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Investments in associates and joint ventures | 12 Months Ended
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Dec. 31, 2024
Investments in associates and joint ventures |
Investments in associates and joint ventures | 13.Investments in associates and joint ventures 13.1Composition and movements ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Joint ventures |  |  |  |
Interligação Elétrica do Madeira S.A. |  | 1,698,178 |  | 1,705,188
Transmissora Aliança de Energia Elétrica S.A. | ​ | 1,513,758 | ​ | 1,513,497
Equion Energía Limited | ​ | 1,178,279 | ​ | 1,037,418
Interligação Elétrica Paraguaçu S.A. | ​ | 514,509 | ​ | 526,294
Interligação Elétrica Ivaí S.A. | ​ | 488,211 | ​ | 456,076
Interligação Elétrica Garanhuns S.A. | ​ | 478,839 | ​ | 500,889
Interligação Elétrica Aimorés S.A. | ​ | 323,434 | ​ | 335,995
Conexión Kimal Lo Aguirre S.A. | ​ | 163,339 | ​ | 119,069
Ecodiesel Colombia S.A. | ​ | 69,054 | ​ | 85,030
Consorcio Eléctrico Yapay S.A. | ​ | 23,505 | ​ | —
PA Energía para la paz | ​ | 8,657 | ​ | —
Transnexa S.A. E.M.A. | ​ | 8,545 | ​ | 8,545
Interconexión Eléctrica Colombia Panamá S.A. | ​ | 4,995 | ​ | 2,544
Derivex S.A. | ​ | 1,243 | ​ | 1,123
Parques de Rio | ​ | 59 | ​ | 71
Interconexión Eléctrica Colombia Panamá S.A.S E.S.P. |  | 4 |  | 4
​ |  | 6,474,609 |  | 6,291,743
Less impairment: |  | ​ |  | ​
Equion Energía Limited |  | (392,809) |  | (408,183)
Transnexa S.A. E.M.A. |  | (8,545) |  | (8,545)
​ | ​ | 6,073,255 | ​ | 5,875,015
Associates |  |  |  |
Gases del Caribe S.A. E.S.P. |  | 1,529,219 |  | 1,527,699
ATP Tower Holdings |  | 755,632 |  | 720,332
Gas Natural del Oriente S.A. E.S.P. |  | 154,746 |  | 156,353
Gases de la Guajira S.A. E.S.P. | ​ | 71,073 | ​ | 69,996
Extrucol S.A. | ​ | 32,137 | ​ | 30,147
E2 Energía Eficiente S.A. E.S.P. | ​ | 31,783 | ​ | 34,432
Serviport S.A. | ​ | 9,399 | ​ | 9,399
Sociedad Portuaria Olefinas y Derivados S.A. | ​ | 4,028 | ​ | 4,658
​ |  | 2,588,017 |  | 2,553,016
Less impairment: Serviport S.A. |  | (9,399) |  | (9,399)
​ |  | 2,578,618 |  | 2,543,617
​ |  | 8,651,873 |  | 8,418,632
​ The following is the movement of investments in associates and joint ventures: For the year ended December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Joint | ​ | ​
​ |  | Associates |  | ventures |  | Total
Opening balance |  | 2,543,617 |  | 5,875,015 |  | 8,418,632
Capital contributions | ​ | — | ​ | 20,430 | ​ | 20,430
Effects of equity method through: |  | ​ |  | ​ |  | ​
Profit or loss |  | 135,144 |  | 629,222 |  | 764,366
Other comprehensive income |  | 78,450 |  | (117,716) |  | (39,266)
Dividends declared (1) |  | (178,593) |  | (349,070) |  | (527,663)
Impairment recovery (Note 18) | ​ | — | ​ | 15,374 | ​ | 15,374
Closing balance |  | 2,578,618 |  | 6,073,255 |  | 8,651,873
(1) | During 2024, dividends of $425,191 (2023:482,124) were received from: i) the joint ventures of Interconexión Eléctrica S.A.: Transmissora Aliança de Energía Elétrica, Interligação Elétrica Paraguaçu Interligação Elétrica Aimorés, Interligação Elétrica do Madeira S.A., and Interligação Elétrica Ivaí S.A. and ii) of the associates of Invercolsa: Gases del Caribe, Gas Natural del Oriente, Gases de la Guajira, and Extrucol.
