chile, the Government will have greater incentives to
implement RERs policies.
Renewable energy trends in Latin American countries have been
thoroughly studied, albeit with different scopes and methodologies.1
Grottera (2022) states the following: “According to a survey conducted
by IRENA (2016b), as of 2015, there were at least 120 public institutions
working on aspects such as renewable energy policy, regulation,
research, innovation, finance, procurement, investment promotion,
co-operation, among others. These institutions were designated to act in
aspects as diverse as: policymaking and implementation; sectoral regu­
lation; planning, advisory and co-ordination; education and training;
research and development; energy access; development of technical
norms and standards; setting of tariffs, taxes, and subsidies; finance;
project development; system operators and public energy companies
(electricity and oil)”.
Grottera adds: “The vast majority of LAC countries have incorporated
RER in their regulatory framework by establishing renewable energy
targets. Many of them explicitly included these in their NDCs. Tendering
1
For a detailed analysis, see: Pablo Romero, María; Sánchez-Braza, Antonio
and González-Pablo Romero, Manuel (2022).
H. Campodónico and C. Carrera Energy Policy 171 (2022) 113261

Fig. 1. Peruvian electricity generation by source December 2016 and 2020

Source: COES 2016 and COES, 2021.

Fig. 2. Installed Capacity of the Peruvian electricity sector (MW)

Source: Ministerio de Energía y Minas (2020a), Anuario Ejecutivo de Electricidad 2019, Graph 28.

Fig. 3. Electricity generation in Latin America and the Caribbean 2019, by source
Source: OLADE (2020)

seems to be the preferred modality for capacity expansion, as opposed to
feed-in-tariffs which were largely applied in the past decades but have
been replaced by more dynamic schemes.2 Regarding economic
2
BID (2019): “One of the most common policies for the development of RER
in Latin America has been the energy auctions, as in the case of Peru. From
2009 to 2017, renewable energy auctions put 13.1 GW into service in the
electricity supply network of 8 countries in the Latin American and Caribbean
region, using four energy generation technologies: biomass and waste (0.5%),
mini-hydroelectric (4%), solar energy (19%) and wind (76.5%). This represents
approximately 10.6% of the regional aggregate capacity and 34.3% of the
aggregate capacity of non-conventional renewable energies.
incentives, most countries implemented fiscal rebates to the renewable
energy supply chain products and services. However, a carbon tax is still
very incipient in the region, with very few countries actively charging
emissions. Virtually every country in LAC has at least one mechanism to
finance renewable energy (e.g., funds, special credit lines, and others).”
From a legal perspective, the existence of framework laws for elec­
tricity and other relevant sectors, as well as the institutional structure of
the energy sector, guide the nature of renewable energy policies (law,
decree, regulation, norm, etc.), at what level they are approved and by
whom. Renewable energy laws, whether general or technology/
resource-specific, provide a tangible framework and enabling condi­
tions for the development of renewable energy sources. Eleven countries
have renewable energy national laws or strategies, and an additional

