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EPM’s management has been a constantly revolving door since Medellín’s Mayor Daniel Quintero took office, the utility seeing 4 CEOs in less than two years, resignation of the board of directors, and further intrigue. Now that instability appears to be affecting Afinia.

Fitch views EPM's corporate governance as weak due to the strong influence exerted by the company's owner, the City of Medellin. EPM has an ESG Relevance Score of '4', which reflects the company's recent instability in board membership and indicates that the score has a negative...

City council member Daniel Carvalho has said enough is enough, and that the mayor’s mismanagement is putting Colombia’s second largest enterprise and Medellín’s single largest municipal revenue source at grave risk.

Bond investors and ratings agencies will be watching closely for signs that Carrillo has both the autonomy and acumen to successfully move the company forward while avoiding the political intrigue brewing in Colombia’s second largest city.

The letter of resignation came just hours after a contentious press conference where Calderón wished to discuss his investment plan, but the press, including Finance Colombia, wished to delve into the numerous gaps and inconsistencies in his qualifications.

Calderón has a background in finance and investment, working as a credit analyst for Standard & Poor in Paris, serving as the Colombian consul in Boston, Massachusetts during the Juan Manuel Santos administration, and holding several investment banking roles in Bogotá.

According to Rendón on radio interviews he gave with Colombian radio stations Blu Radio and W Radio, Mayor Quintero has led a hostile takeover of EPM. In the interviews, Rendón accused the mayor of attempting to install his private secretary, Camila Villamizar, on various EPM...

Ruíz has spent the last 24 years of her career at EPM, where she has held multiple posts including Director of Energy Regulation, and Executive Vice President of Business Management.

Colombia’s First Renewable Energy Auction has been set for October 22, 2019. The government has published the PPA (Power Purchase Agreement) contract and its terms of reference.  There have been several relevant modifications to the auction’s design intended t...

"The priority is that neither users nor companies suffer due to the energy supply," said President Santos.