UPDATE 1-Bolivia announces energy reforms to end state control, attract foreign investment

Bolivia's government ​on Thursday announced a proposed ‌electricity and ​renewable energy law aimed at attracting international investment and reducing the country's dependence on natural ‌gas, a move that could end years of state control over the sector.

The law would allow private companies to participate in generation, export and ‌import of energy products, ending the monopoly held by state-run electricity ‌company ENDE, Hydrocarbons and Energy Minister Marcelo Blanco said at a press conference. "With this new law, we move from a market largely controlled by the state to ⁠a competitive ​market, and ⁠above all one that gives the private sector its proper role," he said.

The new ⁠legislation, which requires approval from congress, would replace the law in effect ​since 1994. The measure marks a historic shift in the country's ⁠energy policy. Under former President Evo Morales, the sector was nationalized between 2010 and 2012, ⁠affecting ​contracts held by foreign companies including Spanish, French and British firms.

"We are pursuing energy diversification through the incorporation of non-conventional renewable ⁠energy, universal access to electricity, and ensuring that access is equitable and participatory," ⁠Blanco said. He ⁠added that Bolivia seeks to turn itself into a regional "energy hub" by building transmission lines.

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