Panama energy report

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 2019 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 energy report
March 2021
3 files (PDF report, 2 Excel files)
25 (Report only)

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 790 € 

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  • Panama aims to increase its wind and solar capacity to 30% by 2050 according to its NDC.
  • Panama has over 30 electricity generation companies and three distribution companies.
  • ETESA, a state-owned company, is in charge of power transmission.
  • The country imports all its oil products.
  • In 2019, 56% of the power mix was supplied by renewables (of which, 48% is hydro).
  • Fluctuating electricity prices and decreasing gasoline and diesel prices since 2018.
  • Energy consumption is increasing rapidly, driven by very strong economic growth. Oil is the main energy source (62% of total consumption in 2019).
  • Panama forecasts energy demand to increase by 3.5%/year until 2033.
  • Over 2 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 (2019)


Share of solar and wind in total installed capacity




  • 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 March 2015.

    ANAM ("Autoridad Nacional del Ambiente") was dissolved in 2015 and its competencies transferred to the Ministry of Environment.

  • 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 imports all its oil products (8 Mt in 2019).

    The national production of oil products ceased in 2003 when the refinery was transformed into an import terminal.

  • Energy Prices


    The price of electricity has been fluctuating for the past two years, increasing by 10% for industry and 13% for households in 2019 and then decreasing by 12% each in 2020. In 2020, industry prices were at US$c15.2/kWh and household prices at US$c16.6/kWh. These prices are much higher than in Mexico (60% for industry and double for households).

  • Energy Consumption

    In 2019, per capita energy consumption was 1.1 toe, including around 2 300 kWh of electricity.

    Driven by a very dynamic economic growth, total energy consumption has increased very rapidly since 2009 (around 4.4%/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%.

Table of Contents


Download the Table of Contents

List of Graphs

Below is a list of the Panama energy market report graphs:

  • GRAPH 1: CO2-energy Emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2019, %)
  • GRAPH 3: Gross Power Production by Source (TWh)
  • GRAPH 4: Power Generation by Source (2019, %)
  • 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 (2019, %)
  • GRAPH 9: Final Consumption Market Share by Sector (2019, %)

List of Tables

In the Panama energy market report you will find the following tables:

  • 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.

Data (Excel Sheet)

The Panama energy market data since 1990 and up to 2019 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.


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