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Advice on Market Regulation of Electricity, Natural gas and LPG Markets

MarkUp offers complete regulatory advice in the markets that are subject to supervision by the Superintendence of Public Utilities and subject to regulation by the Ministry of Energy and CREG, namely: electricity, natural gas and LPG. These markets are characterized by the interaction of competitive and non-competitive activities. Our multidisciplinary approach enables us to understand the risk to which the participants are exposed when regulations on cost-based rates, market behavior and technical requirements converge.

Development of Renewable Energy Projects

Recent modifications to the regulatory framework have had a profound impact on the electricity sector, diversifiying the Colombian energy matrix and introducing new market players willing to develop renewable projects in Colombia. MarkUp knows the challenges that a developer of generation projects must face during the different stages of the project and before the different government authorities. Our services include, but are not limited to, supporting investors in: i) the interconnection procedure; ii) the due diligence of projects; iii) the evaluation of tax benefits; iv) the negotiation of power purchase agreements; v) structuring transactions from a corporate and financial point of view; vi) the assessment of the risks involved when investing in this sector; and vii) the development of financial models to forecast the expected returns.

Business, Financial and Risk Management Advice

Electricity and Natural Gas markets are highly regulated. This imposes a high standard of duties regarding business, financial and risk management for utility companies. At MarkUp we offer specific advice to investors, banks and insurance companies that are interested in assessing risk management and the profitability of the company, in accordance with the regulatory framework.

Optimization of Energy Purchase and Consumption

Large scale users require proper management of its energy consumption in order to increase their competitiveness. Consequently, our portfolio includes support to large scale users during their negotiations with utility companies to purchase electricity, natural gas and LPG. We advice large scale users on how to optimize energy purchase and consumption based on: i) the characteristics of consumption and forecast of market conditions; ii) the efficient combination of available alternatives such as supply contracts, financial hedges through futures, demand response, self-generation, among others; and iii) the use of big data to increase energy efficiency.

Market Studies and Development of Business Opportunities

Investors, banks and technology providers are stakeholders that require detailed market information in order to identify new opportunities and reduce assimmetries against their counterparties. At Markup we are aware that innovation is the key to success in these markets and we offer services related to data analytics and market analysis that can assist companies during their decision-making process.


Our Experience 

  • Advicing on the design of an exchange electricity market for BOLSA MERCANTIL DE COLOMBIA.
  • Advicing on energy regulation related to the interconnection of renewable energy projects to the grid in 2019 (PRODIEL and CONTINUA ENERGIAS POSITIVAS).
  • Providing market and regulatory servicies to  GRENERGY RENOVABLES (2019).
  • Evaluating the institutional framework applicable to the non-interconnected areas of Colombia for the Inter-American Development Bank (November 2018 – May 2019).
  • Designing the Firm Energy Obligations Quantitative Model that enables the Superintendence of Public Utilities to evaluate the financial and technical conditions of power generators to honor their firm energy obligations under the Reliability Charge Mechanism.
  • Preparing the Interconnection Point Assignment Manual published by the Superintendence of Public Utilities in 2018, with the objective of explaining requirements and deadlines that must be exhausted to achieve the grid interconnection of power generation projects.
  • Participating in debates within the Colombian Energy Regulator concering the creation of new rules related to renewable energy, cost-based rates for utility companies in the electricity and natural Gas markets, and market conduct in wholesale markets from August 2016 to August 2018.
  • Designing a quantitative model to analyze competition risks resulting from the sale of the Colombian power generator ISAGEN S.A. E.S.P. in relation to potential buyers: Celsia S.A. E.S.P., Empresa de Energía de Bogotá S.A. E.S.P., Gas Natural S.A. E.S.P. and Empresas Públicas de Medellín E.S.P, during 2014 and 2015.
  • Creating and implementating the prudential supervision strategy for the Superintendence of Public Utilities based on the level of financial risk of utility companies (2017 and 2018).
  • Designing a quantitative model in 2018 to evaluate market power of utility companies and to assess price efficiency and neutrality.
  • Reforming the Due Diligence Assessments performed to utility companies by the Superintendence of Public Utilities with the aim of evaluating proper management of financial, technical and administrative risks.


