Energy in Colombia Market Players Analysis¶

Products and Services¶

This report details the top 10 market players in the Colombian energy sector, based on the provided data, outlining their main products and services and evaluating the available information on their volume and revenue performance.

Ecopetrol S.A. Ecopetrol is Colombia's largest integrated oil and gas company. Its main products and services include the exploration, production, transportation, refining, and commercialization of crude oil, natural gas, and petrochemical products. The company is also focusing on energy transition initiatives like green hydrogen and carbon capture. Based on the provided data, Ecopetrol's revenue showed a decline from COP 143.1 trillion in 2023 to COP 133.3 trillion in 2024. However, the Trailing Twelve Months (TTM) revenue up to April 2025 was $33.27 Billion USD, which for comparison with COP values requires an exchange rate conversion not provided, making a direct growth/decline evaluation in COP difficult for the latest TTM period. Crude oil production was 461,000 b/d in October 2024 (60% of national output), and natural gas production was 974 Mf3/d in October 2024 (70% of national output). Total transported volumes were 1,113 thousand bpd in 2023. Volume growth/decline for specific products between comparable periods is not explicitly detailed beyond these snapshots.

Grupo Empresarial EPM Grupo Empresarial EPM is a public utilities group with significant energy operations covering generation, transmission, distribution, and commercialization of electricity, as well as gas. It is a major partner in large hydroelectric projects and the largest company in electricity distribution in Colombia. The provided data shows that within the energy sector, the Energy Distribution and Commercialization segment generated COP 26 trillion in revenue in 2023, while the Energy Generation and Commercialization segment generated COP 7.3 trillion in 2023. The group's total revenue was COP 37.5 trillion in 2023. Growth or decline in volume or revenue for these specific segments in subsequent years is not provided.

Organización Terpel S.A. Organización Terpel is a leading company in the commercialization and distribution of fuels and related products, including hydrocarbons and their derivatives. It operates fuel service stations and is involved in the refining, supply, storage, and transportation of natural gas and lubricants. Terpel is also expanding into new energy solutions like battery swapping. Terpel's revenue showed slight growth from COP 33.42 trillion in 2023 to COP 33.94 trillion in 2024. The TTM revenue up to February 2025 was 36.24 trillion COP, indicating continued growth. Volume data for fuel distribution or gas transportation is not available in the provided sources.

Celsia S.A. E.S.P. Celsia is an energy company part of Grupo Argos, focusing on generation, transmission, and commercialization of energy. Its generation portfolio includes hydroelectric, thermal, solar, and wind power assets. Celsia is actively investing in and developing renewable energy projects. Celsia's revenue showed growth from COP 6,229.9 billion in 2023 to COP 6,366.3 billion in the TTM ending September 2024. Installed generation capacity includes a significant portion of hydraulic power (95% in 2022), and the company acquired 675 MW of solar and wind projects. Specific total installed capacity or commercialization volumes with comparisons for growth/decline are not provided.

Air-e Air-e is primarily involved in the distribution and commercialization of electric energy in the Caribbean region of Colombia. Air-e's operational revenue was COP 6.1 trillion in 2023. Growth or decline in revenue or distribution volumes in subsequent periods is not provided.

Afinia (Caribemar) Afinia, also known as Caribemar, is an energy distribution and commercialization company operating in the Caribbean region of Colombia and is part of Grupo Empresarial EPM. Afinia's operational revenue was COP 5.9 trillion in 2023. Growth or decline in revenue or distribution volumes in subsequent periods is not provided.

Vanti S.A. E.S.P. Vanti is a key player in the natural gas sector in Colombia, specializing in the distribution and commercialization of natural gas. Vanti's operational revenue was COP 3.8 trillion in 2023. Growth or decline in revenue or natural gas distribution/commercialization volumes in subsequent periods is not provided.

Biomax Biocombustibles S.A. Biomax is engaged in the distribution and commercialization of liquid fuels derived from petroleum in Colombia. Biomax's operational revenue was COP 3.7 trillion in 2023. Growth or decline in revenue or fuel distribution volumes in subsequent periods is not provided.

ISA (Interconexión Eléctrica S.A. E.S.P.) ISA is primarily involved in the high-voltage electric power transmission business in Colombia and is a key entity within the larger Grupo ISA. Interconexión Eléctrica's revenue was COP 3.7 trillion in 2023. Growth or decline in revenue or energy transmission volumes (e.g., GWh transported) in subsequent periods is not provided.

