PRELIMINARY VERSION

REPORT OF THE XLVI MEETING OF MINISTERS.

Report

The XLVII Meeting of Ministers of the Latin American Energy Organization - OLADE was held IN Buenos Aires, Argentina, from December 6 to 7, 2017, following a call made by the Permanent Secretariat, in strict compliance with the provisions of the internal regulations of the Organization.

The Meeting was inaugurated on December 6, by the Minister of Energy and Mining of Argentina, Ing. Juan José Aranguren, in his capacity as representative of the host country of the event, the National Secretary of Energy of Panama, Dr. Víctor Urrutia, outgoing President of the Meeting of Ministers. Their speeches are attached (Annex 1)

The Minister of Energy and Mines of the Republic of Argentina, appreciates the opportunity offered by the Meeting coordinated by the Latin American Energy Organization to share space with friendly countries and records the honor it represents for the government of his country to receive delegations from OLADE Member Countries, international organizations and other guests. In his opening remarks of the event, he stresses OLADE's role in its more than 40 years of service to the energy interests of the countries of the Region, promoting integration and energy cooperation in Latin America and the Caribbean. He highlighted the importance of the Energy Week, which was launched on Monday, December 4th with the Regional Energy Integration Forum, followed by other events such as SEforALL, OLADE's Council of Experts, the ECLAC Energy Efficiency Dialogue, among others supported by OAS, GyZ, the World Bank, etc. He took the opportunity to highlight Argentina's presidency of the G20 that will represent for the country a year of intense energy work, which is expected to culminate with the G20 Ministerial Meeting in the energy track in June 2018. He emphasizes the presence of speakers of international prestige to exchange ideas on the role of Latin America and the Caribbean in the global energy scenario that presents important challenges in terms of energy security and policies focused on mitigating the effects of climate change. Finally, he thanked OLADE and the IDB for making possible the materialization of the Energy Week and allowing Argentina, at a moment of repositioning its energy reality, the exchange of experiences at the regional level and the strengthening of ties that allow, in a increasingly interconnected world, undertake regional strategic alliances to generate energy efficiently, with more economic transmission to guarantee the citizens of the region a sustainable development for the coming years. He reiterates his greetings to the participants and expresses his expectations regarding the achievement of a fruitful exchange.

For its part, the National Secretary of Energy of Panama, in his capacity as outgoing President of the Meeting of Ministers of OLADE, thanked the host country hospitality in the reception and OLADE for the organization of the event. In the course of 2017, it is noteworthy to have perceived a development in OLADE aligned with the fulfillment of the objectives established at the beginning of its creation, establishing energy integration as the main focus through the exchange of knowledge, techniques, development projects, planning, among other aspects related to the energy sector. In

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relation to the results of the events held during the Energy Week, he expresses having perceived that the Region is taking action to face the challenges that arise in terms of energy supply, access, and sustainable development through the implementation of long-term plans. He emphasizes the important role that OLADE has developed during 2017 in terms of collaboration and assistance to achieve these ends, through the preparation of studies and documents of great importance to the sector. It highlights the role of the Meeting of Ministers as the highest authority of OLADE, emphasizing the importance of OLADE in the process of regional energy integration as well as the need to provide the Organization with the political and economic support needed to fulfill its objectives.

In compliance with the agenda, the High Authorities Panel was held on the theme: The role of Latin America and the Caribbean in the global energy scenario, with the following presentations:

Keynote Speakero Paul Simons, Deputy Executive Director - International Energy Agency

(IEA)

Panel of High Authorities: The role of Latin America and the Caribbean in the global energy scenario

o Sun Xiansheng, Secretary General, International Energy Forum -IEF o Jonas Moberg, Chief of Secretariat of the Extractive Industries

Transparency Initiative - EITI o Christian Zinglersen, head of the Clean Energy Secretariat o Daniel Redondo, Secretary of Strategic Energy Planning, Ministry of

Energy and Mining of Argentina (Moderator)

The panel of high authorities constituted a space of disclosure that allowed looking at the regional energy sector from a global point of view. Among the topics discussed are: the projections of the energy demand to 2040, which show, according to the Energy Outlook of the IEA, that the growth of demand in the region, throughout the period, will be almost one third higher than the global growth The region has a great potential for harnessing renewable energies to meet the growing energy needs, the challenge being to have flexible energy matrices that respond adequately to the increasing incorporation of renewable sources. The importance of information transparency is stressed, as a basis for the elaboration of public policy for responsible development.

Global Initiatives: Global Energy Interconnection, Zero Routine Flaring by 2030

o Xu Ming, Assistant to the General Director, GEIDCO o Zubin Bamji, Senior Communications, Practices and Extractive Energy

Officer, World Bank. o Alfonso Blanco, Executive Secretary, OLADE (Moderator)

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Presentations were made on the two global initiatives: one aimed at the global electrical interconnection of GEIDCO, and the other aimed at the reduction of venting gas of the extractive industries of the hydrocarbons sector with which OLADE is generating a joint agreement, initiatives that contribute from the point of view of the region, to two fundamental aspects, the reduction and efficiency in the hydrocarbon sector and regional energy integration.

In addition, the Executive Director of SEforALL and special representative of the United Nations Secretariat, Mrs. Rachel Kyte, spoke on the initiative of SEforALL and Professor of Mechanical Engineering at Columbia University, Mr. Vijay. Modi, who spoke about Energy and Innovation.

At the closing of this inaugural phase of the Meeting of Ministers, the Executive Secretary of OLADE delivered a welcome speech (Annex 2) in which he thanked the participants for their presence on such an important occasion. He highlights that the development of the Energy Week has marked a clear signal of the effectiveness of the coordinated work between OLADE, its Member Countries and the efforts of many international agencies linked to the energy sector. He points out the struggle to achieve a Latin American and Caribbean region with better conditions for its population, as a common purpose and shared vision. This should be achieved by closing the development gaps and contributing so the energy sector becomes the driving-force of sustainable development. He extends his gratitude to the authorities and collaborators of the Ministry of Energy of Argentina, of the IDB, to OLADE's team who contributed to the success of the event with their commitment and effort. Additionally, he thanked the companies, regional entities, agencies and media that have supported the Energy Week. He also referred to the current process of change in the energy sector facing the region, which is also evident in the global arena. He considers that this transition represents a challenge, which involves great opportunities for Latin America and the Caribbean. He addresses a special acknowledgement to Argentina, as the host country, for its permanent support and commitment to OLADE, a nation that is a clear example of how to face these new challenges by undertaking actions aimed at returning to the path of energy integration and development. Finally, he made reference to the potential of the region in terms of energy, highlighting that Latin America and the Caribbean has 20% of global oil, 4% of natural gas reserves, a potential for large-scale renewables, highlighting hydroelectricity as a regional identity. He refers to the current conditions of the sector, stating that integration, rather than an option, today constitutes a real need. As a conclusion, he reports that Latin America and the Caribbean represent 25% of its generation from renewable sources, a figure that contrasts with 10% of generation with renewables at the global level. He highlights that the region has achieved, in less than a decade, that 23 million people without access to electricity could achieve it. He stressed the commitment of OLADE to assume, through a new conception and approach, the challenges that the region faces in the short and medium term regarding integration and energy complementarity; focusing the actions of the Organization in responding to the technical and capacity needs of its members, improving information and supporting institutional strengthening.

Opening and Preparatory Session

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On 7 December, following verification of the quorum, with the presence of authorities from 20 Member Countries (Argentina, Belize, Bolivia, Brazil, Colombia, Costa Rica, Cuba, Chile, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Paraguay, Panama, Peru, Trinidad and Tobago, Uruguay and Venezuela), and invited observers, according to list attached (Annex 3), the Executive Secretary of OLADE, Alfonso Blanco Bonilla, begins the second phase of the XLVII Meeting of Ministers, started on December 6, or with the presentation of the delegates of the participating Member Countries

Prior to the transfer of the Presidency of the Meeting of Ministers, the Executive Secretary thanked Panama for its support during the exercise of the Presidency of the XLVI Meeting of Ministers, between 2016 and 2017. He highlighted the importance of the leadership role that the Presidency of the Meeting of Ministers at the OLADE level should assume, in its capacity as a governance body in which OLADE is framed. He added that the effective exercise of this leadership must be aimed at sustaining and granting a very strong level of support to the agency. He stated that with the presidency exercised by the Republic of Panama, the support required by the Permanent Secretariat by its governing body was obtained, through the permanent support of Minister Víctor Urrutia, who was always supporting the management of the Permanent Secretariat and attending to the queries raised by the executive body of OLADE. He also emphasized the need to assume the status of a permanent body that holds the Meeting of Ministers as the highest authority of the Organization.

Dr. Víctor Urrutia, National Secretary of Energy of Panama, thanked for the words of the Executive Secretary and said that his country has received, this year, with great pleasure the work of the Executive Secretariat in the Organization, achieving a more important role in the energy integration activities that are being developed in the continent. Immediately afterwards, the President of the Meeting of Ministers was handed over to Paraguay, expressing his confidence in the exercise of excellent management.

The Board of Authorities of the XLVII Meeting of Ministers was formed, in accordance with the provisions of the General Bylaws of OLADE. Paraguay assumed the Presidency, represented by the Deputy Minister of Mines and Energy of the Ministry of Public Works and Communications, Attorney Mauricio Bejarano Marti; The Vice Presidency corresponded to Peru, represented by Dr. José Luis Pérez, Ambassador of Peru in Argentina.

The rapporteur was exercised by the Executive Secretary of OLADE.

The President of the XLVII Meeting of Ministers showed his constant support to the management of the Permanent Secretariat of OLADE. He highlighted the important work done by the previous presidency in charge of Panama and reiterated the commitment of his country in the execution of a role that will permanently support the Organization, during the mandate.

The Minister of Energy and Mining of Argentina, Juan José Aranguren, welcomed those present on the second day of the XLVII Meeting of Ministers, reiterating the importance for his country of the opportunity to receive fellow ministers from Latin

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America and the Caribbean for the exchange of experiences, options for regional integration and above all for continuing to unite ties in the region.

He thanked OLADE for having chosen his country to host the Ministerial Meeting and the IDB for its participation and collaboration with Energy Week.

He reiterated that Argentina is strengthening ties with the world, with the beginning of the year of the presidency's leadership in the G20, and the site of the WTO meeting. He concludes by saying that it is a source of pride for his country to receive the delegations present, to learn from everyone and strengthen the energy links in the region.

Permanent Secretariat. Accountability Report 2017

The Executive Secretary made the official presentation of the report on the rendering of accounts of the Permanent Secretariat 2017, a document distributed in printed version to the delegations present.

The aforementioned official document summarizes the results of the first year of work of the 2017-2019 administration, a period in which, based on the Executive Secretary's Management Plan presented at the XLVI Meeting of Ministers, the Permanent Secretariat's action in five fundamental strategic areas for the Organization was emphasized:

1) Institutional, Financial and Organizational Aspects 2) Strengthening the Information Systems; 3) Complementarity, Regional Integration and International Representation; 4)Technical capacity-building and support to sectoral policies of Member Countries; and 5) Security of supply and Access to sustainable energy. Presentation is attached

The Secretary referred to the draft Ministerial Decision analyzed in the XLIX Council of Experts, which instructs the Permanent Secretary of OLADE to prepare and present the Annual Report of the Organization, with the characteristics of OLADE's management report, as a mechanism for annual report of the Executive Secretary to the Ministerial Meeting. He added that this report should constitute an instrument for measuring results in compliance with the Executive Secretary's Management Plan and function as a basis for the decisions that the governance body determines for the agency.

The Executive Secretary highlighted the re-design of OLADE's information systems, as well as the new focus of the Yearbook of Energy Statistics.

Additionally, he reported on the progress of the projects that are developed with the support of cooperation agencies and multilateral banks.

With the announcement of the signing of ten inter-institutional cooperation agreements in 2017, he confirmed the need to continue generating synergies with different

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agencies in order to achieve results based on common objectives, in order to avoid duplication of management and boost resources.

He emphasized the development of projects related to energy planning and foresight, climate change, renewable sources, access to sustainable energy, energy efficiency, gender and energy, etc.

Regarding training projects developed by OLADE, he highlighted the efforts of its administration to focus more on the quality of courses than on the number of trained personnel.

