The Salvadoran Legislative Assembly has greenlit President Nayib Bukele’s proposal to reduce electricity tariffs by 14%. This public initiative aims to ease the financial burden on Salvadorans amid rising global prices for hydrocarbons, fuels, and electricity. The decision coincides with the inauguration of the 3 de Febrero Hydroelectric Plant, a project set to inject electrical energy into the national grid, benefiting households and all sectors of the economy.
In a significant move to shield Salvadorans from imminent electricity price hikes, the Legislative Assembly passed the president’s law proposal on Tuesday. This legislation, effective retroactively since October 15th, 2023, and set to remain in force until April 14th, 2024, not only averts a previously projected 9% electricity price increase but also enacts a 5% reduction in tariffs, as suggested by the Executive Branch.
The bill was presented to the Legislative Assembly by Daniel Álvarez, the Director General of Energy, Hydrocarbons, and Mines, and the President of the Hidroeléctrica del Río Lempa (CEL) Executive Commission. Álvarez, who also serves as the Director General of the General Directorate of Energy, Hydrocarbons, and Mines, emphasized the government’s commitment, under President Bukele’s leadership, to promote additional renewable energy projects. The goal is to reduce El Salvador’s dependence on hydrocarbons and emphasize natural resources, with the ultimate aim of making the country’s energy matrix 100% clean in the near future.
During a press conference, Álvarez clarified that Salvadorans would not bear the burden of increased electricity costs. The measure, as promised by President Nayib Bukele during the recent inauguration of the 3 de Febrero Hydroelectric Plant, is expected to alleviate financial pressures for Salvadorans across the nation.