Tebsa (Termobarranquilla S.A. E.S.P.) Tebsa owns and operates a thermal power generation plant in Barranquilla, playing a role in ensuring the reliability of the energy supply. Tebsa's operational revenue was COP 3.7 trillion in 2023. Growth or decline in revenue or electricity generation volumes in subsequent periods is not provided.

Comparative Table: Growth/Decline in Volume and Revenue (Based on available data)¶

Player Name	Main Products/Services	Revenue Growth/Decline (Based on available data)	Volume Growth/Decline (Based on available data)
Ecopetrol S.A.	Crude oil, Natural gas, Petrochemicals, Transportation, Refining, Green Hydrogen, Carbon Capture	Decline (2023-2024)	Not enough comparable data for specific product volumes across periods. Snapshots provided for Oct 2024 production and 2023 transportation volumes.
Grupo Empresarial EPM	Electricity (Generation, Transmission, Distribution, Commercialization), Gas	Not enough comparable data across periods	Not enough comparable data across periods.
Organización Terpel S.A.	Fuels (Distribution, Commercialization), Natural Gas (Refining, Supply, Storage, Transportation), Lubricants, Battery Swapping	Growth (2023-2024, 2024-TTM Feb 2025)	Not enough data available.
Celsia S.A. E.S.P.	Electricity (Generation - Hydro, Thermal, Solar, Wind, Transmission, Commercialization)	Growth (2023-TTM Sep 2024)	Not enough comparable data across periods. Installed capacity details provided but not comparative volumes.
Air-e	Electricity (Distribution, Commercialization)	Not enough comparable data across periods	Not enough data available.
Afinia (Caribemar)	Electricity (Distribution, Commercialization)	Not enough comparable data across periods	Not enough data available.
Vanti S.A. E.S.P.	Natural Gas (Distribution, Commercialization)	Not enough comparable data across periods	Not enough data available.
Biomax Biocombustibles S.A.	Liquid Fuels (Distribution, Commercialization)	Not enough comparable data across periods	Not enough data available.
ISA (Interconexión Eléctrica S.A. E.S.P.)	High-voltage Electric Power Transmission	Not enough comparable data across periods	Not enough data available.
Tebsa (Termobarranquilla S.A. E.S.P.)	Thermal Power Generation	Not enough comparable data across periods	Not enough data available.

References¶

Energy Analytics Institute (EAI). reporte-4t23-ecopetrol-eng. https://energy-analytics-institute.org/html/reporte-4t23-ecopetrol-eng.html (2024-03-01).
Macrotrends. Ecopetrol S.A Revenue 2010-2024 | EC. https://www.macrotrends.net/stocks/charts/EC/ecopetrol-s.a/revenue (n.d.).
Companies Market Cap. Ecopetrol (EC) - Revenue. https://companiesmarketcap.com/ecopetrol/revenue/ (n.d.).
Infobae. Ahora EPM es la segunda después de Ecopetrol: así quedó el ranking de las empresas con mayores ingresos en Colombia. https://www.infobae.com/colombia/2024/03/26/ahora-epm-es-la-segunda-despues-de-ecopetrol-asi-quedo-el-ranking-de-las-empresas-con-mayores-ingresos-en-colombia/ (2024-03-26).
GlobalData. Celsia SA ESP Company Profile. https://www.globaldata.com/company-profile/celsia-sa-esp/ (n.d.).
The Energy Year. An innovator in Colombia's energy transition - Jose Vicente VILLAMIZAR. https://theenergyyear.com/interviews/an-innovator-in-colombias-energy-transition/ (2025-01-15).
Stock Analysis. Organización Terpel S.A. (BVC:TERPEL) Stock Price & Overview. https://stockanalysis.com/bv/terpel/ (n.d.).
Stock Analysis. Organización Terpel (BVC:TERPEL) Revenue. https://stockanalysis.com/bv/terpel/revenue/ (n.d.).
Investing.com. Organizacion Terpel SA (TPL) Earnings Dates & Reports. https://www.investing.com/equities/organizacion-terpel-sa-earnings (n.d.).
Investing.com. Celsia SA (BVC:CELSIA) Revenue. https://www.investing.com/equities/celsia-s-a-esp-revenue (n.d.).
ColombiaOne.com. Top Ten Largest Companies in Colombia. https://colombiaone.com/top-largest-companies-in-colombia/ (2024-01-20).
LaNota.com. Ranking 2024 sector energía eléctrica de Colombia. https://lanota.com/ranking-2024-sector-energia-electrica-de-colombia/ (2024-12-05).
Finbox. Revenue For Celsia Colombia S.A. E.S.P. (CSACOL). https://finbox.com/BVC:CSACOL/explorer/revenue (n.d.).## Products and Services

This report details the top 10 market players in the Colombian energy sector, based on the provided data, outlining their main products and services and evaluating the available information on their volume and revenue performance.