He announced the release of two copies of the ENERLAC Magazine, highlighting the role of this publication as an instrument for the dissemination of academic technical articles; what fills a gap in the region, thus covering a necessary space for researchers and experts in the sector.

The Executive Secretary stressed the need to specify the creation of the financial instrument of OLADE (FENERLAC, formerly FOLADE) for the development of energy projects. He reported that significant progress had been made in 2017 in terms of establishing a working group, conducting a workshop and defining the right figure for the intended purpose.

During the presentation of the Report, the Executive Secretary made special emphasis on thanking the Republic of Ecuador for the donation of the Organization's headquarters building; stressing that providing OLADE with its own patrimony for its headquarters represents an important legacy to regional energy integration. He noted the need to repay Ecuador in a certain way this demonstration of its commitment to OLADE by undertaking actions aimed at the national community in which OLADE maintains its headquarters. Attached Report of the Secretary. (Annex 4)

The Presidency considers the accountability report presented by the Executive Secretary to be satisfactory, adding that there is a qualitative and quantitative leap forward in the institution. In addition, he affirms that his country appreciates an important evolution with regard to the management of the Executive Secretariat of OLADE.

In order to achieve compliance with the schedules established in the agenda, delegates are invited to take the floor, only in the case of necessary observations; and express the relevant congratulations in the recess spaces.

The representative of the Republic of Ecuador thanked for the tribute dedicated to his country for the donation of the building where the headquarters of the Organization operates, and cataloged as an obligation of his country to comply with this important step, sample of his commitment to Latin American integration, through the contribution of this heritage to OLADE, for the exercise of its functions

The Executive Secretary thanked Ecuador again, and invited those present to know the building where the headquarters of the Permanent Secretariat of OLADE operates in Quito, in which a large number of building refurbishing have been made during the course of 2017. He stressed that the property donated by Ecuador, has a significant market value, as it is a five-story building built on a plot of approximately one hectare.

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In compliance with the ministerial agenda, the presidency will move on to the Regional Ministerial Political and Strategic Dialogue promoted by the IDB, in which it is expected to address issues that are transcendental for the region.

Regional Political and Strategic Ministerial Dialogue (promoted by IDB)

Discussion Topics:

Regional and sub-regional energy integration based on complementarities Effective shared policies and commitments, experience and positioning of the

countries in:

o Access to energy o Level of utilization of the potential renewable energy sources. o Energy Efficiency

The Presidency announced the participation of Mr. Ariel Yépez, Head of the Energy Division of the Inter-American Development Bank - IDB, as moderator of the dialogue.

The Presidency sets out the methodology of the dialogue, consisting of a presentation of approximately 20 minutes by Mr. Yépez, followed by interventions by the delegations of Member Countries.

Mr. Ariel Yépez proposed as a fundamental objective of the dialogue, the presentation of opinions on the issues that, from the perspective of energy policy makers, are relevant to the region, which will constitute a fundamental input for the development of new ideas and projects linked to the sector.

Later he expressed his gratitude to the government authorities of the host country, for providing the space for the development of the event, to OLADE and to the Presidency of the Meeting of Ministers, for allowing the development of this political dialogue; an initiative that was implemented in 2016 under the auspices of OLADE, with the objective of having a high-level open space to discuss issues that, from the countries' perspective, are considered crucial for the energy sector in Latin America and the Caribbean. He also referred to the positive results of the forums and meetings held during Energy Week, which dealt with the topics of access, renewable sources, energy efficiency, energy integration, etc., which coincide with those proposed by technicians and specialists from OLADE Member Countries, for inclusion in the dialogue dynamics. His speech is attached (Annex 5)

Within the framework of the premise of sustainable development for all, Mr. Yepez referred to the universalization of access to energy, the decarbonisation of the energy matrix through greater use of renewable energies; to the promotion of Energy Efficiency measures and to the advantages of regional energy integration, as fundamental issues for the current conditions of the energy sector worldwide.

Speeches by Heads of Delegation:

Argentina - Minister of Energy and Mining, Mr. Juan José Aranguren:

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He referred to the tradition and experience of his country in bi-national integration. He recognized the importance of fostering regional integration, understanding that at least, in the case of Argentina, it would be necessary to first delve into sub regional integration initiatives; valuing the benefits of working in energy planning that takes into account the needs and opportunities of each of the countries involved. He proposed to generate a case study, with the support of OLADE and the IDB, which takes 2030 as the base year for the future scenario, analyses, based on the energy plans of the countries that make up a sub-region; how common benefits can be projected in terms of the use of natural resources, covering investment needs and energy transmission with the design of a shared sub regional planning. He suggested that the results of this study, to the extent of its tangible successes, could constitute important elements from the theoretical point of view to begin to be applied in practice in sub regional energy integration initiatives.

Panama - National Secretary of Energy, Dr. Víctor Urrutia He highlighted the progress made by the Central American sub region in terms of energy integration, in the implementation of the SIEPAC, a project that has received a great support from the IDB. He added that along with the good results, there has been a need for improvement. He recommended the analysis of an paper prepared by the IDB that includes all the difficulties that arose during the implementation of the project, with an approach of lessons learned. He referred to the effectiveness of regional versus binational integration and raised the need to carry out, from OLADE, the dissemination of the SIEPAC project as an example of this type of initiative.

Mexico - General Director of International Affairs of the Secretariat of Energy, Maestro Alejandro Amerena

He thanked the government of Argentina and its present authorities for the attentions received during the event. He also congratulate the Executive Secretary of OLADE and his team for an excellent first year of work and for the presentation of a comprehensive management report. He extended his gratitude to all the delegations and international organizations present with whom his country maintains substantive relations of collaboration in energy matters. Regarding regional energy integration, he highlighted as important aspects, the interesting results obtained in electricity integration between Mexico and Central America, within the framework of the SIEPAC. He also highlighted the work done in the natural gas group with the countries of the northern triangle. He referred to the energy reform implemented in his country, with the opening of the markets, which has involved major changes in regulatory and institutional matters. Finally, he noted Mexico's willingness to continue participating in regional energy integration processes and initiatives, both gas and electricity. He then passed the floor to the General Director of the National Commission for the Efficient Use of Energy of Mexico, Odón de Buen, to address the issue of energy efficiency.

Mr. Odón de Buen, General Director of the National Commission for the Efficient Use of Energy, referred to the work done by Mexico with the Central

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American sub-region on the issue of energy efficiency standards, technical regulations, which has made it possible for the countries of the region to agree on the determination of a common technical regulation For some products, specifically, electric motors, refrigerators, air conditioners. He highlighted the complexity of the issue at the regional level, valuing that not only a common perspective is required, at the level of energy ministries, but also of the ministries of economy. He highlighted the leadership of Costa Rica in regulatory matters. He added that part of the complication and therefore of the value of the cooperation lies in the need to have the appropriate laboratory infrastructure in charge of carrying out the tests on the products to issue the certificates that certify in the market the fulfillment of the established in the technical regulations, which at a national level is very costly, in this case operating regional cooperation. He said that his country has been supporting the region in the standardization of regulations and the corresponding support systems to systems of conformity assessment; at this point, he highlighted the support they have received from the Mexican private sector.

Costa Rica - Vice Minister of Energy of the Ministry of Environment and Energy, Ing. Irene Cañas

The Vice Minister made reference to the points dealt with in the Political Dialogue held in Ecuador in 2016, in terms of energy efficiency. He stressed that most of the countries present have already made progress in the reconversion of matrices through the inclusion of renewable sources, firm variables, etc., we have included renewable sources, firm variables, etc. Additionally, he highlighted the change in consumption patterns evidenced in recent years, with the entry of new technologies. Based on the dialogue conducted in 2016, he referred to the need to analyze the consumption patterns and load curves in the countries, assessing that the policy to be implemented depends to a large extent on the policy. He added the need to concatenate the policies with the commitments assumed in the Paris Agreement on Energy Efficiency. He stressed the need to identify the process for the shift towards more efficient technologies. Starting from the setting of this priority established in the 2016 dialogue, he proposed the realization of a study of consumption patterns in the different sectors (residential, industrial, etc.), which allows defining priorities in the replacement of technology. He also highlighted the need to establish mechanisms for the reconversion process to determine the fate of the replaced equipment; mainly in the case of refrigeration equipment and air conditioners, taking into account the commitments assumed in relation to the treatment of refrigerant gases. Finally, it emphasizes the importance of including in the ministerial agenda, the development of analyzes related to the transport sector, based on the decarbonisation of the matrices; for the purpose of defining strategies to improve the reduction of emissions generated in the transport sector.

Venezuela - Vice Chancellor and President of PDV Caribe, Mr. Raúl Licausi

The delegate of Venezuela expressed the best wishes of his country to Paraguay in the exercise of the presidency of the Meeting of Ministers and

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thanked the host country for its role in the organization and development of the Meeting of Ministers and Energy Week, event that provides great opportunities to meet new proposals and share experiences.

He stressed that in terms of energy integration, his country has a lot to say, based on the great effort it has made in the region. He adds that Venezuela shares the concerns expressed by the other countries present. He affirmed that he shares the position set forth by Argentina with regard to considering sub regional integration as a first step towards regional integration. He considers that very specific steps have been taken in terms of integration, in which he cited as examples the experiences shared in this forum by Central and South America. With such background, he stated that the role of OLADE should focus on concatenating these experiences. In the specific case of his country, he referred to the experience with Petrocaribe, noting that he has not only focused on fulfilling his motto of "energy for the union", but also on offering interesting financing conditions for the region. He referred to the creation of this mechanism in 2005 when it was thought impossible to achieve its implementation, which has been possible thanks to the willingness, effort and creativity undertaken to face the barriers that prevented, for example, the coverage of transport costs or the small amounts that countries required were possible in this scheme. He stressed that at present it continues with force as Petrocaribe has proven to be a sustainable system. He emphasize the importance that natural gas is reaching as an energy source, which has generated the need to work with the Caribbean countries in the change of the energy matrix. He reported on the joint work that his country is doing with Trinidad & Tobago for the joint exploitation of the Loran-manatee reserve, which is the first experience of its kind in the region, given the confluence of a common objective of two sovereign states and four transnational companies. Finally, he thanked the IDB for the efforts, and raised the need for this type of experiences to be more widely disseminated. In his capacity as Vice Chancellor and President of PDV Caribe (subsidiary is in charge of the PETROCARIBE Agreement) extended a cordial invitation to the IDB to review the viable options so that, with the financing that is being granted in each of the beneficiary countries, Venezuela can help and collaborate in everything that is necessary for regional integration.

Colombia - General Director of the UPME Mining and Energy Planning Unit, Mr. Ricardo Ramírez

The representative of Colombia reviewed the experience of his country in terms of interconnections, current and planned. He stressed the importance of working with integration first, at the sub regional level, with persistence to concretize technical and political support. In the case of the connection with

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Ecuador, he stressed that in more than 10 years of exchanges the benefits of interconnection have been evidenced fundamentally in the most difficult political and energy moments. It exemplifies with the last two El Niño phenomena, situations in which the exchanges have been in both directions; cases in which ex post evaluations have shown that, with a single El Niño phenomenon, the costs of interconnections have been covered. He concluded that this background guarantees confidence in the integration with the group of Andean countries, and the impetus to continue working on a much stronger and more geographically interconnected process. He also referred to the progress made in the more than 10 years that his country has been working in the interconnection with Central America, via Panama; process in which we will continue working to obtain future results. To conclude, he stressed the need to continue working in a community way on the different fronts, regulatory, technical and political. He thanked the IDB for the support it has provided in this type of process, mainly in logistics and technical support through the development of studies.

Ecuador - Vice Minister of the Ministry of Hydrocarbons, Ing. Patricio Larrea

The Vice Minister began his speech with gratitude to Argentina as a host country, extended to all those who have made this Energy Week possible. He referred to the new administration of the Ministry of Hydrocarbons of Ecuador, and conveyed the apologies of the Minister for not being able to participate in the event.