Application of Financial Theory as Evidence to Render Expert Witness Services

Disputes are inherent to commercial activity. Hence, the application of knowledge in finance is usually required as evidence to assess market decision and to estimate economic damages. The application of value theory and the use of quantitative financial models make it possible to support a legal argument and estimate damages. We support the legal strategy in all the stages of judicial proceedings, from preparing the financial study to rendering the expert opinion before the Court.

Financial Advice

Business sucess requires adequate financial advice to achieve the optimization of the company’s resources. It is necessary to combine adequate treasury management with an ideal capital structure to optimize short term working capital requirements. To achieve these objectives, it is essential to plan in accordance with the reality of the company, to maintain a good relationship with capital providers and to develop an investment plan to obtain the best possible use of resources.

Risk Management

Any economic actitivity is exposed to multiple risks. At MarkUp Consultores we are experts in the application of methodologies to manage operational and financial risks, in order to ensure that the company has suitable mechanisms to prevent the materialization of risks and mitigate their impact.


Our Experience 

  • Registration before the Arbitration and Conciliation Center of the Bogotá Chamber of Commerce as an Expert Witness in the area of Financial Engineering for the period between 2019 and 2021.
  • Preparing the Expert Opinion With Financial Character for Manufacturas y Procesos Industriales Ltda. within the framework of a corporate dispute (2019).
  • Developing training programs and quantitative models on financial planning and cost management for entrepreneurs, in the energy and construction sectors for the Bogotá Chamber of Commerce – Business Strengthening Program (2019).
  • More than ten years’ experience in portfolio management, currency trading and hedging operations.
  • Member of the Board of Directors of Compañía de Seguros de vida Aurora S.A., an insurance company in Colombia.
  • General Manager of the Colombian Energy Derivatives Market (DERIVEX), a company that is part of the ISA Group and the Colombian Stock Exchange.


Our knowledge on antitrust extends to all the sectors of the economy due to the experience of one of our partners in prestigious law firms (i.e. Brigard & Urrutia and Ibarra Abogados) and at the public sector working for the Superintendence of Industry and Commerce. This experience places MarkUp Consultores in a unique position to structure quantitative models, render expert opinions and offer legal, economic and financial advice on the following matters:

  • Expert opinions to estimate damages in judicial proceedings due to unfair competition.
  • Competition impact assessment caused by draft regulations and regulations in force.
  • Quantitative models to provide as evidence in the course of merger control proceedings and investigations for anticompetitive behavior.
  • Analysis of economic and financial impact during administrative proceedings before the Ministry of Commerce related to international trade, such as dumping, safeguards and subsidies.


Our Experience 

  • Legal analysis regarding the obligation to exhaust ex-ante merger control before the Superintendence of Industry and Commerce on a transaction involving the purchase of assets in the energy market (2019).
  • Competition impact assessment regarding a draft regulation contained in CREG Resolution 120 of 2018 related to the liquid fuels market (2018).
  • Negotiation of leniency agreements with the Superintendence of Industry and Commerce during the years 2014 and 2015.
  • Coordinating the Competition Advocacy Group, that made competition assessments of regulations issued by the Ministry of Energy, the Energy Regulator (CREG), the Ministry of Environment, National Tax and Customs Authority (DIAN), the Water Sanitation Regulatory Commission (CRA), the Communications Regulatory Commission (CRC), among other regulators in Colombia (2014-2016).
  • Participant at the Commitee on Comercial Practices and the Committee on Customs, Tariffs and Foreign Trade of the Ministry of Commerce, in charge of antidumping and safeguard measures (2013-2016).