(Bloomberg) -- The Colombian government is planning to take control of utility Empresas Publicas de Medellin, city leader Federico Gutierrez said in a post on X. 

Gutierrez didn’t elaborate or say how he obtained the information.

Energy Minister Andres Camacho denied Gutierrez’s allegation and said in video that the government is working with EPM to guarantee energy provision in the last phase of the El Nino weather phenomenon.

The company’s dollar bonds due 2029 extended losses after Gutierrez’s comments. 

EPM generates about 23% of Colombia’s electricity, Gutierrez said. 

The press office of President Gustavo Petro didn’t immediately reply to a written request for comment. 

(Updates with denial by Energy Minister.)

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