He reported that within the policies of the Ecuadorian hydrocarbon sector, the current administration has set seven very important guidelines, among which is energy efficiency. He added that in the specific area of energy efficiency, two strategies have been defined with their respective actions, activities and the projection of the results that are expected to be achieved. He explained that the first strategy is based on the incorporation of energy efficiency as a central axis for the planning and execution of projects in the hydrocarbons sector. He stated that, in terms of actions, for this first strategy, the promotion of institutional cooperation that contribute to the care and preservation of the environment and contribute to the effective mitigation of emissions of greenhouse gases in the hydrocarbons sector was included. He proposed that, as expected results in this case, it is expected to combat inefficiency, reduce energy demand for fuel, with energy efficiency measures and reduce energy losses. He referred to strategy 2, focused on implementing and strengthening the management and management of energy in the hydrocarbons chain, through the implementation of actions aimed at: managing the necessary financial resources to achieve the objectives set by encouraging the participation of private companies in the implementation of energy efficiency projects in the hydrocarbon chain and generating strategic links with countries and international organizations that provide funds for this type of initiatives; significantly reducing the burning of associated gas from oil extraction, promoting projects that promote their use for productive uses. He stressed that, among these activities, it also includes controlling, in a continuous manner, the energy performance of the oil infrastructure during its

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life cycle, optimizing the technologies and processes currently used. He stated that the results of this second strategy are focused on raising awareness and stimulating a culture of energy efficiency among all the servers and workers of the sector, recognizing the achievements of their efforts. He highlighted the collaboration of the Ministry of Electricity and Renewable Energy in the acceleration of the projects undertaken. He reported on the realization of connections in oil fields, which has allowed to substantially reduce operating costs, avoiding generation with diesel burning. He also highlighted the realization of connections with the hydroelectric power system with important results. He added that it is planned to link the lines with the national interconnected system and thus achieve savings of $500 million dollars.

Finally, he reported that, in terms of venting gas, the projects are aimed at taking advantage of this resource for electricity generation; and that additionally the project development for the use of solar energy is foreseen. He concluded that Ecuador is doing everything in its power to economize and reduce oil production costs.

Uruguay - National Energy Director of the Ministry of Industry, Energy and Mining, Ms. Olga Otegui

The representative of Uruguay thanked Argentina for the hospitality and congratulated OLADE for the excellent management carried out during 2017 and for the initiative to create the Energy Week, an event that considers that it will have positive results and that therefore it should be repeated.

He indicated his intention to reflect on two aspects: 1) renewable energies; and 2) energy efficiency. Regarding the incorporation of renewable energies, it considers that the region has given sufficient samples of its capabilities and potential, which has been evidenced both in the statistics and in the development of policies. He added that the statistics clearly show that investments in renewables in the region have exceeded their growth, in previous years, in developed regions; also evidencing that, in the region investments in renewables, for more than two years have surpassed investments in fossil fuels. He stressed that the region demonstrated, in some countries, how it is possible to incorporate renewables without subsidies, which he considers very important so that it can continue on that path. He called for reflection, in terms of assessing that, the incorporation of these policies in the field of renewable energy allows the development of other policies and that is what should be built. Marked as pending point, the evaluation of the externalities left by renewables, which is necessary to quantify as a value of this incorporation. He stressed the importance of incorporating this value when the analysis of these energies is carried out, in order to not only determine the cost value with solar or wind, but to know everything that generates this type of autochthonous renewable sources in each one of the countries, such as decentralization, employment, territorial changes, capacities; effects that have a value that deserve to be quantified. He argued that the case of biofuels represents another clear example, in which, although there are some questions, one cannot fail to recognize all the generation of employment in rural situations that are sometimes the most demanding of this

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type of employment. To close the topic of renewables, he referred to the necessary synergies between energy and industrial policy.

Regarding energy efficiency, he said that this is in the industry sector, because in reality it implies a reduction in costs, clearly identifying the opportunities in those sectors. He stated that, in the case of Uruguay in the residential sector, it is very difficult to appreciate what the benefits of energy efficiency are, which is mainly due to lack of information, because the benefits are not disseminated, so that the sector can quantify and value them. He added that one of the important points in terms of energy efficiency is the construction sector, since any energy efficiency action carried out in the residential sector, under construction last, 20, 30, 40 years and that is it has to do with sustenance in sufficient information and knowledge of decision makers regarding construction regulations.

He stressed that his country, in terms of education for energy efficiency, has been developing different lines and instruments. He stressed the realization of a contest in the sector of pre-university education, which consists of evaluating throughout the year, its educational center in relation to the application of energy efficiency measures, through an audit to charge of the students, which includes the proposal for improvements, and later the energy authorities grant financing to the winners, for the application of these measures. As positive results of this initiative highlighted that in the two calls made, the work of students transcends their educational center, impacting their entire community in which the homes of these children are framed, allowing them to talk about terms related to energy efficiency, which allows society near that educational center begin to experience a cultural change to have information and terminology that previously did not have. He stressed that this initiative, his country considers it as a good example based on the conviction that the issue of energy efficiency clearly goes through education.

Brazil - Head of the Energy Sector of the Embassy of Brazil in Argentina, Mr. Antonio Besada

As a result of the presence of OLADE and IDB, he referred to a paper launched by the IDB, which he classified as a paradigmatic document that analyzed the infrastructure gap in Latin America. He added that, taking into account that the IDB has also a fund with private investment participation, there is plenty of space for a joint work between IDB and OLADE, which considers how the region could encourage the participation of private investment, not only in national projects, but above all in integration projects. He considers that all countries at some point had successful experiences with private investment in national projects, so he believes that the presence of the IDB and OLADE could be exploited to analyze work alternatives to attract private investment also in integration projects. He clarified that when he raises private investment, it does not refer only to the investment of companies that work directly with energy, but to investment through funds. He stressed the need to think creatively to attract the investment of these funds in energy integration projects.

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Bolivia - Minister of Hydrocarbons, Ing. Alberto Sánchez

He extended a cordial greeting to Minister Aranguren, for the hospitality received in Buenos Aires, also congratulated the Executive Secretary, and left evidence of qualitative changes in the vision of the new OLADE. He added that Bolivia has many resources, not only gas, but also renewable energy, the largest radiation in the world, as well as potential for wind, geothermal and hydroelectric generation. He reported that his country made the largest investments per capita last year worldwide in the field of renewable energy. He highlighted the existence of important agreements through the CAF for the development of a binational of the Madera River in interconnection to Brazil. The existence of Bolivia's agreements with Argentina and Paraguay was also highlighted. With this background, he agreed with Minister Aranguren regarding the need to accompany these energy integration projects on behalf of OLADE. He highlighted the progress made in his country, taking as an example the interconnection study projects with Brazil, Paraguay and Argentina. He recognized the importance of regional interconnection, but stressed the need to move forward with the accompaniment of OLADE, one plus one.

He referred to the recent holding in his country of the forum of gas exporters, JODI Gas, an event in which the visualization by its members was manifested in relation to the fact that gas and fossil fuels are still maintained for many decades, that they are not going to be a transitional energy and that renewable energies are going to be simply complementary. He highlighted that this is the conception of the gas producing countries and the JODI Gas that groups together 8 important gas and energy organizations. He added that renewable energies are simply going to be complementary in the next 40 - 50 years.

As a summary of this first part of the dialogue, the Presidency highlighted the following conclusions:

There is a consensus among the speakers in terms of considering energy integration as an important tool for the future.

There is agreement on the benefits of progressing gradually towards regional energy integration, taking as good practices the results of binational processes to strengthen sub regional integration in the first instance, with the support of OLADE through the development of studies and IDB support.

There is evidence of the need to analyze the possibilities of having financing from the private sector in integration ventures.

The importance of facing the challenges of the future, such as technological evolution, was raised, which requires preparation through studies and regulatory frameworks that accompany the process, with regard to the development of energy efficiency and the incorporation of new sources of generation. At this point he also highlighted OLADE's experience in assisting decision makers in the area of regulatory frameworks, which is of great

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importance so that the implementation of the advances can be adequately addressed.

The importance of measuring consumption patterns for the future was recorded, a requirement in which the presidency considers that OLADE can provide effective support, mainly in the implementation of new measurement elements.

It was recognized the need to establish mechanisms for the process of reconversion towards efficient equipment to determine the destination of the substituted equipment; evaluating mechanisms for the treatment of polluting gases.

The significant nature of the transport issue and its impact on emissions was assessed. In this aspect the progress of biofuels was highlighted, and the specific case of Paraguay through its support in the last COP to the launch of the biofuture, strongly driven by Brazil.

Bolivia's approach was highlighted, in relation to the preponderance that natural gas will maintain in the next few years, and the experience of other countries in migrating from oil to natural gas is highlighted. It will definitely continue to have preponderance and many of the countries told us about their experience of migration from oil to natural gas, which is not a minor issue.

The Chair again congratulated the Executive Secretary for having invited many institutions related to energy, among which he referred to the specific case of ARIAE, taking into account that it is the first time that this entity is invited to conglomerate regulators with a base very important regulation to which your country resorts to obtain the best regulatory practices at the regional level. To conclude this first part of the dialogue, he considered all the topics discussed to be of utmost importance and referred to the need to continue analyzing and investigating them in depth with the help of OLADE and the support of the IDB.

The Executive Secretary raised the need to address three issues that constitute OLADE capacities available to countries.

1. Characterization of consumptions: In this topic, he made reference to the Manual of Balance Sheets of Useful Energy, methodology available in OLADE, developed with the contribution of a large number of research centers, from Argentina, Colombia, and so on. He added that this project requires financial support for its implementation in Member Countries.

2. Impact on the generation of issues associated with climate change: Reported that OLADE with the support of the IDB has implemented two projects on vulnerability to climate change, which it believes should be extended to the entire region, as it is a project of direct impact on the operation of electrical systems and therefore at the level of integration.

3. The need for models to optimize interconnected systems and quantify the benefits of integration: At this point, he confirmed the availability and capacity of

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OLADE to develop this type of analysis at the sub regional level. He considers that this topic should be evaluated in order to begin to act, so he took note of the request for its inclusion, as future actions, in the work agenda of the Organization.

The Presidency announces the continuation of the Political and Strategic Ministerial Regional Dialogue with the following discussion topics:

Transparency in energy information. Open data of the energy sector. Experience and positioning of countries in the field of energy information. At this point, the Chair of the Minister's Meeting highlighted the initiative taken by the Executive Secretary regarding the total opening of access to OLADE's information systems.

Flexibility of energy systems

El Salvador, General Superintendent of Electricity and Telecommunications of SIGET, Mrs. Blanca Coto Estrada

The Superintendent extended a greeting to the members of the panel and thanked OLADE and the IDB for organizing the event. Additionally, she congratulated the new authorities of the Meeting of Ministers.

She reported on the process of transforming the energy matrix, experienced by El Salvador, in which he highlighted three fundamental aspects:

1) Diversification of the energy matrix with a majority in renewable sources, versus traditional sources.

On this point, she highlighted that his country has installed biomass capacity, solar photovoltaic, wind power, and that it is in the process of building the first natural gas plant with clean energy; she added that the hydroelectric power plants have been expanded and re-enforced, measures that have allowed the repowering of, mainly, the state generation. She stressed that with such background, it can be affirmed that the diversification of the energy matrix and the increase in access to energy, via rural electrification, have been two fundamental components for doing business to place El Salvador in a privileged position with respect to the I had previously, going from position 118 to position 73. She stressed the pride that represents for the government, this contribution in terms of diversification of energy matrix and its impact on national productivity;

2) 100% projection of electrification in El Salvador.

In this regard, she reported the undertaking of important steps in a public / private alliance with electric power distribution companies to bring rural electrification to the last place in the country, assessing the substantial impact of access to electricity in improving the quality of life , especially of women;

3) Benefits of energy integration.

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She announced that El Salvador currently registers an average import of 25%, stating that in this aspect not only is the market dynamics important, but the impact on the final consumer rate.

She also reported with satisfaction that El Salvador in the period 2014 - 2016, achieved a saving of USD $282 million, product of the import and operation of the regional energy market, since the national electricity bill was benefited by the electric integration system for Central America, SIEPAC. She considers that the SIEPAC line is an important project that still requires improvement and improvements but that is already giving positive results to the region.

She highlighted as an important aspect that El Salvador with this savings figure, positioned itself as the country most benefiting from energy integration in terms of trade for its inhabitants, for the population, especially those with scarce resources. She highlighted that the first beneficiary country in terms of exports is Guatemala, but in terms of energy purchase is El Salvador.

With regard to transparency, she stressed that in his country the energy bids are public, with access to the press, are recorded and placed on the institution's website. She informed that on Monday, December 11, there will be the opening of a bid for a 120 MW power tender to replace existing contracts, whose video will be placed on the web on Tuesday 12, with the corresponding award.