3
H. Campodónico and C. Carrera
fourteen have renewable energy technology-specific laws.
Many countries in LA have developed a robust set of enabling policy
and regulatory measures to create a conducive environment for
renewable energy investments. Countries with less advanced renewables
markets would benefit from the sharing of best practices on effective
policy support schemes from outside the region as well as tailored
technical support. In this context, particular attention will be given to
renewable energy auction design and power purchase agreement (PPA)
structures, which have emerged as critical elements affecting renewable
energy investment decisions (IRENA, 2019).
As renewables continue to gain prominence in Latin America, the
number of institutions involved in one aspect or another of renewable
energy will only grow. In a sense, the proliferation of renewable energy
institutions is a manifestation of the dynamism of the sector, as well as of
the key role of the public sector in renewable energy development in the
region.
This dynamism can be appreciated by the fact that Latin America has
seen significant investment in renewable energy in recent years, with
total investment exceeding US$ 16 billion in 2015, or about 6% of the
global total. Between 2010 and 2015, total investment in renewable
power generation in the region reached nearly USD 120 billion, placing
several countries in Latin America among the top ten largest renewable
energy markets globally. These trends attest to the rapid evolution of the
region’s energy mix towards a more diversified set of technologies, with
more countries adopting different forms of renewables (IRENA, 2016).
5. Worldwide GHG emissions by sector and country
The worldwide total of GHG emissions was approximately 48,940
MtCO2e, according to data published by Climate Watch (2018). The
countries with the highest GHG emissions were China (23.9%), United
States (11.8%), India (6.8%) and Russia (4.1%). Regarding the Latin
America and the Caribbean region, emissions were 3,963 Gt MtCO2e,
which represent approximately 8.1% of the global total.
Worldwide, the energy sector registers the highest volume of GHG
emissions, whereas in the Latin American and the Caribbean GHG
emissions by the energy sector represent a smaller proportion. Accord­
ing to ECLAC (2020), globally 70% of GHG emissions come from the
energy sector, while in the Latin American and the Caribbean, the
participation of the energy sector in GHG emissions is 45%, while the
agriculture and livestock sector represent 23%. Additionally, 19% of
GHG emissions in Latin America and the Caribbean originate from
changes in land use, indicating that there is significant space to mitigate
GHG emissions in terms of deforestation.
In the Latin America and Caribbean region, GHG emissions per capita
were 6.45 tCO2e in 2018, compared to 6.22 tCO2e globally. The
following Fig. 4 shows GHG emissions per capita for a sample of coun­
tries in the Latin America region. In the case of Peru, GHG emissions per
capita were 5.82 tCO2e, above countries such as Mexico, Colombia,
Ecuador, and Chile.
In Peru, the structure of GHG emissions (Fig. 5) is different from that
of Latin America and the Caribbean, since the most polluting source is
agriculture and livestock, with 66% of the total (much higher than 23%
in the Region).
The source for Peruvian data is the latest Greenhouse Gas Inventory
of the Ministry of the Environment (Ministerio del Ambiente, 2021). The
GHG Inventory states that in 2016, Peruvian net emissions of GHG were
205,294.17 MMtCO2 equivalent (MMtCO2e). The largest source of GHG
emissions was the Agriculture, Forestry and Other land uses Sector, with
135 MMtCO2e, approximately 66% of the national total. It is important
to disaggregate the structure of GHG emissions from the agriculture
sector into its main components, where the subcategory Farmland
stands out, with 51.4 MMtCO2e. The main problem is the conversion of
forest land to farmland (deforestation) since it represents 96.66% of the
GHG emissions of the Cropland subcategory. Regarding Agricultural
Activities, GHG emissions are lower.
4
Energy Policy 171 (2022) 113261
The second most important source of emissions was the Energy
Sector, with 58 MMtCO2e, 28.3% of the national total. The Energy
Sector includes Transportation, Electricity Generation, Industries and
Residential Consumption.
Regarding Electricity Generation, which is the main topic of this
article, this sector generated 11.1 MMtCO2 equivalent which represents
5.4% of GHG emissions nationwide. The main fuel consumed in this
sector is natural gas and the emissions associated with this fuel represent
85.6% of this sector, which is equivalent to 9.5 MMtCO2 equivalents,
followed by mineral coal, industrial oil, and diesel.3
The most important conclusion is that the new impulse to the RERs
will contribute to the reduction of GHG emissions through the pro­
gressive replacement of natural gas power plants. According to a study
by the regulatory entity Supervisory Agency for Investment in Engi­
neering and Mining (OSINERGMIN, 2014), in the period 2004–2013, the
use of natural gas from Camisea in electricity generation mitigated
emissions by 42.7 MMtCO2, due to the replacement of diesel power
plants in the same period.
The statistical data provided by the MINAM GHG Inventory allows
for approximate estimates of this reduction. If 9.5 MMtCO2 correspond
to the total emissions from natural gas plants, then if its energy gener­
ation is reduced by 10%, GHGs would decrease by 0.95 MMtCO2 per
year. Increasing RER generation from 5 to 15% would allow to obtain
this reduction, which would be part of the goal of reducing Peru’s GHG
by 40% by 2030.
6. DL 1002 analysis
As we have already pointed out, DL 1002 established various mea­
sures to promote electricity generation through the RER, among them: a)
biannual auctions, b) subsidies through a charge system, which gua­
rantees the RER generator an income above the market value, allowing
it to cover the higher generation costs of RER technologies, c) priority in
the sale of the energy produced by RER and, d) access to transmission
and distribution networks.
DL 1002 established a specific objective to meet: in the first five years
the RERs had to generate at least 5% of the electricity consumed in Peru.
In accordance with article 2.2 of the regulation, after this period, the
Ministry of Energy and Mines (MEM) “will establish a (new) objective
percentage of the participation - in national electricity consumption - of
the electricity generated from the RER".
Regarding the on-grid RER auctions, a total of sixty-four projects
were awarded in four auctions (2009, 2011, 2013 and 2015). The total
power generated by these RER plants is 1,274 MW with a total invest­
ment of US$ 1.957 billion, according to OSINERGMIN data. It should be
noted that 50% of the awards went to small hydroelectric plants, fol­
lowed by wind energy with 30%. Solar energy came third with 16%, and
biomass occupied the last place with 3% (see Table 1).
As of July 2020, 47 RER projects were operating: seven (7) solar
generation projects, seven (7) wind generation projects, five (5) biomass
and thirty (30) hydroelectric projects (OSINERGMIN, 2020a).
The energy price of this RER auctions was, in all cases, above the
marginal cost of the Peruvian electrical system of US$ 25–30 MW/h
(Table 1).
The projects awarded through auctions within the framework of DL
1002 receive a compensation or RER subsidy4 in case the marginal costs
of the SEIN, to which they sell the energy produced and whose value is
3
Deloitte (2021) has valuable information about the intensity of emissions in
the electrical matrix for the year 2014. Deloitte says that the high participation
of hydroelectric plants (53%) and natural gas plants (45%) have led to a low
intensity of emissions. Deloitte also says that the gCO2/kWh indicator for Peru
was 37, well below the 277 average for Latin America and the 289 average of
European Union countries.
4
In Spanish, this subsidy is called Prima RER.
H. Campodónico and C. Carrera Energy Policy 171 (2022) 113261

