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A gas leak in Peru reveals that political instability does affect its development. 'It is absolutely false that in Peru politics and the economy move on separate tracks,' stated the president of the Peruvian Hydrocarbons Society. ADVERTISING By Carla Samon Ros March 12, 2026 | 07:53 PM Latest quotes Bloomberg - A prolonged leak in a natural gas pipeline in Peru is highlighting the costs of its chronic political instability, a phenomenon that investors often ignore. The South American country depends on a single pipeline system to transport gas from the Camisea fields, which supply more than a third of its electricity and a significant portion of its foreign exchange through liquefied natural gas exports. ADVERTISING Authorities have been warning for years about the need for a backup line and a regasification plant to import gas in case of interruptions. However, after having gone through nine different presidents since 2016, one proposal after another has been frustrated. 'It is absolutely false that in Peru politics and the economy move on separate tracks,' said Felipe Cantuarias, president of the Peruvian Hydrocarbons Society. More than 1,000 industries have been affected and some have even halted their operations, he added. 'Clearly, politics is responsible for the situation we are experiencing.' ADVERTISING The current gas crisis threatens to push March's inflation above 1%, a monthly increase not seen since 2024. Two weeks without normal hydrocarbon production could also reduce annual growth by between 0.1 and 0.2 percentage points, according to Hugo Perea, chief economist at BBVA Research in Peru. This episode tests interim President José María Balcázar, just two weeks after he took power following the removal of his predecessor. Balcázar will govern only until July, after the April elections. 'If this continues, there will be problems,' warned Energy and Mines Minister Angelo Alfaro last week. The incessant political turmoil has resulted in there being 30 Energy and Mines Ministers since Camisea began production in 2004. The Camisea fields, operated by Argentina's Pluspetrol SA, are located in a remote Amazon area of the southern Cusco region. Two underground pipelines, one for natural gas and another for associated liquids, extend hundreds of kilometers to the Pacific coast. The transportation system is operated by Transportadora de Gas del Perú SA, whose main shareholder is EIG Global Energy Partners LLC, after acquiring a 49.87% stake from Canada's CPP Investments last December. ADVERTISING TGP, which did not respond to a request for comment, committed to restoring gas supply this weekend, as planned. TGP interrupted gas transport on March 1 after a leak caused a fire whose cause is still under investigation. The interruption also led Pluspetrol to suspend production of gas liquids, which are normally sent to the Pisco fractionation plant on the coast. Many Peruvians use liquefied petroleum gas, or LPG, as vehicle fuel and for cooking. The crisis has also affected exports from Peru LNG, Latin America's second-largest exporter of this fuel after Trinidad and Tobago, just when the main LNG producer, Qatar, closed after suffering an attack from Iran. For Peruvian consumers, the timing of the crisis could not be worse. Global oil and gas prices have soared since the United States and Israel started a war in Iran on February 28. The cut reduced Peru's gas supply to only 9% of its capacity, and the government authorized industries to use alternative fuels, including more expensive diesel. Authorities suspended gas exports and ordered two weeks of rationing to prioritize households and essential services. Heavy rains and the remoteness of the affected site, accessible only by helicopter, have complicated pipeline repairs. The flames were not fully extinguished until Monday, more than a week after the incident. Broken promises. One of the most discussed proposals to reduce Peru's supply vulnerability has been the Southern Gas Pipeline. Designed to supply the south of the country and back up TGP's main system, the project was awarded in 2014 to the discredited Brazilian company Odebrecht and reached 20% completion before stalling in 2017, when a major corruption scandal erupted. The Southern Gas Pipeline is now nine years behind schedule, with its pipes still abandoned and a maintenance cost for Peru of between US$40 million and US$50 million per year, according to Luis Alberto Espinoza Quiñones, former Deputy Minister of Energy. 'No one has had the will to do anything,' said Espinoza. Last year, TGP submitted a proposal to expand operations of its current pipeline until 2043, but without considering a backup line, according to local media reports. Eight years ago, Peru's investment promotion agency attempted to boost a regasification project at the Peru LNG facilities in Pampa Melchorita, south of Lima. However, the proposal did not progress 'for political reasons,' according to a statement from the Ministry of Energy and Mines. Alfaro, the current minister, committed to prioritizing the regasification plant. But, according to Espinoza, the few months remaining for the current government would only be enough, at best, to leave the project ready for the next administration to tender. Read more at Bloomberg.com ADVERTISING Previous news Next news

ReNew Energy Global (NASDAQ: RNW) reshapes board as CPP nominee shifts and director exits. Filing Impact Filing Sentiment Rhea-AI Filing summary. ReNew Energy Global PLC reported changes to its Board of Directors linked to one of its major investors. At the request of Canada Pension Plan Investment Board, the Board appointed Mr. Pushkar Kulkarni as its Investor Nominee Director, effective March 5, 2026, replacing Ms. Kavita Saha, who resigned on the same date. The company states that her resignation was not due to any disagreement regarding operations, policies, or practices. The company also noted that Ms. Nicoletta Giadrossi, an Independent Director, resigned from the Board effective March 9, 2026, with her decision likewise stated as unrelated to any dispute or disagreement with the company, its management, or the Board. 03/09/2026 - 09:58 AM Faq. What Board changes did ReNew Energy Global PLC (RNW) disclose in March 2026? ReNew Energy Global PLC reported two Board changes in March 2026. CPP Investments replaced its Investor Nominee Director, and independent director Nicoletta Giadrossi resigned. The company states both resignations were not due to any disagreements over operations, policies, practices, or performance. Who is the new CPP Investments Investor Nominee Director at ReNew Energy Global PLC (RNW)? CPP Investments' new Investor Nominee Director at ReNew Energy Global PLC is Mr. Pushkar Kulkarni, effective March 5, 2026. He is Managing Director and Head of Infrastructure & Sustainable Energies, India, at CPP Investments, with over 25 years of experience across infrastructure and energy sectors. Which directors resigned from the Board of ReNew Energy Global PLC (RNW) in March 2026? Two directors resigned: Ms. Kavita Saha stepped down on March 5, 2026, and Ms. Nicoletta Giadrossi, an Independent Director, resigned effective March 9, 2026. The company states both departures were not due to disputes or disagreements with management or the Board. Did the resignations from ReNew Energy Global PLC's (RNW) board involve any disputes or disagreements? The company states the resignations did not involve disputes or disagreements. Both Kavita Saha and Nicoletta Giadrossi's decisions to step down were described as not resulting from disagreements over operations, policies, practices, performance, management, or Board matters at ReNew Energy Global PLC. What experience does Pushkar Kulkarni bring to ReNew Energy Global PLC's (RNW) board? Pushkar Kulkarni brings over 25 years of infrastructure experience. He leads CPP Investments' Infrastructure & Sustainable Energies, India practice, overseeing origination, execution and portfolio management, and holds board and advisory roles at Indian infrastructure investment entities, alongside engineering and MBA qualifications from Mumbai institutions. When did the Board changes at ReNew Energy Global PLC (RNW) become effective? The CPP Investments nominee change became effective on March 5, 2026, when Pushkar Kulkarni joined and Kavita Saha resigned. Independent Director Nicoletta Giadrossi's resignation became effective on March 9, 2026, as noted by the Board of ReNew Energy Global PLC in its report.