On energy efficiency, she emphasized the important role undertaken by the IDB in supporting energy efficiency programs led by the National Energy Council through the energy efficiency program called El Salvador Saves Energy - PESAE. She explained that the program consists of achieving the alignment of all state institutions in the adoption of energy efficiency processes, not only with the installation of solar panels, but with a design of processes of savings and efficiency within the institutions, with the corresponding quantification of the total savings and reporting the figure to the National Energy Council, which awards a prize for energy efficiency for the institution that has obtained greater achievements.

She wanted to share briefly these aspects and wish this meeting the greatest success. Finally, she reiterated the need for IDB support in important areas of cooperation to all the countries of the region. Additionally, as the first female regulator of her country, in electricity and telecommunications, she stressed the importance of undertaking actions specifically aimed at women who can improve the quality of life from electrification or from other programs and projects. She again mentioned that El Salvador is seeking support to be able to take electrification to extremely complicated areas of access to improve the quality of life, mainly of rural women.

Argentina - Secretary of Strategic Energy Planning of the Ministry of Energy and Mining, Mr. Daniel Redondo

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On behalf of the Minister, he said that since the beginning of the current presidency, Argentina has a national policy of open data and transparency. He explained that as in many other countries, now the bids are public, open and that additionally, all data has been made available to society. He reported that the Ministry of Energy and Mining, in particular, was the first to have an open data site, since 2016 after a laborious work to verify and validate the data, since 1970 and the preparation of many of the country's energy balances, for which it was necessary to gather a lot of information that was scattered. I hereby state that this information is currently open to the community, with no identification or registration requirements for access to any data that Argentines or citizens of the world require in energy matters. He also expressed his country's satisfaction with the consolidation of a better visualization of OLADE's information managed by OLADE and stressed the need to evolve towards greater dissemination of energy data in order to facilitate access, knowledge and evaluation of actions undertaken in the energy sector for citizens and organizations.

In addition, he announced that on December 6,2017, Argentina presented the decision to adhere to the EITI standard to try to promote policies at the federal and provincial levels within the country that allow owners of natural resources to know money flows and the use made of natural resources exploitation in extractive industries. To conclude, he stressed that Argentina will chair the G20 starting December 1st. He added that within the framework of the G20 meetings will be held in Buenos Aires and Bariloche, specifically on the subject of energy. He pointed out that one of the five areas of emphasis for discussion at the G20 level is precisely transparency in the management of energy and information data in the energy sector. He highlighted that there are 3 OLADE member countries that are part of the G20, Mexico, Brazil and Argentina. He expressed his willingness to represent in this forum the concerns that OLADE may have regarding transparency; with a view to becoming a dissemination and discussion factor between the G20 countries and the countries that make up OLADE on such important issues as data transparency.

Chile, Minister of Energy, Mr. Andrés Rebolledo

The Minister extended a greeting to the authorities of the Meeting of Ministers and to all the participating colleagues. Regarding transparency, he invited to visit the Chile portal, energía abierta.cl, which has presented successful results constituting an admired model, with the peculiarity of being very friendly. It is useful not only for decision making but also for planners, regulators, responsible for public policy and also for citizens. In this last dimension, he emphasized the benefits of the system, since it has a methodology that allows user-friendly interaction with information.

He emphasized the importance and benefits for public policy of being able to move forward in this regard, taking into account the technical complexity of the sector and the need to decode terms for citizenship, as well as to use an appropriate language for young people. He said that from Chile's experience it is something that has been interesting and has allowed the country to reach a different target, not only the usual technicians or those who are in the usual

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public policy, but younger people. He highlighted the relevance of this tool in disseminating the efforts undertaken in the area of energy efficiency to all areas, from the company, the industry, added that within the referred portal, there are some specific applications that allow access, for example, to places where gasoline is cheaper or heating fuels, something that is very useful for citizens.

He reported on the significant changes that Chile has experienced in recent years in terms of diversification of its energy matrix, which has evolved towards a context of much more renewable sources, where unconventional renewable energy, mainly that of the sun, wind , variable, intermittent energies. It has achieved a strong leading role, passing in three and a half years, from 5% of electricity generation, to 20% in October 2017. He added that if hydroelectricity is added, this figure rises to 45%. He stresses that the country had these resources but that they were not valued. He affirmed that when this happens there are very central challenges in terms of flexibility of the system, which he considers to be a reality that is also faced by other countries where energy is variable, and therefore very important to address this issue in a systematic manner. In this regard, he informed that Chile incorporated it in a transmission law approved in 2016, which provides for three central elements:

1) Plan transmission systems with ease, in order to provide them with security and flexibility.

2) Employ international integration, as another way to give more robustness and flexibility to the system, with more options and more support. In this regard, he announced the signing with Argentina of an agreement to make energy swap for the exchange of energy, either gas or electricity through different points of the border; and

3) Develop markets for complementary services that give the system the flexibility of other technologies that complement each other adequately to have supplies available 24 hours a day. At this point he highlighted the development of a regulation, aimed at facilitating that this market, which does not exist, emerge in such a way that the technologies finally coexist adequately with the appropriate economic incentives.

Mexico - General Director of International Affairs of the Secretariat of Energy, Mr. Alejandro Amerena

In the framework of transparency and access to information in the energy sector, he extended a congratulatory note to the Executive Secretary for the relevance he has given to this topic in his initial presentation; He stressed that the information constitutes one of the central axes for all energetic sector, mainly for the decision makers. He stated that in his country this issue has been taken with great enthusiasm during the transition period of the energy reform, in an institutional change where the checks and balances of the new regulatory framework of the reform have been accompanied by a transition of sources and bases of information from Petróleos Mexicanos, the Federal

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Electricity Commission and the various regulators involved in this new scaffolding of the sector.

In the second place, he referred to the participation of Mexico, for many years, in initiatives of OLADE and in other diverse international forums related to the exchange of information, experience of which it is important to highlight three significant and recent collaboration initiatives in terms of information. and transparency:

In the first place, he referred to the signing, in 2014, of a collaboration agreement between Mexico United States and Canada. It has to to with the exchange of information between the United States Information Administration Agency of the Department of Energy, the Energy Information Council Federal of Canada, and the Secretariat of Energy of Mexico about what resulted in the consolidation of a portal with information available to the public on energy trade, resource and prospective maps and a glossary of terms. He stressed that, within the collaboration undertaken in the North American region, this was highlighted as a very positive experience.

Secondly, he pointed out the process of Mexico's accession to the International Energy Agency, as a member of this international organization, which involved the passage through a rigorous process of evaluating energy information systems. This included the publication of an in-depth study on the new framework and national information systems. In this framework, a special report was produced in 2016 on the case of the energy reform in Mexico, including a scenario of where the country would be without the energy reform. It is a public document that it invited to consult, due to its importance in transparency and certainty that require this type of projects and the energy sector in an integral way.

As a third example, he highlighted Mexico's adherence to the EITI extractive industries transparency initiative, already formally as a candidate, whose candidacy was accepted at the EITI Board session in Manilas, Philippines at the end of October of this year. He added that this process was possible thanks to many years of collaboration with the industry that is also beginning to participate in the reform in Mexico and with civil society. He stressed that this tripartite effort between the government, civil society and industry, in the preparation of the candidacy, not only represented a merit of the Energy Secretariat, but also of the Mining Ministry with the Ministry of Economy and what is related to the income it was managed by the state with the Ministry of Finance. He noted that, fortunately, in the preparatory process, a work plan and a series of requirements were already agreed on the new EITI standard, which includes information systems for real beneficiaries of the oil rounds. He considered important to emphasize that the EITI principles are also contained in the energy reform of Mexico, so from the conception of the reform it was valued as a priority issue adherence to transparency standards to ensure the success of the reform.

To conclude, Mexico reiterated its appreciation and willingness to continue collaborating with OLADE in information frameworks.

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Venezuela - Vice Chancellor and President of PDV Caribe, Mr. Raúl Licausi

He ratified something that has represented the position of Venezuela in other speeches made in previous days on the issue of access to information. He affirmed that just as the sovereign right of each of the states to share information is respected, Venezuela remains concerned that some of this information is intended to be freely accessible, because they consider that energy information is of a strategic nature and consequently, the disclosure of this information may lead to a breach of security aspects. Therefore, he suggested that access be restricted or only be made with the information of the countries authorized for its disclosure. With this background, he appealed to the consideration of the sovereign right of each of the countries that the information shared with OLADE be destined for strict purposes of the Organization. In this regard, he informed that his country will evaluate, in each of the opportunities, whether it agrees or not in another organization to access to this information.

El Salvador, General Superintendent of Electricity and Telecommunications of SIGET, Mrs. Blanca Coto Estrada

She argued that transparency should not be seen only in statistical issues, access to bids and prices, but also understood as transparency towards citizenship at the national level. In this regard, she stressed the importance of implementing actions to access energy information that allow for rapprochement between the authorities of the sector and consumers, users and the population in general. In this regard, she reported that her country has adopted some actions in terms of citizen participation with users of electricity and telecommunications services, by approaching the different municipalities in the country, mobile communities, with the aim of achieving an approach to the needs of the population in terms of network normalization, billing, energy prices, as well as to ensuring exact knowledge of the procedures applied to setting the price of energy. She added that these activities are carried out through mobile units, within the framework of the "Governing with the People" festival that the Presidency carries out every fortnight in the municipalities. This allows the regulator an interaction with the population to guarantee the transparency of the management towards the citizenship.

Additionally, she highlighted another important aspect in the subject of the flexibility of energy systems: the ability of states to influence both the establishment of prices and the incorporation of more energy sources into the matrix, thereby contributing to lower prices. She reported that his country recently developed a study to incorporate biogas from waste from the poultry industry, which already defined an estimated amount of megawatts that could be injected into the network, which is preparing a tender to incorporate them. She also referred to geothermal energy, a resource that has been recovered by the state of El Salvador as a public good and, therefore, it has been set in favor

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of maximum production to lower the prices. She pointed out that her country has a combination of renewable sources and state impact, while opening up in other areas that allow combining in a public-private alliance since all other sources such as wind and solar are diversified in the private sector. She highlighted with great satisfaction that her country has become an energy investment destination with the location, in the Department of La Paz, in the municipality of Zacatecoluca, the largest solar plant in the Central American region. She highlighted that El Salvador is exporting 101MW from a single location and that it is in the process of building 3 plants with an equivalent of 110MW of photovoltaic solar.

Prior to the IDB's conclusions on the dialogue, and with respect to the subject of transparency of information, the Executive Secretary of OLADE confirmed the respect for the sovereign decision of each country, which OLADE has always maintained regarding the determination at the national level of the information that can be published and what can´t be published. He reported that, in relation to open access to data, each country was sent a circular letter consulting the data available to OLADE at the level of energy balances that countries did not want to make public and this demonstration by countries was included and access to this type of information was restricted. He emphasized that, should any country have comments on the data currently available, appropriate action would be taken immediately to respect the positions of each country. Finally, he stressed that there is a policy aimed at the openness of information, but clearly, respect for national sovereignty is guaranteed to determine whether their information will be public or restricted.

Conclusions of the Regional Ministerial Political and Strategic Dialogue

Mr. Ariel Yépez, Chief of the Energy Division of the Inter-American Development Bank - IDB, reiterated to the authorities present and to OLADE, the IDB's gratitude, for the space granted to obtain feedback on the issues, which from the perspective of policymakers in the region is considered to be the most pressing and relevant in energy matters to eventually achieve a better operation of the energy sectors throughout the region. Next, the IDB official outlined the following conclusions, including the possibilities of accompaniment by the Inter-American Development Bank of the dialogue:

Access to Energy: The issue of gender is a matter of great relevance for the Bank; In this sense, the IDB stated that it is fully open and willing to support any type of request that may arise in this regard.

Energy Efficiency: The IDB agrees to consider education as one of the most critical and important elements to guarantee a change of culture aimed at achieving the reduction of energy consumption. The Bank notes very favourable results in terms of the cost-effectiveness of energy efficiency projects, but considers that these results have not yet been translated into the actual implementation of these projects, as there is no complete information on the side of users, whether they are industries, consumers or governments, on the real benefits associated with energy efficiency initiatives. However, the

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Bank will always be willing to accompany what governments decide to do around these initiatives, in order to promote all energy efficiency projects.