For the year ended December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Joint | ​ | ​
​ |  | Associates |  | ventures |  | Total
Opening balance |  | 2,692,999 |  | 6,803,601 |  | 9,496,600
Capital contributions | ​ | — | ​ | 853 | ​ | 853
Effects of equity method through: |  | ​ |  | ​ |  | ​
Profit or loss |  | 197,732 |  | 607,617 |  | 805,349
Other comprehensive income |  | (168,566) |  | (1,181,002) |  | (1,349,568)
Dividends declared (1) |  | (178,548) |  | (348,067) |  | (526,615)
Impairment (Note 18) |  | — | ​ | (7,987) | ​ | (7,987)
Closing balance |  | 2,543,617 |  | 5,875,015 |  | 8,418,632
(1) | During 2023, Ecopetrol Business Group received dividends of $482,124 (2022: $1,471,134) from its investments Transmissora Aliança de Energía Elétrica, Interligação Elétrica Paraguaçu, Interligação Elétrica Aimorés, Gases del Caribe, Gas Natural del Oriente, Gases de la Guajira and Extrucol.
For the year ended December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Joint | ​ | ​
​ |  | Associates |  | ventures |  | Total
Opening balance |  | 2,608,156 |  | 5,749,030 |  | 8,357,186
Capital contributions | ​ | — | ​ | 329,377 | ​ | 329,377
Effects of equity method through: |  | ​ |  | ​ |  | ​
Profit or loss |  | 126,329 |  | 642,093 |  | 768,422
Other comprehensive income |  | 149,165 |  | 1,450,948 |  | 1,600,113
Dividends declared (1) |  | (190,651) |  | (1,365,755) |  | (1,556,406)
Impairment (Note 18) |  | — | ​ | (2,092) | ​ | (2,092)
Closing balance |  | 2,692,999 |  | 6,803,601 |  | 9,496,600
(1) | During 2022, Ecopetrol Business Group received dividends of $1,471,134 (2021: $206,048) from its investments Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P.
13.2Additional information about associates and joint ventures The following is the detail of assets, liabilities, and results of the main investments in associates and joint ventures, as of December 31, 2024, and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | Interligação | ​ | Transmissora | ​ | Equion | ​ | Interligação | ​ | Transmissora | ​ | Equion
​ | ​ | Elétrica do | ​ | Aliança de | ​ | Energía | ​ | Elétrica do | ​ | Aliança de | ​ | Energía
​ |  | Madeira |  | Energia Elétrica |  | Limited |  | Madeira |  | Energia Elétrica |  | Limited
Statement of financial position |  |  |  |  | ​ | ​ |  |  | ​ | ​ |  |
Current assets |  | 650,066 |  | 1,648,936 | ​ | 104,545 |  | 675,192 |  | 2,167,294 | ​ | 1,395,515
Non–current assets |  | 4,729,026 |  | 11,582,196 | ​ | 1,563,339 |  | 5,064,524 |  | 11,709,871 | ​ | 5,661
Total assets |  | 5,379,092 |  | 13,231,132 | ​ | 1,667,884 |  | 5,739,716 |  | 13,877,165 | ​ | 1,401,176
Current liabilities |  | 416,641 |  | 1,412,355 | ​ | 41,600 |  | 290,292 |  | 1,276,744 | ​ | 29,726
Non–current liabilities |  | 1,843,439 |  | 6,875,987 | ​ | 29,121 |  | 2,288,606 |  | 7,327,321 | ​ | 42,056
Total liabilities |  | 2,260,080 |  | 8,288,342 | ​ | 70,721 |  | 2,578,898 |  | 8,604,065 | ​ | 71,782
