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Panama energy report

Panama energy report
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Format
3 files (PDF report, 2 Excel files)
Pages
50 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • ENERGY AND CLIMATE POLICY FRAMEWORK
  • ENERGY COMPANIES
  • ENERGY SUPPLY AND DEMAND
  • ENERGY USE AND PRICE BY SECTOR
  • ISSUES AND PROSPECTS
  • STATISTICS
  • ABBREVIATIONS
  • GLOSSARY

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Overview

Panama is advancing its energy transition with ambitious renewable targets, aiming for a significant share of solar and wind in its power capacity by mid-century. Governed by the National Energy Secretariat and supported by key policies, the country seeks to reduce emissions, phase out coal, and expand green hydrogen production while enhancing energy efficiency and electric mobility.

Get more details on the table of contents and data files, as well as the list of graphs and tables by browsing the tabs below.

Highlights

  • Panama targets 1.7 GW of distributed renewables by 2030 and 30% of solar and wind in the power capacity in 2050. The country aims to reduce GHG emissions by 11% in 2035.
  • Three companies represent around 60% of total electricity generation (AES, Gatun and Enel). Naturgy controls two of the three distribution companies.
  • The country imports all its oil products.
  • The share of renewables in the power mix increased by 19 points in 2024 to 73% with the mothballing of a coal-fired power plant.
  • Oil is the main energy source of final consumers (64% in 2024).
  • Buildings and transport account each for 41% of the final consumption.
  • Energy demand is planned to increase by nearly 3%/year until 2039. Around 4.9 GW of wind and solar projects are planned.
  • The commissioning of the 400 MW interconnection between Colombia and Panama has been delayed to 2029.
73%
share of renewables in power mix (2024)
68%
share of oil in total energy consumption (2024)
30%
share of wind and solar in power capacity by 2050

  • Energy & Climate Policy Framework

    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

    Gas:

    Costa Norte (100% AES Corporation) started the operation of an LNG import terminal (2 bcm/year) in 2018.

  • Energy Supply & Demand

    Resources:

    Panama has no fossil fuel reserves. It does, however, have significant hydroelectric potential resources (over 26 TWh).

  • Energy Use and Price by Sector

    Energy Prices in Residential:

    Electricity prices are regulated for households. The price of electricity in the residential sector has increased since 2021 (3%/year) to reach USD 17c/kWh in 2025. The prices are nearly 30% below the levels seen in Colombia in 2024.

    Graph: Energy Prices in Residential (Taxes Included)

  • Issues & Prospects

    Electricity:

    ETESA's power development plan 2025-2039 expects electricity demand to grow by around 3%/year over the period (medium scenario). The country aims to diversify its energy mix, which is currently dominated by hydro and thermal capacities through the commissioning of solar and wind projects, BESS, and gas projects.

  • Graph 1: Primary Consumption Trends by Energy Source
  • Graph 2: Total Consumption Market Share by Energy (2024)
  • Graph 3: Installed Electric Capacity by Source
  • Graph 4: Installed Electric Capacity by Source (2024)
  • Graph 5: Gross Power Production by Source & Consumption
  • Graph 6: Power Generation by Source (2024)
  • Graph 7: Petroleum Products Production & Consumption
  • Graph 8: Gas Production & Consumption
  • Graph 9: Coal Production & Consumption
  • Graph 10: Emissions of GHG and CO2 from Fuel Combustion
  • Graph 11: Final Demand Trends by Energy Source
  • Graph 12: Final Consumption by Sector
  • Graph 13: Final Consumption Market Share by Sector (2024)
  • Graph 14: Final Consumption in Industry by Energy Source
  • Graph 15: Energy Prices in Industry (Taxes Included)
  • Graph 16: Final Consumption in Transport by Energy Source
  • Graph 17: Energy Prices in Transport (Taxes Included)
  • Graph 18: Final Consumption in Residential, Services, Agriculture by Energy Source
  • Graph 19: Energy Prices in Residential (Taxes Included)
  • Graph 20: Upcoming New Capacity by Energy Source
  • 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.

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).