Peru, South American Nations Turn to Reverse Auctions to Accelerate Renewable Energy Development

Peru and other governments in South America, including Brazil and Uruguay’s, are making headway as they strive to develop renewable energy resources that reduce CO2 and greenhouse gas (GHG) emissions and environmental degradation while at the same time boosting economic activity and jobs growth. In doing so, they’re turning to reverse auctions, as opposed to Feed-in Tariffs (FiTs) or other incentives, as a market-based mechanism to foster growth of renewable energy capacity.

Demand for energy in Peru is growing at 9% per year, with total required energy capacity estimated to increase to 6,140 MW between 2012-2020, according to a 2011 energy market analysis conducted by consulting company CINYDE S.A.C. for World Bank Group member the International Finance Corp (IFC). That’s the equivalent of building a new 500-MW generation plant every year… Read more

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