Table 1
Summary of RER on-grid auctions in Peru.
Technology Project Central power Monomic price (USD/ Average Price Awarded (by Auction Estimated investment (MM
(MW) MWh) auction) date USD)

Biomass (agroindustrial Paramonga 23.0 52.0 52.0 2009 31.0

waste)
Biomass (urban waste) Huayc otero 4.4 110.0 110.0 2009 10.5
la Gringa V 2.0 99 90 99 90 2011 5.6
El Callao 2.0 77.0 77.0 2016
Huaycokxo II 2.0 77.0 2016 –
Wind Marcona 32.0 65.5 80.4 2009 43.6
Cuptsntque 80.0 85.0 2009 242.4
Talara 30.0 87.0 2009 101.2
Tres Hermanas 90.0 69.0 69.0 2011 180.0
Parque Naxa 126.0 37.8 37.7 2016 –
Huambos 18.0 36.8 2016
Duna 18.0 37.5 2016 –
Solar Panamericana 20.0 215.0 221.1 2009 94.6
Majes 20.0 222.5 2009 73.6
Repatrie*» 20.0 225.0 2009 73.5
Tacna 20.0 223.0 2009 9.6
Moqucgua 16.0 119.9 119.9 2011 43.0
Rubí 144.5 48.0 48.1 2016 –
Inti pampa 40.0 48 50 2016 •
Mini Hydro 17 power 179.7 – 60.0 2009 285.1
plants
7 power plants 102.0 – 53.6 2011 227.6
15 power 204.7 – 56.5 2013 450.3
plants
6 power plants 79.7 – 43.8 2016 –
Total 64 1274.0 1956.6

Source: OSINERGMIN 2019.

regulated, are less than the rate offered in the auctions.5 The RER sub­ its variable costs were markedly reduced and, consequently, its marginal
sidy is charged to regulated end users through an addition in the elec­ cost was also reduced. This was done in order to ensure their dispatch in
tricity transmission toll. Due to the RER charge, end-user payments the operation and, consequently, their remuneration for power and
reached a total, according to OSINERGMIN, of US$ 1.019 billion from energy.
2013 to 2020 (see Table 2). The declarations of variable cost close to zero by the thermal natural
The granting of this subsidy has been one of the fundamental criti­ gas power plants, harmed other generation companies (mainly hydro­
cisms of the RER energy plants in recent years. The RER subsidy electric), who have an expectation of income based on the marginal cost
increased notably in 2018 and later years, due to the promulgation of of the generation unit at peak hours. If this cost is lower, the recovery of
Decreto Supremo-043-2017-EM in December 2017 (Ministerio de hydroelectric plants is also lower. The new formula for calculating
Energía y Minas, 2017). variable costs for natural power plants lowered the average price in the
This Supreme Decree modified the formula for calculating the price “spot” market -where the available short-term energy is traded-, which
declarations of natural gas-fired thermal power plants, since they were fell from US$ 25/MWh in 2016 to US$ $10/MWh in 2018, remaining at
authorized to include within their fixed costs many of the costs of the those levels until 2020.
“take or pay” contracts on the grounds that these are fixed costs. Thus, This decrease in the price in the “spot” market determined that the
RER subsidy increased, since the distance between the “spot” price and
the prices offered by RER power plants was greater. That is why the cost
Table 2 of the RER subsidy went from US$144 million in 2017 to US$260 million
Payment of tolls for connection to the main system and guaranteed transmission in 2019, an increase of 80%.
system. Only in 2020, with DS-031-2020-EM (Ministerio de Energía y Minas,
Year Total Toll (USD millions) RER Subsidy (USD millions) % RER subsidy 2020c), the MEM modified the procedures, considering as variable cost
2013 257,700 23,816 9% only that part of the take or pay or ship or pay costs assumed by the
2014 311,823 23,840 8% natural gas thermal generator. That is, only the assumption of the part
2015 290,834 32,574 11% actually used of said costs. With this change, since 2021 the spot market
2016 614,458 111,409 18% price has gone from US$10/MWh to US$28/MWh, which has reduced
2017 731,024 144,412 20%
2018 753,620 179,670 24%
the gap with the RER subsidy. It is also important to point out that this
2019 832,009 260,296 31% increase in the “spot” price does not immediately affect the regulated
2020 807,045 243,133 30% market because energy distribution companies have long-term
Total 4,598,512 1,019,149 22% contracts.
Source: OSINERGMIN (2013-2020). Although no new auctions have been held since 2015, currently ten
new generation projects are under concession through RER with an in­
vestment of US$ 1.168 billion, which will add 1,128 MW of power by
2024 (Table 3). It is important to note that these new projects do not

5
For example, if in the auction the RER generator offers a price of US $ 50/
MW hour, that spot market price is maintained throughout the contract. If that
price is, say, US $ 30/MW hour, then RER generators will receive an additional
US $ 20 to reach the US $ 50/MW of the original contract.