Energy Integration: The IDB gathers all the proposals made in this session, which to a very large extent reflect the approaches that were also made at the session of the Regional Energy Integration Forum - FIER. It is recorded that in order to carry out the required studies and make the most possible use of energy integration, it is important to note that the Bank has been accompanying energy integration in Central America, not only with studies, technical training and resources to generate dialogue, but with financing to carry out the infrastructure. The same is being done in the Andean countries through the SINEA initiative. At this stage, studies are being carried out and resources are being allocated to facilitate dialogue and, above all, to provide funding for binational interconnection projects. The Bank's aspiration is for SINEA to become something similar from the concept of integration to what is in Central America with the SIEPAC. The IDB is moving in that direction with positive results. It is important to highlight that there is an additional study that was concluded, at the initiative of the meetings that were held with OLADE, with much influence on the part of the Chilean government to try to determine what are the benefits of energy integration, not only in SINEA but throughout the southern cone. For the referred study, specialized consultants were hired to identify the benefits. Fundamentally, the potential opportunities of binational integration were visualized. The results were quite favorable to support this energy integration initiative. The Bank will distribute the results of this study through OLADE. The IDB considers that the steps to follow after this analysis are in the hands of governments, who can determine from their perspective, what are the important initiatives to promote.

Renewable Energies: The IDB appreciates the extraordinary progress of the Region with regard to the incorporation of renewable energies in its energy matrixes, well above what is being done in other regions of the world and considers that it will continue moving in this direction. Therefore, the Bank expresses its willingness to continue accompanying the countries in all that is required in the investment and mobilization of technical cooperation to create the institutional regulatory frameworks that are necessary for these projects to be feasible.

Transparency of Energy Information: In this regard, the Bank envisions the greatest opportunity and contribution the IDB can make in a strategic alliance with OLADE. This alliance has already taken place in the past and will continue to develop in the future; it is currently being made, particularly with the initiatives discussed initially in the results report. The Bank considers that the availability of information is not important per se but fulfils two conditions: that there is a sufficient amount of information, but above all, that it is of adequate quality to allow comparisons and analysis, so that decision-makers can make political decisions on the basis of as much information as possible. In this regard, the Bank has supported OLADE in strengthening its current database. The bank will continue to support initiatives in this area from the perspective of achieving the availability of quality and appropriate efficiency for access to information required by decision-makers so that energy projects are consolidated into reality.

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The Executive Secretary thanked the IDB for its support in promoting this Dialogue, organized with the purpose of strengthening the exchange of information between decision makers in the region and officials who have a responsibility in development banking linked to the energy sector.

Keynote speaker of the Meeting of Ministers

The Meeting was honoured to have the participation of His Excellency, Mr. Adnan Amin, Director General of the International Renewable Energy Agency (IRENA), as the Keynote Speaker. His speech is attached to this report (Annex 6).

The President and the Executive Secretary thanked the Director General of IRENA for his speech, as well as his kindness as host of the luncheon of the Meeting of Ministers.

Administrative and Resolutive Session of the Meeting of Ministers (Closed Session )

Presentation of the Report of The XLIX Council of Experts

The Presidency of the XLIX Council of Experts, represented by Chile, outlined the main issues addressed at the XLIX Meeting of Experts, held on December 5 and 6, 2018, in Buenos Aires, Argentina, with Mexico in charge of the Vice Presidency and proceeded to read the document approved by the delegations of the participating Member Countries.

The Meeting of Ministers approved the report signed by the delegations participating in the XLIX Meeting of Experts and recorded the following comments by topic:

Proposals for Amendments to Regulations and Restructuring

Venezuela reiterated the proposals that have been presented to the Permanent Secretariat, prior to this session, in relation to the proposals for reforms and the restructuring of the Organization, which, in his opinion, have been raised without following the established regulatory procedure. It is stressed that provisions of Article 42, paragraph (i) of the current General Regulations must be followed and have the previous mandate of the Ministers, after an exhaustive review and face-to-face discussion within the framework of the Council of Experts in order to proceed with its approval at the next Ministerial Meeting. In addition, he states that the incorporation and operation of the new Sustainable Energy Development and Energy Efficiency Directorate requires a significant increase in the countries' quota, which Venezuela also disagrees with. He added that, at the First Meeting of the Administrative Support Committee, this proposal was rejected by 13 delegations. It is stressed that rigorous procedures must be followed for the consideration and approval of these proposals. Likewise, it is stated that Venezuela has on several occasions expressed its rejection of these proposals since they do not comply with the requirements necessary to carry out the initiative, in addition to this, it is

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emphasized that in the previous Secretary's management, the regulations have already been modified. Such an initiative could be counterproductive if changes to the General Regulations are made in each administration of the Executive Secretary.

In this regard, the President of the XLIX Council of Experts reported that a consultation had been carried out at the request of the Presidency of the XLVI Meeting of Ministers, represented by Panama, to which 12 Member Countries formally responded through an analysis carried out by their Ministries of Foreign Affairs, legal departments or in their respective ministries in a favourable manner to the analysis of the proposed reforms. With this background, the Council of Experts approved by an absolute majority of the participating countries that the analysis of the regulations revision was appropriate, and therefore the corresponding analysis was carried out.

Venezuela reported that within the framework of the XLVIII Council of Experts held in Quito, its delegation presented a proposal on the reform and organizational structure of the Permanent Secretariat; thus fulfilling the commitment to deliver what they understood could be a contribution in terms of the organizational structure, with a Directorate for Integration, Cooperation and Access to Energy Security. They request to disseminate this proposal among the delegations so that they are aware of the objectives. (Annex 7)

Brazil expressed, without devaluing the merits of the proposal, that it shares Venezuela's concern about the constant changes to OLADE's regulations, which in its opinion could generate institutional instability, as a consequence of all the Executive Secretaries' changes to the Organization's regulations. Additionally, in relation to the Sustainable Energy Development and Energy Efficiency Directorate, he highlighted what was recommended during the XLIX Council of Experts to not generate more costs for OLADE.

Bolivia reported that in response to the consultation of the Presidency of the XLVI Meeting of Ministers on the modification of the regulations, his country formally stated its non-conformity, not to the substance of the reform, but to the procedure, based on compliance with what is established in article 42 of the General Bylaws. Nevertheless, he expressly stated that the Permanent Secretariat had received information from the Permanent Secretariat on the political consultations held with member countries, which resulted in a majority of countries with a favourable and positive position to undertake the analysis and approval of the reform proposal. In this regard, he requested that this note be recorded in the Minutes of the Meeting of Ministers, without ignoring the validity of the signed text as a report of the XLIX Council of Experts.

To complement the comments of Bolivia, the President of the XLIX Council of Experts proceeded to read the names of the 12 countries that expressed themselves in a formal, favorable and positive manner with regard to the revision of the proposed amendments to the regulations: Argentina, Belize, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Panama, Paraguay, Trinidad and Tobago and Uruguay.

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In conclusion of the observations made in relation to this issue, the Presidency of the XLVII Ministerial Meeting noted the existence of a majority on this point, which was approved as discussed in the XLIX Council of Experts as evidenced by the report signed by all participating member countries.

In this regard, the Executive Secretary reiterated that the record presented collects all of the above and analyzed in the XLIX Council of Experts, noting that later, in the course of this Meeting of Ministers will proceed to analyze the approval of the respective ministerial decisions, recommended by the Council of Experts.

Organizations and Companies Associated with OLADE

Venezuela stated that OLADE is an intergovernmental organization in which each country has the right to involve the private sector and other non-state sectors in its energy policy. However, this Organization is due to its members, a decision of this nature would have consequences that, in their opinion, would not be the most beneficial, which is why they express their disagreement that the Permanent Secretariat continues to work with OLADE's linkage to companies, organizations and multilateral entities, public, private or mixed linked to the energy sector, at the national, regional, sub regional or international level, in the category of partner organizations. He believes that, in his opinion, this would mean an influence that is not necessarily in the best interest of the Organization.

Bolivia reiterated its position on the draft decision on companies and organizations associated with OLADE presented at the XLIX Council of Experts, in which they expressed their disagreement with this decision which precisely because of lack of agreement was excluded from the decisions that will be put to consideration of the XLVII Meeting of Ministers.

The Presidency of the XLIX Council of Experts highlighted that both, the proposed Ministerial Decision of companies and organizations associated with OLADE and the increase in quotas of Member Countries, were not approved and were partially included in a new Ministerial Decision to request a broader strategy of financial sustainability of the organization.

Annual Memoire:

Venezuela requested clarification of the difference between the Management Report with which it had been working and the Annual Report.

To answer this point, the President of the XLIX Council of Experts passed the floor to the Executive Secretary.

The Executive Secretary confirmed the statutory determination to submit an annual report. In this regard, he stated that, based on a background check, it was found that this Annual Report was given at the Meeting of Ministers in a manner that was recorded only through a power point presentation by the Executive Secretary. He stated that, in his opinion, an international organization should not be supported in

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a management report of these characteristics. Accountability reports must be carried out in a transparent and precise manner about what his administration has been from the point of view of monitoring and compliance with the commitments assumed by the Executive Secretary in his presentation of candidacy, which is a document that positively contributes to the transparency of the administration, and the governance of the organization. He concluded that precise and systematized information must be presented, and the Annual Report presented should be based on such information. To conclude, he highlighted that in 2017 an accountability report was prepared which resembled an Annual Report, with information so the Member Countries become aware of what has happened; the fulfillment of the objectives and the situation in all the components of the organization.

Venezuela appreciates the answers and clarifications issued and requests that its observations be noted.

Ministerial Decisions (Annex 8)

The Presidency of the Council of Experts informed that there were 15 draft decisions analyzed by the XLIX Council of Experts and recommended for approval by the XLVII Meeting of Ministers of the Latin American Energy Organization - OLADE, grouped into 4 main areas: technical, institutional, financial and political. Then we proceeded to read each of the texts of the proposals, which were approved in their entirety, with the following comments:

XLVII/D/523 Acknowledgment to the Republic of Ecuador

The President of the Ministerial Meeting congratulated the Permanent Secretariat for its efforts and thanked the Government of the Republic of Ecuador for the decision to donate the building.

Ministerial Decision approved unanimously.

XLVII/D/524 - Preparation of the Annual Memoire of the Organization

Ministerial Decision approved unanimously.

XLVII/D/525 - Acknowledgement to the administration of the Executive Secretariat, year 2017

Chile highlighted the excellent administration of the Executive Secretary towards strengthening OLADE and elevating the Organization to a strategic role for the region's energy sector.

Ministerial Decision approved by majority, with abstention from Venezuela.

XLVII/D/526 - Approval to the Amendments to OLADE'S Regulations

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Venezuela insisted on the existence of a procedural issue that is not being carried out in the best way, so it was requested to register its disagreement in this regard.

The Presidency of the XLIX Council of Experts reiterated that the procedures were led by Panama in its capacity as President of the XLVI Meeting of Ministers, in order to submit the observation of Venezuela for the consideration of the Member Countries, which was answered by 12 countries previously mentioned, and ratified in a positive sense for the analysis and recommendation of approval of the proposed amendments by all the members that participated in the XLIX Council of Experts.

Ministerial Decision adopted by the majority, with Bolivia, Brazil and Venezuela's abstention.

XLVII/D/527 - Open access to Energy Information Systems

Ministerial Decision approved unanimously.

XLVII/D/528 - Amendments to the Mechanisms for Capacity Building

Ministerial Decision approved unanimously.

The Executive Secretary reported that progress is being made in the creation of a Latin American energy planning school supported by the Catholic University of Chile, a center focused on energy issues.

XLVII/D/529 - Promotion of Measures for the Reduction of Vented and Burned Gas  

Ministerial Decision approved unanimously.

XLVII/D/530 - Energy Outlook of Latin America and the Caribbean  

Ministerial Decision approved unanimously.

XLVII/D/531- Promotion of Energy Efficiency

Ministerial Decision approved unanimously.

XLVII/D/532 - Approval of Audit Report 2016 and Selection of Audit Firm 2017

Ministerial Decision approved unanimously.

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XLVII/D/533 - Budget 20178

Ministerial Decision approved unanimously.

El Salvador stressed that the Executive Secretary must have powers to optimize the budget; and execute greater expenses in the areas that so require it.

  XLVII/D/534 - Financial Trust for OLADE  

Ministerial Decision approved by majority, with abstention from Bolivia.