Ecopetrol S.A. Ecopetrol is Colombia's largest integrated oil and gas company. Its main products and services include the exploration, production, transportation, refining, and commercialization of crude oil, natural gas, and petrochemical products. The company is also focusing on energy transition initiatives like green hydrogen and carbon capture. Based on the provided data, Ecopetrol's revenue showed a decline from COP 143.1 trillion in 2023 to COP 133.3 trillion in 2024, a decrease of 6.8%. This decline was attributed to lower weighted average sales prices of crude oil and products and the negative effect of the exchange rate. Despite the revenue decrease, Ecopetrol achieved strong operational performance in 2024, with production of 746 kboed, a 1.2% increase compared to 2023. Transported volumes also surpassed their target, reaching 1,119 kbd in 2024, a 5.8% increase compared to 2023. Refinery throughput in 2023 was a record 420 mboed.

Grupo Empresarial EPM Grupo Empresarial EPM is a public utilities group with significant energy operations covering generation, transmission, distribution, and commercialization of electricity, as well as gas. It is a major partner in large hydroelectric projects and is considered the largest company in electricity distribution in Colombia. The provided data shows that within the energy sector, the Energy Distribution and Commercialization Segment contributed 65% of the Group's revenues in 2023 with COP 26 trillion, a growth of 12% due to higher units sold, increased customers, and greater financing services. The Energy Generation and Commercialization Segment contributed 18% of revenues with COP 7.3 trillion in 2023, a growth of 23% driven by a higher-than-average spot price despite fewer units generated. The group's consolidated revenues amounted to COP 37.5 trillion in 2023, a growth of 16% compared to 2022. Growth or decline in volume or revenue for these specific segments in subsequent years is not provided in detail, but a Q2 2024 report mentions that the Electricity Generation and Commercialization segment contributed 37% to EBITDA, and the Energy Distribution segment contributed 43%.

Organización Terpel S.A. Organización Terpel is a leading company in the commercialization and distribution of fuels and related products, including hydrocarbons and their derivatives. It operates fuel service stations and is involved in the refining, supply, storage, and transportation of natural gas and lubricants. Terpel is also expanding into new energy solutions like battery swapping. Terpel's annual revenue showed growth of 1.56%, from COP 33.42 trillion in 2023 to COP 33.94 trillion in 2024. The TTM revenue up to February 2025 was 36.24 trillion COP, indicating continued growth. Volume growth of about 1.6% was estimated for Terpel in 2024. In 2023, lubricant sales volumes in Colombia declined 7% to 25 million gallons, while gross profit surged 58% to Col$434 billion. In Q4 2023, lubricant sales volume in Colombia decreased 5%, but gross profit jumped 74%.

Celsia S.A. E.S.P. Celsia is an energy company part of Grupo Argos, focusing on generation, transmission, and commercialization of energy. Its generation portfolio includes hydroelectric, thermal, solar, and wind power assets. Celsia is actively investing in and developing renewable energy projects. Celsia's revenue showed growth of 11.6% in 2023 compared to 2022, reaching COP 6,229.9 billion, and further increased by 9.3% in 2024, reaching COP 6,806.7 billion. The TTM revenue ending September 2024 was COP 6,366.3 billion. The company acquired 675 MW of solar and wind projects in April 2024.

Air-e Air-e is primarily involved in the distribution and commercialization of electric energy in the Caribbean region of Colombia. Air-e was listed among the top 50 largest companies in Colombia by operational revenue in 2023, with COP 6.1 trillion in revenue. Growth or decline in revenue or distribution volumes in subsequent periods is not provided in the available data.

Afinia (Caribemar) Afinia, also known as Caribemar, is an energy distribution and commercialization company operating in the Caribbean region of Colombia and is part of Grupo Empresarial EPM. Afinia was listed among the top 50 largest companies in Colombia by operational revenue in 2023, with COP 5.9 trillion in revenue. Afinia experienced a decrease in Q2 2024 due to significant rises in energy purchase costs and portfolio impairment. Growth or decline in overall revenue or distribution volumes in subsequent periods is not provided in detail.

