Ecopetrol Inks Electric Energy Commercialization Deal with Gecelca S.A. E.S.P.

(Ecopetrol, 16.Aug.2022) — Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC) hereby informs that, on the occasion of its withdrawal from the electric energy commercialization activities, derived from the acquisition of 51.4% of the outstanding shares of Interconexión Eléctrica S.A. E.S.P. and in compliance with the energy regulation in Colombia, it entered into an electric energy commercialization contract with Gecelca S.A. E.S.P. to meet the non-regulated energy demand of the Ecopetrol Group.

The contract, which term extends until 31 December 2036, is to ensure a service structure for the supply of electric energy through the National Interconnected System (SIN for its acronym in Spanish) for the Ecopetrol Group in order to provide the necessary coverage while optimizing costs.

Gecelca was selected through a competitive process to which 17 agents among generators and commercializers of the Wholesale Energy Market were invited.

The contract value is the result of the estimation of the amounts of energy required by and the final price of energy to be paid by the Ecopetrol Group, the main consumer of non-regulated energy in the country . This price is obtained from the sum of all the characteristic components of the cost of energy (generation, transmission, distribution, commercialization, etc.) in the domestic market.

This contract will enter into execution in the next few weeks, once the registration and inscription procedures are completed before the Administrator of the Wholesale Energy Market Commercial Exchanges System in Colombia.