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Panama energy report

Panama energy report
2 files (PDF report, Excel file)
27 (Report only)
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This analysis includes a comprehensive Panama 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.


  • Panama aims to increase the share of wind and solar to 30% of its power capacity by 2050 according to its NDC
  • Over 30 electricity generation companies are operating in the country, along with three distribution companies.
  • The country imports all its oil products.
  • In 2020, renewables represented 63% of the power mix (54% was hydro).
  • Gasoline and diesel prices are decreasing since 2018. Electricity prices are much higher than in Mexico and Costa Rica.
  • Energy consumption increased rapidly until 2019, driven by very strong economic growth. Oil is the main energy source (53% in 2020).
  • Energy demand is forecast to increase by 3.5%/year until 2033.
  • Almost 3 GW of wind and solar are under different stages of development, which will help the country diversify its power mix.
  • The commissioning of the 400 MW interconnection between Colombia and Panama has been delayed due to pending environmental approval.


power generation from renewables (2020)


total energy consumption growth over 2009-2019


share of wind and solar in power capacity by 2050

  • Institutions & Energy Policy

    The National Energy Secretariat ("Secretaría Nacional de Energía") conducts the energy policy.

    The Ministry of Environment ("Ministerio de Ambiente") manages the country's natural resources. It was created back in 2015 following the dissolution of ANAM ("Autoridad Nacional del Ambiente").

  • Energy Companies


    Refpan (Refinería de Panamá) was transformed into an oil product import company in 2003 following the closure of the refinery.

  • Energy Supply


    Panama started to import natural gas in 2018 as LNG (0.36 bcm in 2020), following the commissioning of the Costa Norte LNG import terminal, with a capacity of 2 bcm/year (180 000 m3 of storage, cost of US$650m). Imports came from Norway (2020). AES's subsidiary Gas Natural Atlántico will import up to 0.4 Mt/year of LNG from Engie over 2018-2027.

  • Energy Prices


    Motor fuel prices have decreased since 2018, following international prices. In 2020, the price of diesel stood at US$0.65/l and that of unleaded gasoline at US$0.78/l. They increased from 2016 to 2018 (by 18% for diesel and 14% for gasoline).

  • Energy Consumption

    In 2020, energy consumption per capita was 0.9 toe, including 2 100 kWh of electricity.

    Total energy consumption dropped by 23% in 2020 to 3.8 Mtoe. Driven by very dynamic economic growth, total energy consumption increased very rapidly between 2009 and 2019 (around 5%/year).

  • Issues & Prospects


    ETESA's power development plan 2019-2033 expects electricity demand to grow by around 3.5%/year over the period (reference scenario). It foresees 5.6 GW of capacity in 2033 with the share of gas in the power mix increasing to almost 30%.

  • GRAPH 1: CO2-energy Emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2020, %)
  • GRAPH 3: Gross Power Production by Source (TWh)
  • GRAPH 4: Power Generation by Source (2020, %)
  • 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 (2020, %)
  • GRAPH 9: Final Consumption Market Share by Sector (2020, %)
  • 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 Panama energy market data since 1990 and up to is included in the Excel file accompanying the Panama 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.
  • Panama Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Panama 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).

The Panama country report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.

Data included in the excelsheet:

  • New capacities: Current power mix, installed capacity at date, capacity under construction and under development.
  • Power Sector Performances: Historical data on installed capacity, power generation, thermal power plants inputs, average thermal power plant efficiency, CO2 emissions of the power sector, carbon factor of the power sector.