Vanti S.A. E.S.P. Vanti is a key player in the natural gas sector in Colombia, specializing in the distribution and commercialization of natural gas. Vanti was listed among the top 50 largest companies in Colombia by operational revenue in 2023, with COP 3.8 trillion in revenue. Growth or decline in revenue or natural gas distribution/commercialization volumes in subsequent periods is not provided in the available data.

Biomax Biocombustibles S.A. Biomax is engaged in the distribution and commercialization of liquid fuels derived from petroleum in Colombia. Biomax was listed among the top 50 largest companies in Colombia by operational revenue in 2023, with COP 3.7 trillion in revenue. Growth or decline in revenue or fuel distribution volumes in subsequent periods is not provided in the available data.

ISA (Interconexión Eléctrica S.A. E.S.P.) ISA is primarily involved in the high-voltage electric power transmission business in Colombia and is a key entity within the larger Grupo ISA. Interconexión Eléctrica's revenue was COP 3.7 trillion in 2023. ISA's subsidiary, Consorcio Transmantaro S.A. (CTM) in Peru, reported stable and predictable cash flows from fixed transmission fee structures and no exposure to volume risk, with revenue depending mostly on the availability of its transmission assets. CTM's EBITDA leverage was expected to decline in 2024 due to revenue growth from a fully operational transmission line. Growth or decline in overall revenue or energy transmission volumes for ISA in Colombia in subsequent periods is not provided in detail in the available data.

Tebsa (Termobarranquilla S.A. E.S.P.) Tebsa owns and operates a thermal power generation plant in Barranquilla, playing a role in ensuring the reliability of the energy supply. Tebsa was listed among the top 50 largest companies in Colombia by operational revenue in 2023, with COP 3.7 trillion in revenue. Growth or decline in revenue or electricity generation volumes in subsequent periods is not provided in the available data.

Comparative Table: Growth/Decline in Volume and Revenue (Based on available data)¶

Player Name	Main Products/Services	Revenue Growth/Decline (Based on available data)	Volume Growth/Decline (Based on available data)
Ecopetrol S.A.	Crude oil, Natural gas, Petrochemicals, Transportation, Refining, Green Hydrogen, Carbon Capture	Decline (2023-2024)	Production: Growth (1.2% in 2024 vs 2023). Transported Volumes: Growth (5.8% in 2024 vs 2023). Refining Throughput: Record in 2023. Not enough consistent data for specific product volumes across comparable periods.
Grupo Empresarial EPM	Electricity (Generation, Transmission, Distribution, Commercialization), Gas	Growth (Group total 2022-2023)	Energy Distribution and Commercialization: Higher units sold (2023). Energy Generation and Commercialization: Fewer units generated but higher spot price (2023). Not enough comparable data across periods for overall volume growth/decline.
Organización Terpel S.A.	Fuels (Distribution, Commercialization), Natural Gas (Refining, Supply, Storage, Transportation), Lubricants, Battery Swapping	Growth (2023-2024, 2024-TTM Feb 2025)	Estimated Volume Growth: ~1.6% in 2024. Lubricants (Colombia): Volume decline (2023), Volume decrease (Q4 2023). Lubricants (Peru): Volume increase (2023, Q4 2023).
Celsia S.A. E.S.P.	Electricity (Generation - Hydro, Thermal, Solar, Wind, Transmission, Commercialization)	Growth (2023-2024, 2023-TTM Sep 2024)	Installed Capacity: Acquisition of 675 MW of solar and wind projects (2024). Not enough comparable data across periods for overall volume growth/decline.
Air-e	Electricity (Distribution, Commercialization)	Not enough comparable data across periods	Not enough data available.
Afinia (Caribemar)	Electricity (Distribution, Commercialization)	Not enough comparable data across periods	Experienced decrease in Q2 2024 due to energy purchase costs and impairment. Not enough comparable data across periods for overall volume growth/decline.
Vanti S.A. E.S.P.	Natural Gas (Distribution, Commercialization)	Not enough comparable data across periods	Not enough data available.
Biomax Biocombustibles S.A.	Liquid Fuels (Distribution, Commercialization)	Not enough comparable data across periods	Not enough data available.
ISA (Interconexión Eléctrica S.A. E.S.P.)	High-voltage Electric Power Transmission	Not enough comparable data across periods	Not exposed to volume risk (subsidiary CTM in Peru). Not enough comparable data across periods for overall volume growth/decline.
Tebsa (Termobarranquilla S.A. E.S.P.)	Thermal Power Generation	Not enough comparable data across periods	Not enough data available.

References¶

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