LatinNews Daily - 10 September 2024

*Ecuador’s state oil company, Petroecuador, has revealed that power failures reduced its oil production by an estimated 83,284 barrels in August, in the latest indication of the economic damage being inflicted by the energy crisis that began in October 2023. Low water levels at hydroelectric power stations have resulted in scheduled blackouts being imposed in various parts of the country over the past year. Petroecuador said that production had been “seriously affected” at 11 oilfields in the Amazonian provinces of Sucumbíos, Orellana, and Napo. President Daniel Noboa’s government has moved to address the shortages by hiring a floating power station from the Turkish company Karpowership, which is stationed near the port city of Guayaquil (Guayas province) and began test operations on 8 September. This vessel, hired for a period of 18 months, will provide an additional 100MW of energy to Ecuador’s grid. However, it will not be enough to resolve Ecuador’s energy deficit, which stands at 1,080MW according to the country’s national grid operator (Cenace). An energy reform bill approved by congress in January aims to boost investment in energy infrastructure to provide a longer-term solution to the crisis.