Equity |  | 3,119,012 |  | 4,942,790 | ​ | 1,597,163 |  | 3,160,818 |  | 5,273,100 | ​ | 1,329,394
Other complementary information |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ | ​ | ​
Cash and cash equivalents |  | 121,823 |  | 3,858 | ​ | 25,394 |  | 193,009 |  | 624 | ​ | 34,378
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | Interligação | ​ | Transmissora | ​ | Equion | ​ | Interligação | ​ | Transmissora | ​ | Equion
​ | ​ | Elétrica do | ​ | Aliança de | ​ | Energía | ​ | Elétrica do | ​ | Aliança de | ​ | Energía
​ |  | Madeira |  | Energia Elétrica |  | Limited |  | Madeira |  | Energia Elétrica |  | Limited
Statement of profit or loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales revenue |  | 572,619 |  | 1,757,883 | ​ | 125 |  | 613,807 |  | 1,165,129 | ​ | 11
Costs |  | (27,966) |  | (260,523) | ​ | (22,189) |  | (33,798) |  | (191,359) | ​ | (23,815)
Other operating expenses, net |  | — |  | (168,309) | ​ | (722) |  | — |  | (133,717) | ​ | (2,579)
Financial (expenses) income |  | (91,419) |  | 81,962 | ​ | 95,397 |  | (125,247) |  | 327,744 | ​ | 82,424
Income tax |  | (92,027) |  | (70,168) | ​ | (22,673) |  | (97,899) |  | (46,465) | ​ | (17,323)
Financial year results |  | 361,207 |  | 1,340,845 | ​ | 49,938 |  | 356,863 |  | 1,121,332 | ​ | 38,718
Other comprehensive results |  | — |  | 10,073 | ​ | 1,014,048 |  | — |  | (46,177) | ​ | 796,213
Other complementary information |  |  |  |  | ​ | ​ |  |  |  |  | ​ | ​
Depreciation and amortization |  | 728 |  | 42,834 | ​ | — |  | 804 |  | 30,875 | ​ | 21
​ This is a reconciliation of equity of the significant investments and the carrying amount of investments as of December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
​ | ​ | Interligação | ​ | Transmissora | ​ | Equion | ​ | Interligação | ​ | Transmissora | ​ | Equion |
​ | ​ | Elétrica do | ​ | Aliança de | ​ | Energía | ​ | Elétrica do | ​ | Aliança de | ​ | Energía |
​ |  | Madeira |  | Energia Elétrica |  | Limited | ​ | Madeira |  | Energia Elétrica |  | Limited |
Equity of the joint venture |  | 3,119,012 |  | 4,942,790 |  | 1,597,163 | ​ | 3,160,818 |  | 5,273,100 |  | 1,329,394 | ​
% of Ecopetrol’s ownership |  | 51.00 | % | 14.88 | % | 51.00 | % | 51 | % | 14.88 | % | 51 | %
Ecopetrol’s ownership |  | 1,590,696 |  | 735,487 |  | 814,553 | ​ | 1,612,017 |  | 784,637 |  | 677,991 | ​
Additional value of the investment |  | — |  | 142,820 |  | 375,694 | ​ | — |  | 177,988 |  | 375,694 | ​
Impairment |  | — |  | — |  | (392,809) | ​ | — |  | — |  | (408,183) | ​
Unrealized gain | ​ | — | ​ | — | ​ | (11,968) | ​ | — | ​ | — | ​ | (16,267) | ​
Carrying amount of the investment |  | 1,590,696 |  | 878,307 |  | 785,470 | ​ | 1,612,017 |  | 962,625 |  | 629,235 | ​
​ The information on assets, liabilities, and profit of the other associated companies and joint ventures is found in exhibit 1.

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