Rafael Belaúnde Llosa is emerging as a leading candidate to head Peru's Ministry of Energy and Mines (MINEM) in the government of President-elect Keiko Fujimori, according to sources within the sector. However, there has been no official confirmation of his potential appointment.
The former minister's name began circulating as the government transfer process progresses and the change of command scheduled for July 28 approaches, when Fujimori will be officially sworn in as president.
Belaúnde has previous experience leading the ministry , which he briefly headed between July and August 2020 during Martín Vizcarra's administration. He also participated in the 2026 general elections as the presidential candidate for Libertad Popular, the party he founded with Pedro Cateriano and has led since 2022. After failing to advance to the second round, he decided to support Fujimori's candidacy and held talks with representatives of Fuerza Popular regarding the challenges the next administration will face, primarily in the energy, mining, and hydrocarbon sectors.
The leader does not rule out joining the next cabinet. When asked about the possibility of assuming a ministerial portfolio, he responds, "I would consider it, of course." However, he clarified that these discussions have not yet included a formal offer to head the Ministry of Energy and Mines (MINEM). He also maintains that the new administration should include experienced professionals, aligned with the same government program and without conflicting positions that could hinder the implementation of public policies.
The decision will be closely watched by developers and investment funds. The next Minister of Energy and Mines will have to manage an agenda that includes the implementation of Law 32249 , the addition of 3.6 GW of solar and wind projects, and the potential reactivation of renewable energy investments estimated at USD 12 billion .
The Office of the President-elect announced the designation of the sectoral teams that will participate in the transfer process of the different ministries.
“At the request of the president-elect, Keiko Fujimori, the head of the Transfer Team, Marco Vinelli, formalized the designation of the sectoral teams that will participate in the management transfer process of the different ministries,” the office communicated through its social networks.
According to the information released, the task of these groups will be to access the data of each portfolio and prepare a diagnosis for the new administration.
“Their work will allow us to gather key information to develop a diagnosis of each sector,” the statement reads. The agency adds that the procedure should “facilitate an orderly start to the new administration.”
The transition team for the Ministry of Energy and Mines is composed of César Juan Zegarra Robles, Tabata Dulce Vivanco del Castillo, and Edwin Eduardo Regente Ocmin . Their participation in the transition process does not guarantee their appointment to the next government . Nor does it confirm Belaúnde's potential appointment to the ministry.
The renewable energy challenge for the next government
The new administration aims to increase the share of non-conventional renewable energy to 20% of the electricity mix by 2031. According to the figures provided, these technologies already represent approximately 14%.
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Fujimori's program also aims to achieve 100% national electricity coverage , with special attention to rural communities, Amazonian areas, and territories where there are still limitations to accessing the supply.
The proposal also seeks to reduce dependence on imported derivatives from approximately 75% to 50% , through a combination of new renewable capacity, domestic hydrocarbon production and natural gas expansion.
Regarding clean energy sources, the incoming government plans to develop a National Green Hydrogen Agenda with the participation of public agencies, private companies, and international cooperation organizations. The development of this industry will require establishing regulations for the production, certification, transportation, and use of this energy carrier. It will also demand electrical infrastructure, competitive access to renewable energy generation, and financing mechanisms.
The goal will require accelerating the entry of solar and wind power plants, as well as strengthening the transmission infrastructure and developing storage solutions that allow for the integration of variable generation into the National Interconnected Electric System.
Peru could add approximately 3.6 GW of non-conventional renewable energy capacity in the coming years through projects currently under construction or in various stages of evaluation. However, the implementation of this portfolio will depend on clear signals regarding regulation, electricity procurement, access to financing, and grid expansion.
One of the main outstanding issues is the implementation of Law 32249 , aimed at improving efficiency and competition within the Peruvian electricity market. The lack of operational regulations limits contract structuring and hinders projects from reaching financial closure. The next minister will also have to address the consequences of institutional instability. Peru has experienced more than eight presidencies in recent years, along with numerous changes in ministers and deputy ministers that have affected the continuity of sector policies.
For investors, therefore, the choice of the head of the Ministry of Energy and Mines (MINEM) will be as relevant as the permanence of its technical teams and the Government's ability to maintain a roadmap throughout its term.
What agenda would Belaúnde bring to the MINEM?
Belaúnde previously served as Minister of Energy and Mines during Martín Vizcarra's administration. He was appointed on July 15, 2020 , and remained in office until August 6 of the same year. His departure came after Congress denied a vote of confidence to the cabinet led by Pedro Cateriano. He was subsequently replaced by Miguel Incháustegui.
The leader was also a presidential candidate for Popular Liberty during the 2026 general elections. Previously, he was part of the technical team for Popular Force. His presidential platform proposed ensuring that mineral and energy wealth generated sustainable value, formal employment, and modern infrastructure for the regions .
The strategy aimed to revitalize investment through clear regulations, strengthen energy security, formalize informal mining, and reduce existing inequalities in producing regions. Regarding natural gas, it proposed using the resource as a transitional energy source to lower costs for industries and households, expand networks to new cities, and supply industrial corridors. This expansion would be complemented by competitive investments in renewable energy and the consolidation of a mining and gas corridor linked to copper, lithium, and other clean energy sources .
Should he assume the Ministry of Energy and Mines (MINEM), it remains to be seen which components of his former presidential platform could be integrated into Fujimori's energy program . For now, Belaúnde's potential appointment remains merely speculation within the sector. Confirmation will depend on the decisions the president-elect makes before officially taking office on July 28.