In 2005, Uruguay initiated a dramatic shift in its energy strategy, moving from petroleum-based electricity generation to renewable sources. In 2024, Uruguay generated 99 percent of its electricity from renewable sources using hydropower (42 percent), wind (28 percent), and biomass (26 percent).
Uruguay is actively pursuing offshore oil exploration. The discovery of oil and gas in Namibia in early 2022 renewed the interest of international companies in Uruguay's territorial waters due to their geological similarities.
Uruguay generally has a surplus of electricity due to excess wind-power installed capacity. The country seeks to identify additional domestic uses for excess electricity and potentially increase exports to Argentina and Brazil.
The Government of Uruguay is actively promoting the electrification of public transportation through incentives and subsidies aimed at expanding the fleet of electric taxis and buses. The Municipality of Montevideo had set a goal of reaching 150 electric taxis by 2025.
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