5
H. Campodónico and C. Carrera Energy Policy 171 (2022) 113261

Table 3
RER projects under construction (not auctioned).
N◦ Power Plant Power Investment Estimated date of
(MW) (USD MM) operation

1 C. Solar Continua 60 46 Jun-2022

Pichu Pichu 60 MW
2 C. Solar Continua 100 74 Oct-2022
Chachani 100 MW
3 C. Solar Continua 300 210 Jun-2022
Misti 300 MW
4 C. Eólica Wayra 108 148 Dic-2022
Extensión
5 C. Solar Clemesí 116 95 Feb-2023
6 CH Santa Lorenza I 19 39 Aug-2023
7 C. Eólica Punta 260 324 Jun-2024
Lomitas
8 CH Moquegua 1 15 49 Jul-2024
9 CH Moquegua 3 19 55 Jul-2024
10 C. Eólica Parque 131 128 Dec-2024
Eólico San Juan
Total 1,128 1,168
7
Source: OSINERGMIN

have the RER subsidy.6

Fig. 4. GHG emissions 2018 (tCO2e per capita)
7. Criticisms of the RER in Perú Source: Historical GHG Emissions from Climate Watch (2018).

7.1. Criticism of the RER subsidy
One of the arguments for opposing new RER plants is that the RER
subsidy makes electricity prices more expensive and, therefore, hurts
consumers, especially those with lower incomes. Although it is true that,
in the four auctions conducted from 2009 to 2015, the different solar
and wind projects that won the auctions had guaranteed income, and the
value of the RER subsidy had been increasing as the projects came into
operation, although the impact on the final electricity fee is small. The
RER subsidy represented approximately 5.6% of the value of the final fee
as of May 2019 (OSINERGMIN, 2019).
In addition, the legal modifications of DS-043-2017-EM (already
analyzed) artificially lowered the costs of natural gas plants. This caused
a strong reduction in spot prices in the electricity market, which in turn
increased the RER Premium. In mid-2021, this rule was modified.
Another argument used to oppose RER investment is the higher cost
compared to traditional forms of electricity generation (hydroelectric
and natural gas). However, since the third and fourth auctions (2013
and 2015, respectively), the rates offered showed a significant decrease,
due to the rapid progress of technology, which led to lower costs.
Thus, we have that, according to OSINERGMIN (2019), the weighted
average price awarded for solar generation projects decreased by 78%
and, for wind generation projects, it decreased by 53% (Fig. 6). Like­
wise, the price of biomass generation projects decreased by 30% and the
price for small hydroelectric plants, of less than 20 MW, decreased 27%.
This trend indicates that RER sources are increasingly competitive and
therefore it is necessary to modify the regulatory framework to consider
the current situation of technology, eliminating the need for subsidies.8
As can be seen, then, the subsidies will no longer be necessary from
now on. For this reason, the RER premium would only be maintained for
the plants tendered in the first four auctions. What is required are reg­
ulatory changes of a technical nature, as we will see later.
7.2. Technical criticism: No reliability of supply
7.2.1. Dependable capacity
One of the barriers to entry to the electricity market that RER gen­
erators have in Peru is the fact that they do not have Dependable Ca­
pacity recognition, defined as the maximum power that a generation
unit could generate with an important level of reliability.9 Therefore,
they are prevented from signing an electricity supply contract with their
customers (also called Power Purchase Agreement or PPA). Indeed,
Supreme Decree 009-93-EM, Regulation of the 1992 Electricity Con­
cessions Law, Ministerio de Energía y Minas (1993) expressly estab­
lished that the Dependable Capacity of wind and solar generators was
equal to zero.
The argument for not recognizing Dependable Capacity to RERs has
been the inability of wind and solar resources to guarantee their avail­
ability in the system. Peruvian regulations establish that, as it is an
intermittent resource, in many cases these generators have a null degree
of control over their generation capacity, so they should not receive a

6
Important private electricity generation companies have new investments in
RER Plants. ENGIE (France) stands out with the Punta Lomitas Wind Power
Plant (260 MW), Ica Region, which will supply the Quellaveco mine (Anglo
American). This plant is not covered by DL 1002 and has a cost of less than US $
40/MW hour (Deloitte, 2021). Enel (Italy) has two important RER plants in
Peru: Wind powered Wayra 1 Plant with 132 MW and Rubi Solar Plant with
145 MW (OSINERGMIN, 2019). Enel, with the support of Deloitte, presented in
2021 the “Energy Transition Roadmap”, that proposes an economically profit­
able path the Government could follow to meet its goal of reducing emissions
by 2050. According to the research, the net economic benefit that Peru could
obtain by implementing the proposed measures would be US $ 205 billion until
2050.
7
Retrieve from: https://www.osinergmin.gob.pe/seccion/centro_docume
ntal/electricidad/Documentos/Publicaciones/Compendio-Proyectos-GTE-Cons
truccion.pdf.
8
“What we are looking at, instead, appears to be a situation in which growing
use of renewable energy is itself driving cost reductions. For solar and wind, we
have seen a series of incremental improvements as energy companies gain
experience, big reductions in the price of components as things like turbine
blades go into mass production and so on. Renewables, as Roser points out,
appear to be subject to learning curves, in which costs fall with cumulative
production. When an industry has a steep learning curve, government support
can have huge positive effects. Subsidize such an industry for a few years, and
its costs will fall with experience, and eventually it will reach a tipping point
where its growth becomes self-sustaining and the subsidies are no longer
needed” (Paul Krugman, https://www.nytimes.com/2021/08/17/opinion/u
s-obama-renewable-energy.html.
9
In Spanish, Potencia Firme.

