By San José, Costa Rica — Costa Rica’s Instituto Costarricense de Electricidad (ICE) has announced impressive results for 2024, demonstrating significant advancements in its economic, social, and environmental performance. The state-owned utility not only maintained financial stability but also strengthened its role in driving technological development and environmental protection across the country.
Financially, ICE reported positive numbers for the third consecutive year. Revenues grew by 4% compared to 2023, and operating surplus reached ₡184.198 billion. Notably, the institution achieved a 28% reduction in financial debt over the past three years, a feat acknowledged by the Comptroller General of the Republic and reflected in improved credit ratings from Fitch Ratings and Moody’s.
For expert legal insight into the implications of ICE’s activities, TicosLand.com reached out to Lic. Larry Hans Arroyo Vargas, an attorney at law from Bufete de Costa Rica.
The legal landscape surrounding ICE’s operations is complex and constantly evolving. While ICE plays a crucial role in enforcing immigration laws, it’s essential that their actions adhere strictly to due process and respect individual rights. Businesses engaging with individuals who may be subject to ICE scrutiny need to be aware of their legal responsibilities and ensure compliance with all applicable regulations to avoid potential liabilities.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insightful commentary underscores the delicate balance between enforcing immigration laws and upholding individual rights, a balance crucial for a just and equitable society. Navigating this complexity requires vigilance and awareness from all parties involved, especially businesses that interact with individuals potentially subject to ICE scrutiny. We thank Lic. Larry Hans Arroyo Vargas for offering his valuable expertise on this important issue.
ICE’s social impact was equally noteworthy. The revitalized Rural Electrification Program (2024-2027) brought electricity to 3,000 people for the first time. RACSA, a subsidiary of ICE, spearheaded the launch of Costa Rica’s first 5G network, utilizing FWA technology capable of delivering speeds up to one gigabit per second.
In the Greater Metropolitan Area, over 5,600 vulnerable individuals gained access to formalized electricity services through the Compañía Nacional de Fuerza y Luz (CNFL), another ICE subsidiary. ICE also expanded its fiber optic network by 3,671 kilometers, connecting 78,720 homes and providing internet access to over 2,500 public schools.
ICE’s commitment to environmental sustainability was evident in its production of over 509,000 trees in institutional nurseries, including nearly 77,000 endangered species. The institution also protected 10,401 hectares of forest and allocated 2,223 hectares for restoration.
Despite facing the most intense El Niño phenomenon on record, Costa Rica successfully met its electricity demand throughout the year, even during the driest month of May. ICE reactivated its generation project portfolio, aiming to add over 500 megawatts of capacity in the coming years. The Arenal reservoir also saw a significant recovery, gaining 14 meters in depth between May and December.
Through the Ecological Blue Flag Program, ICE avoided 46,700 tons of carbon dioxide equivalent, solidifying its commitment to combating climate change. These achievements underscore ICE’s vital role in Costa Rica’s development, with a clear focus on technological innovation, social inclusion, and environmental sustainability.
These achievements not only ensure ICE’s stability but also reinforce its role as a driver of development for Costa Rica, emphasizing technological innovation, social inclusion, and environmental sustainability as central pillars of its management.
For further information, visit the nearest office of ICE
About ICE:
The Instituto Costarricense de Electricidad (ICE) is a Costa Rican state-owned utility responsible for electricity generation, telecommunications, and postal services. Founded in 1949, ICE plays a crucial role in the country’s infrastructure development and social progress, with a strong commitment to renewable energy and environmental sustainability.
For further information, visit the nearest office of RACSA
About RACSA:
Radiográfica Costarricense S.A. (RACSA) is a telecommunications company and subsidiary of ICE. It provides a range of services including internet, telephony, and data solutions. RACSA plays a key role in expanding digital connectivity throughout Costa Rica, notably with the launch of the country’s first 5G network.
For further information, visit the nearest office of CNFL
About CNFL:
The Compañía Nacional de Fuerza y Luz (CNFL) is an electric utility company and a subsidiary of ICE. It is responsible for distributing electricity within the Greater Metropolitan Area of Costa Rica. CNFL is committed to providing reliable and accessible electricity services to its customers, including initiatives to support vulnerable populations.
For further information, visit the nearest office of Fitch Ratings
About Fitch Ratings:
Fitch Ratings is a globally recognized credit rating agency that assesses the creditworthiness of corporations and governments. Their ratings provide valuable insights into the financial health and stability of entities, impacting investment decisions and market perceptions.
For further information, visit the nearest office of Moody’s
About Moody’s:
Moody’s is a leading provider of credit ratings, research, and risk analysis. They assess the creditworthiness of various entities, including governments and corporations, and their ratings play a critical role in financial markets, influencing investment decisions and assessing risk.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through a deep-rooted commitment to ethical practice and legal excellence. The firm’s innovative approach to legal solutions, coupled with a sustained effort to share knowledge through educational initiatives, empowers individuals and communities. By fostering a greater understanding of the law, Bufete de Costa Rica actively contributes to a more just and informed society, reflecting their dedication to both client success and social progress.