XLVII/D/535 - OLADE's financial sustainability strategy   

The Executive Secretary stressed that there are debts due to unpaid installments of the Member Countries that are uncollectible.

Trinidad and Tobago acknowledged the challenges facing the Organization and supported the option of gradually increasing assessed contributions.

Ministerial Decision approved unanimously.

XLVII/D/536 - Sovereignty on the Malvinas Islands, South Georgia, South Sandwich and the Surrounding Maritime Areas

Trinidad and Tobago: The representative highlighted his historic support for this type of proposal but on this occasion he abstained from approving. He requested that it be recorded that the country has consistently shown support to Argentina in other forums towards a peaceful resolution through bilateral and multilateral means, as stipulated in the relevant resolutions of the United Nations.

Ministerial Decision approved with the abstentions of Belize, Costa Rica, Guatemala, Honduras, Panama and Trinidad and Tobago.

XLVI/D/519 - Support to Cuba against the Economic. Financial and Commercial Blockade imposed by the United States  

Ministerial Decision approved with the abstentions of Costa Rica, Honduras, Panama and Trinidad and Tobago.

Once the Ministerial Decisions recommended by the XLIX Council of Experts were approved, the Presidency requested a congratulatory motion through applause to the national delegates who participated with tremendous effort and willingness during the two days of the Council of Experts and thanked for the support provided. The Executive Secretary thanked OLADE staff for their support and effort during the Energy Week events.

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Communiqué of the Meeting of Ministers of OLADE (Annex 9)

The Executive Secretary proceeded with the reading of the Communiqué proposal of the Meeting of Ministers of OLADE, which was approved unanimously.

Argentina thanked OLADE for allowing them to host this important meeting for regional integration; the IDB for technical and financial support and the sponsors who collaborated in the event.

The Argentine government extended its appreciation to the delegations participating in the Energy Week, which it hopes to see again in 2018 in Uruguay. Finally, he invited OLADE and its Member Countries to send their comments or messages that they wish to be expressed on behalf of Latin America, at the G20 meeting, to be held in 2018 in Argentina.

Venue for the XLVIII Meeting of Ministers

Uruguay requested to host the XLVIII Ministerial Meeting. This proposal was unanimously welcomed by the Meeting of Ministers.

Closing of the Meeting

The President of the Meeting thanked the host country, OLADE and the group of experts for the working days.

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ANNEX 1

Opening Session of the XLVII Meeting of Ministers

Remarks by the Minister of Energy and Mining of Argentina

Mr. Juan José Aranguren

Good afternoon everyone, thank you for the opportunity to hold this meeting of friendly countries, coordinated by OLADE. It is an honor for me, as Minister of Energy and Mining of Argentina and on behalf of the government of President Macri, to be able to receive delegations from OLADE Member Countries, international organizations and others invited to a new meeting of OLADE Energy Ministers, an organization that has been serving the energy interests of the countries of the region for over forty years and that promotes the integration of regional energy cooperation. This week is not just OLADE's Week of Ministers, because since last Monday we have hosted the Regional Energy Integration Forum, the Hub Sustainable Energy for All, the OLADE Council of Experts, the Energy Efficiency Dialogue of ECLAC, as well as other events where the support of the OAS, GIZ, the World Bank, among others.

We are also pleased to hold the Energy Week in Argentina, at which time as a country we have, since last Thursday, taken the presidency of the G20. It is forum that encompasses the world's major economies and accounts for 90 per cent of international gross domestic product and two thirds of the world's population. Therefore, in matters of energy, we will have a year of intense work, which we hope will culminate with the Ministerial Meeting of the G20 on the energy track in June next year. This coming Sunday also marks the start of the week of the World Meeting of the WTO in which we are also hosting in our country more than 150 citizens representing other countries that come to discuss topics as interesting as international trade.

Today it starts the Meeting of Ministers with the presence of speakers of international prestige to exchange ideas on the role of Latin America and the Caribbean in a global energy scenario that represents and presents us with interesting challenges in terms of security energy and policies that tend to mitigate the effects of climate change in those activities that we do. That is why I want to thank, in particular, to Adnan Amin, Director General of IRENA, Paul Simons, Deputy Director of the International Energy Agency, of Jonas Moberg, in charge of the International Secretariat of EITI and of Sun Xiansheng, General Secretary of IEF.

I would like to finish by thanking OLADE and the IDB for making possible this Energy Week and allowing Argentina, at a time when we are trying to reposition our country in the energy reality of the region and worldwide, to recover the lost time. We are a very rich country in natural resources, based precisely on those two objectives mentioned at the beginning: ensure energy security and mitigate climate change. This will allow us, not only to share among all of us, the experiences in the region, but also to strengthen the ties that allow us, in an increasingly interconnected world, to make regional strategic alliances that lead us to generate energy in a more efficient way; more

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economic transmission and that we can ultimately give the citizens of our region, a future and a sustainable development for the coming years.

Welcome to Argentina, I hope that in the course of this day and tomorrow we can have a very fruitful exchange of experiences, and from now on I am available, as well as the whole team of the Ministry of Energy and Mining to attend any need you may have, we hope that you can take the best memories form this experience.

Thank you very much.

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Remarks by the National Secretary of Energy of PanamaChair of the XLVI Meeting of Ministers of OLADE

Dr. Víctor Urrutia

Good afternoon everyone, distinguished colleagues, Ministers, public from the different international organizations that have been helping us. First of all, I would like to thank the host country, Argentina for the kind reception, to OLADE for the excellent event we are now attending. This year, on which we had to temporarily preside over the Ministerial Meeting and end our term of office today, we have seen OLADE's development that really meets the proposed objectives. The most important objective is the integration of the countries of the region, an integration that must be total in the area of energy, not only with the exchange of energy itself, but with the exchange of knowledge, techniques, development projects, planning, all those things that make this sector a relatively complicated but very interesting world.

We have seen today, through the events, how Latin America is facing the different challenges of energy supplies, of energy accessibility by trying to achieve sustainable development according to the long-term plans for to a healthier and more sustainable planet. We can see with great pleasure that OLADE has had a very important participation in the organization of this type of events during this year, and in this type of collaboration, we have seen the preparation of important documents today.

I would like to welcome everyone to this Meeting. The Council of Ministers is the highest authority within OLADE. The role of OLADE within the region's energy integration programme is of the utmost importance and it is up to us to assume the necessary role, to give political and economic support for this to go forward, in such a way I welcome everyone and hope that we will have a great meeting in the coming days.

Thank you very much.

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ANNEX 2

Opening Session of the XLVII Meeting of Ministers

Remarks by the Executive Secretary

Mr. Alfonso Blanco Bonilla

On behalf of the Latin American Energy Organization, I warmly welcome you to this edition of the Meeting of Ministers and I thank all those present for joining us on this important occasion. We are finishing the Energy Week of Latin America and the Caribbean that has marked a clear signal about the coordinated work and effort of many international agencies in the energy sector, it is a sign of work, shoulder to shoulder between OLADE, the countries and organizations such as the IDB, CAF, the World Bank, ARPEL, CIER, OAS, IRENA, CEPAL, GIZ and SEforALL, a work that is based on the same purpose and a shared vision, striving for a Latin America and the Caribbean with better conditions for its people, breaking down the development gaps and contributing to the energy sector being the engine of that development under a concept of sustainability.

My deepest gratitude to the authorities and the collaborators of the Ministry of Energy and Mining of Argentina, the IDB and the OLADE team who through their commitment and dedication have ensured the success of this event, for whom I ask a warm applause. I would also like to thank the companies and regional entities that have supported the Energy Week: ANH of Colombia, ITAIPU, CONTUGAS, ANCAP, ANTEL and ITC, and my gratitude to all the organizations and media that have supported the Energy Week because this event is being broadcast live on the platform you will see sponsored by ANTEL.

Latin America and the Caribbean are in a changing process of its energy sector; we all agree on that, but in itself it is the world that is in this profound process of change at the sector level. Latin America and the Caribbean are facing these global challenges, challenges that also involve great and important opportunities that this transition may have for our region. Argentina, our host country to which we are grateful for the permanent support and commitment to our Organization, is a clear example of this transformation, because it has proven to resume the path of integration. It has started its Renovar program, which allows us to observe the first equipment already installed in Argentina, the deep actions initiated in the energy efficiency with a law in process, the legal framework for the promotion of the distributed generation, the unconventional hydrocarbon reserves and the exploration of hydrocarbons offshore that poses a challenge and an innovation and also respect for the environment. The federal agreements with the local governments on the guidelines of an energy policy are clear and well-known examples that allow us to visualize a transit path between government policies and state policies, which necessarily involves a consensus on a sector development model.

Latin America and the Caribbean, has 20% of global oil, and 4% of natural gas reserves. Our renewable potential has enormous dimensions, wind energy, hydropower, solar energy, geothermal energy and sustainable biomass present great

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opportunities for their development. Hydroelectricity is already a regional identity and a symbol of our success as a region, but today business models have changed for the sector, companies no longer sell commodities, exporters of raw materials or operators of concessions to become conglomerates that integrate a diversified portfolio of assets within the energy sector, involving all of its operations and those operations cease to be local to break down boundaries and to integrate our region in the direction of facts. State-owned Companies in the sector are transformed, are confronted with scenarios that demand greater efficiency and require changes in their governance models.

From the Integration Forum, we concluded that integration today is no longer an option for the region, but a necessity of all our countries. Latin America and the Caribbean represent 25% of its generation from renewable sources and this is only 10% globally against 25% of our region. We have managed to reduce the number to 23 million people without access to electricity in less than a decade and this is a very important issue. Central America went from average electrification rates of 75% to 90% in that same period and that is an achievement, the reserves of unconventional hydrocarbons and key minerals for the development of the electricity sector in the future such as lithium or copper are clearly a challenge that will demand new and better forms of governance of all our natural resources. The incorporation of non-manageable sources, the geographically dispersed generation and the technologies that dynamically link supply and demand in real time will involve us working deeply in the regulatory models and in the innovation of new business lines.

Although our experience in integration presents enormous success stories, mainly in bilateral links with large infrastructure projects, the challenges in terms of integration and energy complementarity are enormous. New infrastructure is required for exchanges and new forms are needed to frame the changes that can interpret the signals of a sector that is constantly evolving and these are some of the multiple challenges we will have in the short and medium term. That is why OLADE has proposed to substantially change the type of contribution we make to the region, focusing our actions on responding to technical and capacity needs, improving information and supporting the strengthening of all our institutions, which is why this is one of the main lines of OLADE's work for the region, today we present the yearbook of energy statistics for 2017, which will be distributed to you. A new conception and approach on the importance of accurate, reliable and transparent information is a way of bringing new value to the region, based on information, consolidating trust and providing inputs for decision-making, energizing the markets. With the new statistical information for our region, we intend to provide a tool not only for political decision-makers, but also for all agents in the sector. We are trying to also involve the academia in its important role of generating knowledge, because it is another need for the region to support the innovation processes, innovation is the key to jump from an extractive economy to a high added value and we also support it with this new way of interpreting energy information systems. We provide quality inputs for scientific research, we contribute compiled history and processed so that our research centers analyze the evolution of the sector and present innovative models that adapt to the needs of our region and that is an important issue, we have to work for our region.

Today, analyzing the main indicators of the sector, we can be proud that in the last decade our countries have advanced with profound structural and social changes, that our population has greater opportunities of access to modern energy sources and that this translates directly into better benefits in terms of health services and the possibility

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of access to education for the most displaced segments. Today we can also say that some countries surpass 90% renewability of their generation matrix, which we lead in the field of fuel, biofuels, that biomass in many countries ceased to be a dirty and old fuel to be integrated into modern, environmentally friendly and also efficient solutions. Today we can say that our hydrocarbon reserves will be a key asset for the evolution of the global sector. Today we can also say that Latin America, even with its structural restrictions, is in a privileged position on the global energy scene, and for this reason I thank everyone once again for their support.

Thank you very much for joining us and tomorrow at our Ministerial Meeting, we are going to discuss fundamental aspects to define this future, with a regional vision that incorporates integration and incorporates the work of all the countries of Latin America and the Caribbean. So thank you very much. Excuse me for the delay in such a long journey and I really thank you for joining us on this occasion.

