Ecuador's Bold Move: Private Investments to Power the Nation

Ecuador's national assembly approved a bill from President Daniel Noboa to expand private investment in the electricity sector. The legislation, targeting the severe energy crisis, allows projects generating up to 100 megawatts. Despite unanimous backing, some lawmakers noted it won't immediately resolve the crisis worsened by a historic drought.

Ecuador's national assembly has passed a pivotal bill proposed by President Daniel Noboa to enhance private investment in the country's electricity sector amid a severe energy crisis.

The legislation, which received unanimous backing, significantly increases the capacity for private projects from 10 to 100 megawatts. However, opposition voices caution that the bill may not offer an immediate solution.

Amid the crisis fueled by the worst drought in six decades, crucial measures include enabling private companies to import natural gas for electricity generation. As the proposal awaits the President's signature, it marks Noboa's second effort this year to involve private sector stakeholders more deeply in the energy domain.

(With inputs from agencies.)