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Burlington ON, Sep 30, 2009: 360 Energy was one of eight Ontario-based energy companies that travelled to Chile during the week of September 7, 2009 as part of a trade mission organized by Ontario's Ministry of Economic Development and Trade. 360 Energy is looking to establish commercial relations as Chile takes its first step towards more efficient energy consumption.
"Chile is currently experiencing a period of very high and volatile energy prices and we couldn't pass up the opportunity to explore a new market, gain international exposure, and network with high-level Chilean contacts," explained David Arkell, President & CEO of 360 Energy Inc.
The Renewable Energy law passed in 2008 establishes that at least 5% of all electricity must come from renewable energy sources by 2010. This percentage must increase by 0.5% per year to reach an overall goal of 10% in 2024. This new framework and higher energy prices has led Chile to develop new incentives to promote investment in the sector.1
"After returning from Chile and gaining a further understanding of their market dynamics, we are optimistic that we can assist a variety of Chilean industry sectors manage their energy expenditures. With such a strong and diverse portfolio of energy management programs, 360 Energy is well suited to conducting business in the South American country," said David.