Colombia's declining natural gas production, shrinking reserves, and growing reliance on expensive LNG imports are increasing economic risks just as a potential Super El Niño threatens to strain the country's electricity system.

A court has let Canacol shed its Colombian gas contracts, and the country now faces a supply squeeze as a dry El Niño approaches this year.

A potential Super El Niño could increase India's reliance on coal-fired electricity by reducing renewable power generation while boosting electricity demand from higher…