highlighted that Peru is probably the country with the highest level of energy security in the world, due to its diverse power generation sources.
The government official made these remarks before Congress' Energy and Mines Commission on Tuesday.
"Energy in Peru is everywhere. We have gas, oil, solar energy, wind energy, hydroelectric power. Probably, given the size of our country and our population, we are the country with the highest energy security in the world—we have it all," Montero explained.
Likewise, the government official noted that the South American country holds significant natural gas reserves for energy generation.
"Regarding natural gas, we currently have total reserves of 10 trillion cubic feet. As inferred or contingent resources, we have 7 trillion cubic feet of natural gas. But if we consider total prospective resources, we are talking about an additional 43 trillion cubic feet of natural gas," he stated.
The high-ranking official stressed that Peru has a national energy policy involving nine objectives through 2040.
The minister emphasized that in the Andean region Peru has high mountains and abundant water, while in the jungle it has "vast" water masses to drive hydroelectric turbines.
He further explained that Peru produces 1.1 million terajoules of energy per year: natural gas accounts for 68%, followed by hydroelectric power 12%, oil 7.5%, and emerging renewable energies—such as solar and wind—produce 0.5% and 0.8%, respectively.
Renewable energies like solar and wind are already appearing in the national energy matrix, but "naturally, natural gas remains the king of energy in Peru."
In this sense, the minister emphasized that "we are betting that solar and wind energy will gradually replace diesel."
Robust electricity sector
The Cabinet member highlighted that Peru's electricity sector is very competitive, and opportunities lie in improving its regulations.
"In Peru, the electricity system is very robust; we have been working on it for decades. Peru is a good electricity generator, with a very strong and efficient national interconnected system. It is highly competitive," Montero said.
The government official also noted that "green hydrogen is the future's fuel."
He explained that this energy involves using solar power to split water molecules, with the aim of retaining this element while leaving oxygen as a byproduct.
"That is our focus with green hydrogen; it is the energy of the future, almost unlimited. We are already working on it and have regulations to promote green hydrogen production in Peru because we have abundant solar energy; countries without strong solar potential cannot produce it," Montero indicated.
The minister emphasized that Peru has the highest-quality solar energy in the world, in Arequipa, Moquegua, and Tacna regions.
"There is a Spanish company, Sol de Verano, proposing an investment of $11 billion to the Ministry of Energy and Mines for a green hydrogen plant in Arequipa; it is a huge investment that will need to mature gradually," he pointed out.