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ANNEX 3

LIST OF DELEGATIONS OF MEMBER COUNTRIES

LIST OF OBSERVERS

LIST OF ATTENDEES OF THE PERMANENT SECRETARIAT

DIRECTIVE BOARD

CHAIRMAN PARAGUAY

MAURICIO BEJARANO MARTIVice ministry of Mines and Energy Ministry of Public Works and Communications

VICE PRESIDENT PERU

JOSÉ LUIS PÉREZAmbassador of Peru in Argentina

SECRETARY / RAPPORTEUR OLADE

ALFONSO BLANCO BONILLAExecutive Secretary

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MEMBER COUNTRIES

ARGENTINA

JUAN JOSÉ ARANGUREN Ministry of Energy and Mining

DANIEL REDONDO Secretary of Energy Planning Ministry of Energy and Mining

MAURICIO ROITMAN Undersecretary of Scenarios and Project's Evaluation Strategic Energy Planning SecretariatMinistry of Energy and Mining

JUAN LEGISA Strategic Energy Planning Secretariat Ministry of Energy and Mining

GUILLERMO KOUTOUDJIAN Coordinator for International Energy Affairs Under secretariat of Scenarios and Project´s EvaluationStrategic Energy Planning SecretariatMinistry of Energy and Mining

DANIELA VARELA Advisor Under secretariat of Scenarios and Project´s EvaluationStrategic Energy Planning SecretariatMinistry of Energy and Mining

EDUARDO LEONE General Department of Malvinas, Antarctic and South Atlantic Ministry of Foreign Affairs and Worship

BELIZE

FRANK MENA Ministry of Public Services, Energy and Public Utilities

RYAN COBB Energy Officer Ministry of Public Utilities, Energy and Public Utilities

BOLIVIA, PLURINATIONAL STATE

ALBERTO SÁNCHEZ Ministry of Hydrocarbons

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CARLOS QUISHPE LIMA Vice Ministry of Hydrocarbon Planning and Development Ministry of Hydrocarbons National Coordinator of OLADE

IGOR DURÁN CORNEJO General Director of Hydrocarbon Planning and Development Ministry of Hydrocarbons

SORAYA KISSEN General Counsel to the Minister of Hydrocarbons Ministry of Hydrocarbons and Energy

BRAZIL

ALFONSO BESADA Head of the Energy Sector Embassy of Brazil in Argentina

CHILE

ANDRÉS REBOLLEDO Ministry of Energy

HÉCTOR GARCÍA Deputy Director of Energy Ministry of Foreign Affairs

PAULA ESTÉVEZ International Department ChiefMinistry of Energy

IGNACIO SANTELICES Head of the Energy Efficiency DivisionMinistry of Energy

MARÍA CRISTINA SILVA Coordinator of International Affairs International Department Ministry of Energy National Coordinator of OLADE

COLOMBIA

RICARDO RAMÍREZ General Director Mining and Energy Planning Unit UPME

MARÍA VICTORIA SALCEDO Minister Counselor Embassy of Colombia in Argentina

LAURA DÍAZ Support Practitioner Embassy of Colombia in Argentina

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COSTA RICA

IRENE CAÑAS

LAURA LIZANO RAMÓN

Vice Minister of EnergyMinistry of Environment and Energy

Energy Sector Director Ministry of Environment and Energy National Coordinator of OLADE

ARTURO MOLINA SOTO Advisor to the Planning Secretariat of the Energy Subsector Ministry of Environment and Energy

CUBA

ANIURKA ORTIZ MARQUETTI Economic Advisor Embassy of Cuba in Argentina

GRETTER ALFONSO GUZMAN Third secretary Embassy of Cuba in Argentina

ECUADOR

PATRICIO LARREA Vice Minister of Hydrocarbons Ministry of Hydrocarbons

EL SALVADOR

BLANCA COTO ESTRADA General Superintendence of Electricity and Telecommunications - SIGET

ALONSO SARAVIA Member of the Board of Directors General Superintendence of Electricity and Telecommunications - SIGET

JOSÉ LUIS REGALADO Electricity Manager General Superintendence of Electricity and Telecommunications - SIGET

CARLOS CANJURA Legal AdviserGeneral Superintendence of Electricity and Telecommunications - SIGET

GUATEMALA

RODRIGO FERNÁNDEZ Vice Minister of Mines and Energy Ministry of Energy and Mines

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RANFERÍ HERRERA Adviser to the Minister's Office Ministry of Energy and Mines

HONDURAS

ALBERTO CANTOR Legal adviser Ministry of Energy, Natural Resources, Environment and Mining (Min Environment)

MANFREDO DÍAZ SANDOVAL Energy Specialist Ministry of Energy, Natural Resources, Environment and Mining (Min Environment)

JORGE LUIS PORTILLO CALIX Ministry of Energy, Natural Resources, Environment and Mining (Min Environment)

MEXICO

ALEJANDRO AMERENA Director General of International Affairs Energy Secretariat National Coordinator of OLADE

ERIKA STREU STEEMBOCK Director for Latin America and the CaribbeanEnergy Secretariat

ODÓN DE BUEN General DirectorCONUEE

ISRAEL JÁUREGUI Deputy Director General of Energy Efficiency Management Energy Secretariat

JUAN IGNACIO NAVARRO Deputy Director General for Policies and Programs Energy Secretariat

PANAMA

VÍCTOR URRUTIA Undersecretary of Energy National Secretariat of Energy

FERNANDO DÍAZ G. DE P. Director of Electricity National Secretariat of Energy

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National Coordinator of OLADE

PARAGUAY

MAURICIO BEJARANO Vice ministry of Mines and Energy Ministry of Public Works and Communications National Coordinator of OLADE

ROBERTO FARIÑA Technical Director, Bureau of Mines and Energy Vice ministry of Mines and Energy Ministry of Public Works and Communications

PERU

JOSÉ LUIS PÉREZ Ambassador Embassy of Peru in Argentina

STEPHAN MUTZE PONCE AdviserEmbassy of Peru in Argentina

DOMINICAN REPUBLIC

ANTONIO ISA CONDE Minister of Mines and Energy

OSCAR DE LA MAZA Director of Renewable Energy Ministry of Energy and Mines

TRINIDAD & TOBAGO

PENELOPE NILES-BRADSHAW Deputy Permanent SecretariatMinistry of Energy and Energy Industries

TIMMY BAKSH Senior Planning OfficerMinistry of Energy and Energy Industries National Deputy Coordinator of OLADE

URUGUAY

OLGA OTEGUI National Director of Energy Ministry of Industry, Energy and Mining

RUBEN GARCIA National Deputy Director of Energy

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National Energy Ministry of Industry, Energy and Mining

CAROLINA MENA Director of the Demand, Access and Energy Efficiency Area Ministry of Industry, Energy and Mining

VENEZUELA,BOLIVARIAN REPUBLIC

RAÚL LICAUSI Vice Chancellor President PDV Caribe

CARLOS MARTÍNEZ Ambassador of Venezuela in Argentina

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OBSERVERS

ALBA - TCPWendy Viteri, Third Secretary

IDB Inter-American Development Bank Ariel Yépez, Head of the Energy Division Roberto Aiello, Senior Energy Specialist

Lara Bersano, Communication Specialist, Energy Division

CAF - Development Bank of Latin AmericaClaudia Flores, Director of Energy Projects

CNE - National Energy Commission of El Salvador Luis Reyes, Executive Secretary

ECLAC - United Nations Economic Commission for Latin America and the Caribbean

Manlio Coviello, Head of Unit for Natural Resources and Energy

EUEI PDFDaniel Werner, Program Director

GIZ - German Cooperation Manfred Haebig, Senior Advisor, ECLAC Program - BMZ / GIZ

Institute for the Diversification and Energy SavingsMarisa Olano, Head of the Department of International Relations

IEF- International Energy Forum Sun Xiansheng, Secretary General

IRENA -International Renewable Energy AgencyAdnan Amin, Director General.

MANYTOBA HYDRO INTERNATIONAL Daniel Jacobowitz, Regional Director for Latin America

PETROCARIBEJosé Lin Gómez, Deputy Executive Secretary

SEforALL Rachel Kyte, Executive Director

and United Nations Special Representative

WEC - World Energy Council Andrea Arrobo, Regional Manager for Latin America and the Caribbean

WWF -World Wild FundTabaré Curras, Regional Director of Sustainable Energy Policy

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PERMANENT SECRETARIAT

ALFONSO BLANCO BONILLA Executive Secretary

ANDRÉS SCHUSCHNY Director of Studies, Projects and Information

MEDARDO CADENA

MARTHA VIDES

Director of Integration

Senior Hydrocarbon Specialist

TATIANA CASTILLO Legal adviser

PABLO GARCES Technical adviser

GABRIELA JARRÍN Communication and Institutional Relations Consultant

GABRIELA MARTÍNEZ Translator

MARTHA COBA Administrative assistant

ROSSANA FLORES Administrative assistant

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ANNEX 4 Accountability Report

of the Permanent Secretariat 2017

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47

48

49

50

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Relevant Achieviements 2017

Integration and RepresentativenessIntegration and Representativeness

10 Agreements were signed with organizations and international agencies

South-South Cooperation Actions were developed

Participation in 36 regional and extra-regional events representing the Organization

Acctions to support the Member Countries were made

5 Forecasting studies were developed jointly with; CAF, ECLAC, CIER, ARPEL, WEC, OAS, study on integration infrastructure

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Logros Relevantes 2017

Technical Capacity Building

Energy planning manual, statistics manual and manual of useful energy balances

More than 3,500 trained technicians and improvement in all quality indicators.

Training in agreement with regional universities and international centers

Training programs coordinated with the Member Countries.

Agreements with 8 Universities

.

EnerLAC magazine aimed at academic articles.

Relevant Achieviements 2017

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ANNEX 5

Regional Political and Strategic Ministerial Dialogue (promoted by the IDB)

Head of the Energy Division of the Inter-American Development Bank - IDB

Mr. Ariel Yépez

First of all, I would like to thank the host, the government of Argentina, Minister Aranguren for giving us the space to host this important event, OLADE, of course, the Vice-Minister Mauricio Bejarano Martí, thank you very much for providing the Inter-American Development Bank the space to create this policy dialogue, which we started last year under the sponsorship of OLADE, in order to have an open space with a high level of transparency to discuss the issues that from your point of view, in the different working groups that have been held throughout the year, the relevant and pressing issues of the energy sector in Latin America and the Caribbean are considered.

We believe that in the past days very interesting meetings, forums, workshops were held, with the participation of experts who, speaking a quite sophisticated dialogue and with a language of the profession, we had the opportunity to learn about access issues,

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energy efficiency, energy renewable, issues as relevant as energy integration and which are also totally coincident with the topics that you proposed; that the technicians and specialists of each of the ministries raised as the most pressing issues to discuss in this meeting that we propose as a high level Dialogue.

It is very important, we work in promoting development, having the opportunity to sponsor a regional dialogue where you as decision makers can have the opportunity to listen to each other, understand the realities of the countries and look for common ways to overcome the difficulties and challenges that they are in the region, in the energy sector and in all energy-related issues. This Dialogue, in the past and we hope that in this day also gives us the space to move forward with new ideas and experiences.

What we have seen in the meetings that were previously held today are a series of very passionate discussions. These address very interesting topics about the different issues in regulatory matters, in technological matters, in the matter of development, which are going to be relevant for the implementation of solutions in the energy sector. We discussed several issues related to the sustainable energy agenda for all, to achieve universal access to energy to the region and that there are almost 22 million people who do not have electricity.

We also talked about such important issues as energy efficiency and renewable energy, and what we also saw is that within the proposed dialogue to discuss the different aspects that are important to carry out solutions that allow us to better manage the energy sector in Latin America and The Caribbean, just highlight the three themes that are the architects or columns of the Sustainable Energy for All initiative, access issues, the universalization of access to energy, the decarbonization of electric matrices and with it a greater participation and the use of renewable energies and, of course, the best use of energy resources through energy efficiency and integration initiatives. In fact, one of the studies that were presented on Monday, is a study prepared by the Inter-American Development Bank, called "The Future Network", which presents the potential in the region, to implement solutions generation of energy with non-conventional renewable technologies can give space so that the generation of electricity in the next twenty years may not be the 60% that is currently available, but up to 80% and to a great extent this is feasible, as long as there is regional integration. This is another important issue that we believe should be included in the dialogue agenda of all the countries of the region. The regional integration must be seen, from the perspective of the Bank, as an instrument to give greater energy security, a higher quality in the service of energy supply and, of course, to give greater competitiveness to the industrial and service activities developed throughout the region.