6
H. Campodónico and C. Carrera Energy Policy 171 (2022) 113261

Fig. 5. Percentage distribution of net GHG emissions by sectors (Perú 2016)

Source: Ministerio del Ambiente (2021).

Fig. 6. Evolution of the unit price of RER projects by auction

Source: OSINERGMIN (2019).

Fig. 7. Investments in the electricity sector (US $ Millions)

Source: Ministerio de Energía y Minas (2020a): Anuario Ejecutivo de Electricidad 2019, Graph 26.

payment for power and therefore it is stated that the RER they are Only in 2019 did OSINERGMIN approve a new procedure (Resolu­
unreliable10. tion 144–2019) for the calculation of Dependable Capacity. The new
methodology establishes that energy production should only be recog­
nized during the system’s peak hours. In effect, to the present date, the
10
https://prometheo.pe/la-potencia-firme-para-las-renovables-va-o-no-va/.
established calculation is limited to the Peak Hours between 5:00 p.m.

7
H. Campodónico and C. Carrera
and 11:00 p.m.
This methodology discriminates against solar generation by estab­
lishing that energy production should only be recognized during the
Peak Hours, which are those in which, precisely, the solar plants do not
operate. The new methodology does not consider that any energy
contribution to the system at any time adds to its reliability.
Then, the new regulation only applies to wind power plants and not
to solar power plants. Although there has been progress, it has only been
partial. Therefore, it is necessary that solar plants also have Dependable
Capacity.
7.2.2. Time blocks
As seen in the previous section, the biggest restriction facing solar
energy today is that it only has Dependable Capacity between 5:00 p.m.
and 11:00 p.m. For this reason, it is important to allow contracts to be
made by time blocks so that each generator offers energy according to its
production curve. That is, to allow solar power plants to sell during the
day, which is when they reach their maximum production capacity.
This will lead to significant price reductions for electricity users in
the medium term, due to the lower prices of these innovative technol­
ogies. Solar plants will be able to sell their production directly to free
customers without having to go to the “spot” market. According to
statements by the president of the Sociedad Peruana de Energías Ren­
ovables (2021)11: “There is a lot of opposition, unfortunately, to
renewable energies taking a predominant or, at least, significant role in
the Peruvian electricity sector. The underlying issue is that RERs are so
competitive today that their deployment, under equal conditions, will
take away the market for other electricity generation technologies".12
7.3. Economic aspects of opposition to RER
We have analyzed the technical causes of opposition to RER by
different business interests (high amount of subsidies, lack of reliability
in supply, no granting of dependable capacity), which have affected the
decisions of government officials. But there are also causes related to the
economic growth of the country. There are two main economic causes.
First, during the so-called super cycle of high commodity prices
(2004–2013), Peru had high and sustained GDP growth. Thus, the
average GDP growth was 6.3%. But the super cycle lasted until 2013.
From 2014 to 2019 the GDP growth average was only 3.1%, a reduction
of 50%.
Second, the expectations of continuous GDP growth because of the
super cycle stimulated new and important investments in the Peruvian
electricity sector. From 2009 to 2019, US $ 20 billion were invested
(Fig. 7), of which 60% was allocated to the construction of new gener­
ation plants, followed by investments in transmission with US $ 3.558
billion (18%) and in distribution with US $ 3.0 billion (15%). To a lesser
extent, there is the rural electrification program of the MEM, with 7.2%
(US$ 1.442 billion).
As previously mentioned, according to OSINERGMIN (2020b) the
current demand for electricity is covered with existing installed power,
and therefore there is a large excess supply of electricity. It should be
noted that most of this oversupply comes from diesel power plants.
Third, the lower GDP growth rates since 2014 have determined that
the growth in electricity demand has been lower than expected. Indeed,
according to OSINERGMIN, from 2004 to 2013 the average growth in
demand was 6.3%, decreasing to 3.9% from 2014 to 2019 The strong
economic recession caused by COVID 19 in 2020 has aggravated this
situation.
Therefore, the lower demand for electricity results in disputes
11
SPR, Peruvian Renewable Energies Society.
12
https://elcomercio.pe/economia/dia-1/energia-limpia-spr-hay-mucha-opos
icion-a-que-las-energias-renovables-tomen-un-rol-predominante-en-el-sector-e
lectrico-noticia/.
8
Energy Policy 171 (2022) 113261
between generators to maintain their market share. When energy de­
mand grows steadily, the gradual incorporation of RER plants does not
significantly impact the market share of traditional, hydroelectric, and
natural gas thermal plants.
The opposite happens when demand decreases because what some
gain is the loss of others. In a zero-sum game, survival depends on
maintaining market share. It is said then that “it is not a good time for
new players to enter”, which refers to new RER plants. Thus, we can
affirm that the initial impulse of the year 2008 has been replaced, since
2016, by the reluctance to support RER plants.
8. The bill to give new impetus to the RERs and the reasons for
its failure
As previously stated, since the middle of the last decade, the impulse
to electricity generation with RERs had stopped. There were no more
auctions after 2015 and there were a series of criticisms from various
approaches: the RER subsidy, non-reliability of supply (non-granting of
Dependable Capacity), as well as an oversupply of installed capacity.
At the same time, Peru’s commitments to the Conference of the
