Resumen

The climate, as well as being an environmental issue, has strong economic implications, important industries in different parts of the world have a close relationship with certain climatic variables, which usually can not be controlled and can hardly be predicted. Weather derivatives are financial instruments that allow you to manage this risk and that are frequently used in developed countries ,in Colombia there are an important part of the economy that has relationship with the climate but so far there are no tools that allow you to manage this risk, consequently revenues of these companies are exposed to uncertainty and volatility of the climate regime in our country. The electricity market is one of the most volatile and this situation generates uncertainty, when he is assumed an uncertainty, in that moment, this becomes at risk. One of the ways to decrease it, is precisely through the pact of contracts between agents. Derivate instruments are financial risk coverage mechanisms, allowing companies to obtain certain benefits and minimize market risk generated from the variation in the prices of assets in the market; however, depending on the type of contract that is agreed, it can be used to increase, modify or reduce the risk, in proportion to the expected yields, since not only are contracts of coverage but also of speculation; so a vision too optimistic of these operations can block the correct predict ion of what operates in some financial agents. The main objective in the development of this research work is to analyze the characteristics of the derivative instrument (bilateral energy contracts), the level of risk it generates and the financial impact it may cause in Enertolima SA E.S.P. In addition, identify the types of risks to which the company is exposed and those that are intended to cover with the use of these, and in general, identify the objectives that lead to companies in the electricity sector to the use of bilateral contracts, such as the main Coverage tool that is currently used in the Colombian energy market.