Hidroituango Hydroelectric Power Plant Contingency cost $ 1.1 bn; politicians and executives held accountable

The 2018 contingency at the Ituango Hydroelectric Power Plant (Hidroituango), which delayed its entry into operation until 2022, represents a fiscal damage of $1.1 billion, estimated the Comptroller General. The watchdog argued thae contingency was a result of failures in the planning and execution of the project, led to a fiscal damage of $836 million due to the destruction of the value of the investment, while the remaining $317 million is due to lost profits. The Comptroller recalled that the megaproject was planned for $1.7 billion, a sum that rose to $3.7 billion, and imputed charges for fiscal damage against 28 people, among which ex-governors of Antioquia, former mayors of Medellín, the former director and managers of utility company EPM, and construction firms.

Source: Portafolio