Parties were reaffirmed by the different governments: reduction of 30%
of GHGs by 2030 (the reduction increases to 40%, depending on inter­
national funding) and commitment to be a carbon neutral country by
2050, declared by the President of the Republic, Francisco Sagasti, in
December 2020.
In successive statements by the Ministers of Energy and Mines, it was
constantly said that Peru should raise its goal of electricity generation
with RER, from 5 to 15% by 2030. Let us remember that the goal of 5%
was established in DL 1002 of 2008, where it was also said that new
goals would be established for future years. But this did not happen.
For this reason, Bill 6953 presented to the Congress of the Republic in
March 2021 Belaúnde, 2020 titled: “Law that encourages Investment in
Renewable Energy Resources for Power Generation in the Peruvian
electricity market” was particularly important. The premise of Bill 6953
was that the impulse to RER exchanges was exhausted and that a new
legal framework was needed.
Article 2 of Bill 6953 stated that the MEM should establish a target
percentage of RER in national electricity consumption that should not be
less than 20% by 2030 nor less than 50% by 2040. It is also of the highest
importance to note that Bill 6953 no longer considered the necessity to
subsidize RER plants, since it omits any consideration in this regard.
Likewise, Bill 6953 established other administrative and institutional
measures to renew the impulse to RER, explicitly. Regarding Depend­
able Capacity, Bill 6953 established that RER, solar and wind power
plants must have Dependable Capacity, recognized and remunerated,
equivalent to the annual average power injected into the dispatch sub­
station to the National Interconnected Electric System (Article 3).
This recognition of Dependable Capacity would make it possible for
RER plants to participate in regulated market auctions (Art. 5). It also
stated that these auctions must be designed defining hourly blocks so
that RER plants can participate in new generation projects.
Unfortunately, the project was rejected by the Energy and Mines
Commission of the Peruvian Congress. The reasons for this rejection had
various considerations. One of them was the opposition to Article 2 of
Bill 6953 (mentioned above), which establishes the RER generation
goals for 2030 and 2040.13 Another argument expressed in the afore­
mentioned Commission was that the current legal framework of the
Dependable Capacity and the hourly blocks should not be affected, since
13
“Regarding the RER Goals for the National Electric System, he asked that
the elimination of Art 2 be reconsidered, since these are goals that are already
included in two official instruments: The Transmission Plan 2021–2030 and the
Peru’s goals to comply with the Paris Agreement by 2030”, Speech by
Congressman Alberto de Belaúnde at the Congressional Energy and Mines
Commission, May 11, 2021.
H. Campodónico and C. Carrera
the Government “has the main interest in keeping said sector
competitive".
According to other opinions, the reasons for the opposition are quite
different. Brendan Oviedo, President of the SPR, affirms: “The elimina­
tion of Bill 6953 was caused by the disinformation campaign developed
by various players in the electricity market, opposed to the entry of more
competitive energies, such as solar and wind” .14
9. Current policy status and recommendations
The enactment of DL 1002 in 2008 established a series of benefits
and incentives for the start-up of RER plants. In the first four auctions,
investments of US$ 1.956 billion were committed to build 64 RER plants
with a capacity of 1,273 MW. The maturity of these investments has
meant that currently 5% of the electrical energy generated in Peru
comes from RER plants.
Although these advances are clear, in recent years various criticisms
and objections, both technical, economic, and political, have slowed the
progress of new projects. The criticisms and objections to the RER can be
summarized in the following points:
• The subsidies granted in the RER Premium affects the purchasing
power of users.
• The unreliability and intermittence in the supply of RER plants
prevents from granting them Dependable Capacity, which is a sine
qua non condition to sign electricity supply contracts with their
customers (Power Purchase Agreements). Therefore, the Dependable
Capacity for wind and solar plants was equal to zero.
• The slowdown in economic growth after 2014 has reduced the de­
mand for electricity, at the same time that the heavy investments in
generation in the second decade of the 21st century have caused an
oversupply in installed power, which generates strong competition
among thermal power plant generators and RER plants.
For these reasons, some provisions of DL 1002 of 2008 were no
longer complied with. Most important, DL 1002 established that every
five (5) years a new target of RER participation in national electricity
consumption should be set. This new percentage has not been estab­
lished to date.
Despite this, the development of RER Plants has continued, albeit
slowly. In recent years, investments have been committed for ten (10)
new RER plants for US$ 1.169 billion with a capacity of 1,128 MW, as
we have already seen. These investments have materialized despite the
fact that there have been no new auctions and no access to RER
subsidies.
In 2019 there was an important advance as a change was introduced
to the current legislation, establishing a new calculation formula for the
granting of Dependable Capacity. This legislation establishes that for
Dependable Capacity the energy production of other plants is recog­
nized, but only during peak hours of the system. This modification fa­
vors wind power plants but discriminates against solar power plants. It is
not considered that any energy input to the system by solar plants, at any
time, adds to its reliability.
