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Ecuador energy report

Ecuador energy report
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Format
3 files (PDF report, 2 Excel files)
Pages
30 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • INSTITUTIONS AND ENERGY POLICY
  • ENERGY COMPANIES
  • ENERGY SUPPLY
  • ENERGY PRICES
  • ENERGY CONSUMPTION
  • ISSUES AND PROSPECTS
  • DATA TABLES
  • ABBREVIATIONS
  • GLOSSARY

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Overview

This analysis includes a comprehensive Ecuador energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.

Highlights

  • The target of 90% of renewables in the power mix in 2021 was not reached.
  • CELEC is the main power producer, with 85% of the production in 2023.
  • Petroecuador, a state-owned oil company, represents about 80% of the country's production (2023).
  • Ecuador has the 3rd largest proven oil reserves in South America.
  • Hydropower accounts for around 75% of the power mix, with fluctuations depending on hydraulic availability.
  • The government is trying to remove subsidies on gasoline and diesel prices, which are quite low.
  • Electricity prices are largely stable.
  • Oil covers 79% of the country's total energy consumption.
  • By 2032, power capacity is expected to increase by 6.3 GW to meet a growth in electricity demand of 6%/year, with the addition of around 3 GW of hydropower and 0.6 GW of wind and solar.
79%
share of oil in the total energy consumption
3rd
largest proven oil reserves in South America
72%
of hydro in the power mix

  • Institutions & Energy Policy

    The Ministry of Energy and Mines (MEM) oversees the country's energy policy. It was created following the 2018 merger of the Ministry of Electricity and Renewables, the Ministry of Hydrocarbons, and the Ministry of Mining.

  • Energy Companies

    Gas:

    The natural gas market is less developed than the oil sector. Natural gas is mostly used by the industry sector. Petroecuador took control of the Amistad gas field in 2010 after the refusal of Noble Energy Inc. (NBL) to change its production-sharing contract to a new service agreement.

  • Energy Supply

    Gas:

    The country's marketed gas production is low (0.62 bcm in 2023) and it has one of the highest venting and flaring rates in the world (about 60% of gross production). Natural gas is extracted from the Amistad field in the Gulf of Guayaquil.

  • Energy Prices

    Electricity:

    The prices of electricity decreased by 8% in 2023 to US$9.6c/kWh for households and rose by 9% to US$8.5 for industrial customers. These prices remained roughly stable between 2020 and 2022. They are much lower than in neighbouring countries (around 45% cheaper than in Colombia).

    Graph: ELECTRICITY PRICES FOR INDUSTRY AND HOUSEHOLDS (US$c/kWh)

  • Energy Consumption

    Per capita energy consumption is around 0.89toe, a level 40% below the South American average (2023). Per capita electricity consumption is approximately 1 600 kWh.

    Energy consumption has risen by 5% since 2021, reaching 16 Mtoe in 2023. Previously, it fell by 16% in 2020, rebounded by 14% in 2021, and was roughly stable from 2014 to 2019 as a result of low economic growth.

  • Issues & Prospects

    Electricity:

    In its Electricity Master Plan 2023-2032, Ecuador estimated that its power capacity should increase by 6.3 GW by 2033 to face a 6%/year increase in electricity demand. Around 90% of this addition should come from renewables (5.7 GW). The Government encourages the participation of local firms in the bidding processes for power plants.

  • GRAPH 1: CO2-energy Emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2023, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2023, %)
  • GRAPH 5: Gasoline & diesel prices (US$/l)
  • GRAPH 6: Electricity prices for industry and households (US$c/kWh)
  • GRAPH 7: Consumption trends by energy source (Mtoe)
  • GRAPH 8: Total consumption market share by energy (2023, %)
  • GRAPH 9: Final consumption market share by sector (2023, %)
  • Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
  • Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
  • Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
  • Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
  • Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.

The Ecuador energy market data since 1990 and up to is included in the Excel file accompanying the Ecuador country report.
It showcases the historical evolution, allowing users to easily work with the data.

Key Data included in the excelsheet:

  • Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
  • Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
  • Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
  • Energy Balance: total and per energy.
  • Ecuador Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Ecuador energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).