The order is a precautionary measure while the State Council is reviewing three appeals filed against the potential sale.
Reuters cited the State Council as saying in an e-mailed statement that the ruling will prevent eventual damage to public interest, if the appeals turn valid.
The government was to hold an auction for the sale of its 57.6% interest in the utility on 19 May. The potential sale is expected to generate nearly $2.2bn.
Colombia President Juan Manuel Santos has previously said the sale proceeds will be utilized by the government to fund infrastructure development, including a $25bn highway.
The prequalified firms including French energy company GDF Suez, Brookfield Asset Management and Chile’s Colbun have placed COP100bn ($42m) in deposit to participate in the auction.