Various actors have insisted on the necessity of regulatory changes,
including the MEM, which published in 2020 the “Informe: Separación
de Compras para el Suministro Eléctrico de Potencia y Energía” (“Report
on the Separation of Purchases for the Electricity Supply of Power and
Energy”, Ministerio de Energía y Minas, 2020b). In this report, MEM
recommends not to limit supply contracts (PPAs) to the full requirement
modality, allowing them, instead, to be subscribed either only for
14
Along the same lines, a review of the literature by Bourcet (2020) on the
empirical determinants of the deployment of renewable energies, the lobbying
effect of traditional energies has a negative effect on the development of
renewable energies.
9
Energy Policy 171 (2022) 113261
Dependable Capacity (firm power), only for energy (by blocks) or for
both products simultaneously. Furthermore, MEM emphasizes that it is
necessary to have a timely transmission infrastructure in order to enable
the injection of the new supply of RER plants interested in entering the
market.
In addition, the regulatory body OSINERGMIN (2019) has developed
various projects to improve current legislation. OSINERGMIN’s main
proposals are the following:
• Recognition of the Dependable Capacity of the RER: The non-
recognition of a Dependable Capacity to the RER generators limits
their development, since the current regulatory framework indicates
that they cannot contract more power and Dependable Capacity with
their users than their own and those they have contracted. with third
parties. Considering that, in recent years, demand peaks have been
observed outside the peak hour range, where RER exchanges
contribute despite their intermittency, it is necessary to bring the
concept of Dependable Capacity closer to the contribution that each
plant makes to the security of supply, by evaluating this contribution,
rather than assuming that it is zero for some technologies.
• Participation in the regulated market: Modification of the bids re­
quirements for the supply of electricity to allow the contracting of
purchases of power and energy separately and by hourly blocks
(Peak, Average and Base). In this way, RER projects could sell in the
block where they produce electricity, mitigating their risks and
reducing user fees. Establish a bidding plan, which allows the dates
of the calls to be known. Establish that the rates of the end users can
collect the price signals, so that they can modulate their
consumption.
• Participation in the Free Market: Modification of the contracting
modality to allow power and energy to be purchased separately.
• Separate energy purchases: The current legislation allows the sepa­
rate purchase of energy from thermoelectric power plants, hydro­
electric power plants, biomass power plants and wind power plants,
but not to solar power plants. OSINERGMIN proposes that this
separate purchase of energy also include solar power plants, for
which the calculation of energy only in peak pours is set aside, which
would integrate all the time blocks.
• Evaluate the convenience of energy storage systems: Energy storage
systems (SAE) allow monitoring the development of RERs, managing
the problem of their intermittency. In view of the decreasing trend in
the costs of storage technologies, their installation is increasingly
competitive. The economic and environmental benefits must be
considered: dispatch is made more efficient by avoiding the
commissioning of more expensive and polluting plants.
• Creation of a single mechanism for transmission planning: A
considerable increase in RER participation poses challenges to the
performance of the interconnected electricity system. The challenges
are related to the lack of capacity of the transmission lines or the
insufficient adequacy and safety of the generation
On the other hand, the SPR agrees with the proposals of MEM and
OSINERGMIN. In their Sectorial Agenda for January 2021, they suggest
that there should be an improvement in regulation and a separation of
the contracting of Energy and Power. Among the main measures pro­
posed by the SPR we have:
• Promote the preparation, discussion and publication of the necessary
regulation that allows the separation of the Energy and Power mar­
kets, allowing energy to be commercialized.
• Issue the necessary complementary regulation that allows wind and
solar plants to participate in the long-term tenders that are called by
the electricity Distributors, in such a way that the Regulated Market
benefits from the reduction in prices that these technologies bring.
• Develop the necessary regulation that allows recognizing the
contribution to the reliability of the system made by the solar power
H. Campodónico and C. Carrera
plants, considering that in recent years the maximum demand of the
system has been presented in some months in “off-peak” hours (be­
tween 11:00 a.m. and approximately 4:00 p.m.) where the solar
plants are operating at their maximum capacity. Such recognition
will be reflected in an adequate remuneration of the Dependable
Capacity that these plants contribute to the system.
• Develop a regulation that allows the entry of storage systems, as a
mechanism offering complementary services.
• Adapt the existing regulatory framework to allow the transmission
system to be prepared, both at the operational and infrastructure
levels, to receive a high share of new non-conventional renewable
plants.
As can be seen, in Peru there is agreement between government and
business actors (such as Engie and Enel) about the need for reforms and
regulatory changes that give new impetus to the RER Plants, so that
progress can be made in meeting the goals of the Paris Agreement on
Climate Change.
This new path towards the RER also implies a change in the energy
policies that have been applied in the country. One of the most impor­
tant is that Peru does not have a Long-Term Energy Plan that sets precise
