In October 2025, Colombia's average energy stock price dropped to 177 COP/kWh, its lowest in a year. This 42% decline from September stemmed mainly from increased renewable sources, which supplied 90% of generation. The wholesale market exhibited stable dynamics with reduced transactions and trader exposure.
XM's report, as operator of the National Interconnected System, notes that the average energy stock price in October 2025 was 177 COP/kWh, a 42% drop from September's 305 COP/kWh and an 89% decline compared to October 2024's 1,560 COP/kWh. The Bolsa Transaction Price (PTB) averaged 176.5 COP/kWh, mirroring the downward trend.
This decline tied directly to abundant renewables: 90% of generated energy came from clean sources, with 83% hydroelectric, 6% solar, and 1% biomass. Thermal plants' share fell to 10%.
Traders had 7.1% average exposure to the stock, with net purchases of 454 GWh worth $90 billion, far below October 2024's $862 billion. Bilateral contracts saw regulated users at 310 COP/kWh, down 0.50% from September, and non-regulated at 286 COP/kWh, a 2.61% decrease.
The MC index for the regulated market ended at 308.98 COP/kWh, 1.51% lower than October 2024, shaped by indexing rules favoring the lower of IPC (5.51%) or IPP (2.12%).
For the Reliability Charge, 7,244 GWh were committed in Firm Energy Obligations, with 261 GWh (3.6%) activated, leading to $528 billion in payments and an equivalent cost of 81.9 COP/kWh passed to user tariffs.
The wholesale market traded $3.59 trillion, 45% less than October 2024's $6.51 trillion. Long-term contracts totaled $2.89 trillion, up 1.14%, including 502.87 GWh from non-conventional renewables (7.03% of demand).
Trade with Ecuador declined: exports of 46 GWh ($7.407 million) and imports of 2 GWh ($385 million). The Centralized Public Bidding Information System (SICEP) tendered 49,055 GWh and awarded 10,418 GWh (21%), dispatching 2,889 GWh at an average 307.75 COP/kWh.