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Colombia: Petro announces massive freeze on all utility rates

Colombia President Gustavo Petro lost his temper and announced a generalized freeze for all residential utility rates, including electricity bills, drinking water and sewage distribution, fuel distribution, telecommunications, and residential gas bills.

Until now, service providers were regulated as "natural monopolies," but under clear, predictable guidelines and technical criteria previously agreed upon in 1994, allowing a scheme with stable game rules for long-term investment.

This system was implemented through regulatory commissions, as in most . . .

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