In perspective, what we think is relevant as part of the dialogue, apart from the issues to be discussed by you, that should be discussed in a forum like this, we should define not only what are the pressing issues to achieve universal access, the share of renewable energy and energy efficiency, but also what are the policy instruments, the required institutions and the regulatory frameworks that will enable and facilitate the policy solutions that at the end of the day will have to be implemented to achieve these goals. We believe that it is part of the dialogue to try to understand which are the best practices that exist in the region in order to promote these measures, a greater access, a greater incorporation of renewable energies into energy matrices and a greater

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implementation of energy efficiency measures that allow a more effective use of energy through measures or actions that are linked to regional integration.

Without more, we believe that moving forward in a context of uncertainty, in a context of technological change, in a context of what we are seeing is that renewable energies with lower cost, the digitization of the electricity sector and the participation of more pressing innovations in energy storage and the mobilization of electrons and energy in general for the services provided in all economies. They provide a space for reflection because we believe that there is going to be a lot of uncertainty and that the learning and the continuous adoption of new topics that allow us to incorporate regulations that favor the use of cleaner technologies and much more efficient technologies. These allow us throughout the region to take advantage of these benefits of technological changes, but also that those benefits of technological changes can be adopted in the best possible way, through the regulatory frameworks that the region requires in order to have more sustainable energy sectors in the long term.

Just to conclude my speech and to give the space for this Dialogue, what we have seen in the Inter-American Development Bank, is that the learning that can be had in the region of best practices to adopt more sustainable solutions in the electricity sector has led to the implementation of such innovative solutions in different countries that allow a better use and adaptation of electrical systems to have a greater incorporation of renewable energies and several countries in the region, which is a clear sign of the share of the renewable energies. At some point in time to generate up to 100% of electricity is feasible, and that this is feasible if one considers not only the adoption of these technologies because technological change is giving space for more renewable energy, but also this can occur within the framework of greater regional energy integration that allows for the complementarity of these technologies to ensure a better supply of higher quality, so this greater energy supply can reduce the costs of electricity and promote greater competitiveness in our industrial and service sectors and that this translates into a net benefit for the citizens of all countries in the region.

Mr President, I would like to thank you for the space and we would be delighted to hear from you what kind of solutions, measures that have been implemented to meet these energy challenges in the region.

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ANNEX 6

Speech by the Keynote Speaker of the Meeting of Ministers

Director General-International Renewable Energy Agency IRENAHis Excellency Adnan Z. Amin

His Excellency, Ministers and Officials of the Government of Latin America

His Excellency, Juan José Aranguren, Minister of Energy and Mining, Argentina, our host country.

Mr. Alfonso Blanco Executive Secretary of the Latin American Energy Organization - OLADE

Excellencies, Distinguished Guests, Ladies and Gentlemen,

It is a real pleasure to be here at this important gathering/ first time representing IRENA, and I wish to thank OLADE and Executive Secretary Blanco for the invitation. Despite the geographic distance between our respective headquarters, I have been in frequent contact with Mr. Blanco since his appointment and I am encouraged by the growing level of cooperation between our organizations which provides an important organic (launching/meeting) with the LAC region. Despite the geographic distance between our respective headquarters, I have been in frequent contact with Mr. Blanco since his appointment and I am encouraged by the growing level of cooperation between our organizations which provides an important organic (launching/meeting) with the LAC region.

I want to also extend my gratitude to the Argentinian authorities for their hospitality and in particular to Minister Aranguren. What Argentina has accomplished in the energy sector in the past two years is remarkable. I am confident that Argentina will carry forward this leadership internationally through its G-20 presidency, and IRENA looks forward to continuing to support the Group’s work on energy transition.

I am also delighted to take part in a regional meeting of Latin American countries that are members of the growing IRENA family, recently joined by El Salvador. I wish to thank you all for enriching the Agency’s work with your valuable experiences and perspectives. Next year, IRENA’s two main bodies, its Assembly and Council, will be chaired by Latin American countries, Uruguay and Argentina respectively. This is a powerful symbol of the strength of our relations and I am confident they will continue to grow in the years ahead.

Ladies and Gentlemen, The extraordinary growth of renewable energy in Argentina has been much discussed since yesterday. But Argentina’s story is part of a changing global energy landscape. The momentum of global energy transformation continues to strengthen, with renewables at its core. Last year, global renewable power capacity increased by a record 161 GW.   

Latin America is key to this global momentum. Since 2004, non-conventional renewable energy investment in Latin America has grown 11-fold, in comparison with a

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6-fold worldwide. Our Renewable Energy Market Analysis for Latin America found that the region has adopted over 300 regulatory, fiscal and financial measures for renewable energy in recent years. As a result, renewables today are competitive with conventional energy sources in many parts of the region.

The chief driver of renewable energy deployment is its business case, which has never been stronger. In Latin America, the unified cost of electricity has decreased by over 50% for solar PV since 2012, and by around 20% for hydropower and onshore wind since 2010. Moreover, the impressive low-prices achieved in auctions throughout Latin America continue to prove this point. Solar and wind projects are now offered for 3 US cents per kilowatt-hour and even less in this region.

Downward cost trends for these technologies are expected to continue Our analysis finds that costs for solar PV could drop by a further 60%, offshore wind by 35%, and concentrated solar power by almost 45% over the next decade. We are expecting similar trends in battery storage costs, which could fall between 50% and 60% by 2030, as our latest report shows.

Despite these remarkable cost declines, project development and financing is a bottleneck to bringing renewables to scale. To address this challenge, IRENA and the IDB launched the Sustainable Energy Marketplace for Latin America, which has advanced rapidly over the last two years. The marketplace provides an online platform for renewable energy project owners and investors to connect, with specific match-making now offered. And as of today, the marketplace has over 60 projects, totaling over 1500 megawatts with a total investment cost of USD 3.2 billion

In addition to improving energy security, the imperative to tackle climate change is also a strong driver now for renewables deployment in the region. Earlier this year, in the context of the Germany Presidency of the G20, we launched a study on the decarburization of the energy sector in line with the ‘well below 2C’ target of the Paris Agreement. The report finds that renewables and energy efficiency would meet 90% of emission reduction needs. Most importantly, IRENA’s analysis finds that the energy transition would boost global GDP by around 0.8% by 2050, with renewable energy jobs reaching 26 million by the same year, up from 9.8 million today. This is especially important for Latin America, where we estimated that in 2016, around 2 million people were working in renewables.

Latin American countries, like many others, recognize the opportunity of renewable energy for tackling climate change in their NDCs. Yet, most NDCs do not capture the full potential of renewable energy deployment as a result of continued cost reductions and improvements in technology. For example, around twice as much new renewable power capacity carne online in 2015 and 2016 compared to the amount foreseen in the NDCs.

The review process of NDCs provides an important opportunity for countries to revise these plans and raise their level of ambition. . IRENA is establishing a new facility to support to countries in implementing and strengthening the renewable energy components of their NDCs, and we look forward to working with you in this context.   

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Ladies and Gentleman, While renewables have made rapid progress in the power sector, a successful energy transformation must also scale-up renewables in end-use sectors like transport, buildings and industry. Efficient and modem bioenergy is particularly important for this region, and is poised to play a key role in decarbonizing the energy sector.

As we discussed yesterday, the growth of renewables also calls for developing further cross-border electricity trade and interconnections. To help facilitate this, we developed our Clean Energy Corridor for Central America (CECCA) to strengthen the management of electricity networks with growing penetration of variable renewables. And we stand ready to support similar efforts in the region.

Improved long-term energy planning is also important to integrate higher shares of renewables in power systems. Last August, here in Buenos Aires, we held a successful regional workshop on energy planning and this is an area of cooperation that we will further develop with the region, building on the workshop’s results and feedback.

Ladies and Gentlemen, The surge of renewables is not just about the replacement of one energy source by another, but about an energy transformation that is reshaping the way energy is produced, distributed and consumed with a more decentralized and sustainable energy system emerging. With this energy transformation, we can realize our energy, climate and economic objectives in tandem. Regional and international cooperation can make a decisive contribution towards this happening. In this context, IRENA looks forward to continuing to build and expand its work with the region through strong partnerships with all of you.

Thank you very much.

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ANNEX 7PROPOSAL FROM VENEZUELA AMENDMET TO THE ORGANIC STRUCTURE

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ANNEX 8 MINISTERIAL DECISIONS

XLVII/D/523Acknowledgment to the Republic of Ecuador

XLVII/D/524Preparation of the Annual Memoire of the Organization

XLVII/D/525Acknowledgment to the management of the Executive Secretariat, 2017

XLVII/D/526Approval of Amendments to OLADE's Bylaws

XLVII/D/527Open Access to Energy Information Systems

XLVII/D/528Amendments to the Mechanisms for Capacity Building

XLVII/D/529Promotion of measures for the reduction of vented and burned gas

XLVII/D/530Energy Outlook of Latin America and the Caribbean

XLVII/D/531Promotion of Energy Efficiency

XLVII/D/532Approval of Audit Report 2016

and Audit Firm Selection Year 2017

XLVII/D/533Budget 2018

XLVII/D/534Financial Trust for OLADE

XLVII/D/535Related to OLADE's financial sustainability strategy

XLVII/D/536Sovereignty of the Malvinas Islands, South Georgia, South Sandwich and Surrounding Maritime Spaces

XLVII/D/537Support to Cuba Against the Economic, Financial and Commercial Blockade

imposed by The United States

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ANNEX 9

COMMUNIQUÉ OF THE MEETING OF MINISTERS OF OLADE

The XLVII Meeting of Ministers of the Latin American Energy Organization, OLADE, recognizes the progress of the region in aspects that are relevant for the economic and social development of society as a whole, such as the increasing participation of renewable energies, implementation of energy efficiency policies, and integration processes.

It also recognizes the significant advances shown by the Executive Secretariat of OLADE and the repositioning of the organization as an instance of technical support to the governments of the region, for the adoption, monitoring and evaluation of sustainable public policies aligned with the global objectives of development.

In this sense, the contributions of the different discussion spaces that have been generated around this meeting are relevant.

The XII Forum of Regional Energy Integration FIER, contributed with new elements for analysis and discussion, by incorporating inputs that from now on will be for sure, part of the work being developed by governments, with the support of international and multilateral organizations , to achieve the much desired energy integration of the region, whose benefits that are no longer a matter of discussion and are evident in the success cases that have been exposed must be reflected in the end user, and translated into cost reduction, quality of service and security in the supply.

The rapid transition shown by the energy sector, in the presence of new elements such as distributed generation, electric vehicles and mass storage systems, and the increasing presence and participation of the private sector, impose an integral management that must incorporate from planning to regional integration and energy efficiency as fundamental inputs. This new reality demands, on the other hand, a greater speed in the decisions and in the subsequent actions.

As a result of the Regional Political and Strategic Ministerial Dialogue that has been carried out as part of the agenda, the ministers and delegates of the countries underscored the need for OLADE's technical support on issues that are of interest to the region. These needs are: to incorporate integration and its benefits as part of planning at the sub regional level; the development of regulatory frameworks that adapt to new technologies and changes in the energy sector; the need to carry out characterization studies of new consumption patterns at residential and industrial level, taking into account the transport sector and the increasing penetration of biofuels. The positive effects and social externalities that the incorporation of renewable energies in the electricity production matrix entails should be also incorporated in the analysis.

An important aspect of this ministerial dialogue has to do with transparency in information, as a fundamental tool for structuring public policies that adjust to the realities of countries and the region. In this regard, we highlight the openness of OLADE to access and use of information originating in the countries.

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In this context, the contribution of the coordinated work of governments, international organizations, multilateral banks, academia and civil society is fundamental. The session held during this Energy Week, which took place in connection with the OLADE Ministerial Meeting is the first step in a process of joint, coordinated and integrated work required by current reality.

We express our gratitude to the Republic of Argentina for its hospitality and to all the organizations that have joined with its support and participation: the Multilateral Bank IDB, CAF and the World Bank; to the international organizations ECLAC, ARPEL, IRENA, GIZ, UNDP, CIER, EITI, AIE, SEforALL, IEF, CEM, ARIAE, GEIDCO and all the sponsors who have contributed to this event to make this region a better place to live and thrive.

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