goals for the energy matrix.
Although in 2010 the Política Energética Nacional del Perú 2010–2040
(National Energy Policy of Peru 2010–2040) was approved, through Su­
preme Decree No. 064-2010-EM, it has serious limitations (Ministerio de
Energía y Minas, 2010). Política says that Peru “must have a diversified
energy matrix, with an emphasis on renewable sources and energy ef­
ficiency”. It also says that “projects and investments will be promoted
based on conventional and unconventional clean energies, hydrocar­
bons, geothermal and nuclear, which guarantee the country’s energy
security. For this reason, the natural gas industry and its use in house­
hold activities, transportation, commerce, and industry will be pro­
moted, as well as in efficient electricity generation.”
Among its numerous objectives, we also have items aimed at pro­
moting RER, these have not been materialized for two reasons: on the
one hand, the document is not binding and does not establish precise
goals. On the other hand, there is opposition to the realization of the
legal changes for the new impulse to the RER by various business actors
who wish to preserve their market share.
It is for these reasons that, despite multiple government projects and
proposals from business sectors related to RERs, its momentum has
diminished. The same happened with Bill 6953 of 2021, which was not
approved by the Commission of Energy and Mines of the Congress of
Peru, as analyzed before.
For this reason, energy policy objectives should aim, on the one
hand, at recovering the State’s capacity to decide the structure of our
energy matrix in the long term. And, on the other, to promote the
10
Energy Policy 171 (2022) 113261
participation of the different actors in society to advance this objective.
Along these lines, it is important to consider the experience of other
countries, as it has been analyzed in Section 4.1 of this paper. The
experience of Chile is particularly important, because it integrates en­
ergy producers and consumers, the academic community, environ­
mental ONGs, associations for the protection of rights of consumers and
defenders of the rights of Indigenous communities15 The conjunction of
this actors allowed the materialization of a Road Map that has placed
Chile as one of the actors with the best record of compliance with its
commitments to Climate Change.
That could also be the way forward for Peru, as there are favorable
conditions for it. In September 2021, newly elected President Pedro
Castillo declared at the United Nations that Peru will declare itself in
“Climate Emergency” and that it would fulfill its commitments already
adopted, which include a very broad agenda: to be a carbon-neutral
country in 2050, National Adaptation Plan, goals of Nationally Deter­
mined Contributions, energy efficiency and transition, among others.
One of the topics on this agenda should be the promotion of the RER
Plants, for which the consensual elaboration of a Long-Term Plan to
2050 is key, promoted by the State, with the participation of all actors
(the government itself, private sector, universities, professional associ­
ations and civil society) that is binding, that is, mandatory for all parties.
In this way, the RER Plants could resume the initial impulse that the DL
1002 gave them.
10. Conclusion and policy implications
This article has developed an analysis of the situation in Peru
regarding renewable energies and its participation in electricity gener­
ation, which are key aspects of the energy transition. Despite the prog­
ress made in the first years after the publication of DL 1002, the
development of new RER projects has decreased.
Section 9 has presented a summary of the current state of the RER
generation policy and the recommendations to conduct the energy
transition in electricity generation in Peru.
Normative and regulatory changes are required that consider the
technological characteristics of RER technologies, inclusion of RER
generation plants in the regulated electricity market, improvement of
energy storage systems, among other measures.
Likewise, it is necessary to develop a long-term comprehensive en­
ergy policy, with the participation of all stakeholders and that presents a
long-term vision in order to meet the goal of being a carbon-neutral
country by 2050.
CRediT authorship contribution statement
Humberto Campodónico: Conceptualization, Methodology,
15
Campodónico (2021a): In particular, the lessons from Chile’s policies are
important. In 2016, the Supreme Decree 148 was enacted by the Chilean
Government, which approves the “Energy 2050” Plan (Chile, Comité Consultivo
de Energía 2050; 2015). The Plan was prepared by twenty-seven members,
among whom were the main energy producers and consumers (Mining Council,
Association of Power Generators and Natural Gas), as well as the academic
community, environmental NGOs, and associations for the protection of rights
of consumers and defenders of the rights of Indigenous communities. “Energy
2050′′ says that Chile must fulfill its commitment to reduce greenhouse gas
emissions by 30% by 2030. To do so, it approves a wide range of policies and
quantifiable goals. Specifically, renewable energy sources (non-polluting) will
have a 70% share in electricity generation by 2050. In addition, it adds that
“the Ministry of Energy will be in charge of leading the implementation of the
National Energy Policy, monitoring it and making an annual report of its
progress to the Civil Society Council of the Ministry of Energy” (DS 148, Art. 2).
It is verified, then, that the State leads a concerted effort with all the actors of
society. The commitment is binding as it is embodied in a Supreme Decree. And
the Ministry of Energy, under responsibility, leads its implementation.
H. Campodónico and C. Carrera Energy Policy 171 (2022) 113261

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