- Update
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- Format
- 3 files (PDF report, 2 Excel files)
- Pages
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26 (Report only)
- Delivery
- Immediate by e-mail
- 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 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.
Highlights
Panama targets 1.7 GW of distributed renewables by 2030.
Over 30 electricity generation companies are operating in the country, along with three distribution companies.
The country imports all its oil products.- In 2022, renewables represented 77% of the power mix (67% hydro).
- Gasoline and diesel prices decreased slightly in 2023 after a jump in 2022.
- Household electricity prices are much higher than in Mexico.
Energy consumption has increased very rapidly since 2020, driven by very strong economic growth.- Oil is the main energy source (59% in 2022).
- Energy demand is planned 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.
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
Oil:
Refpan (Refinería de Panamá) was transformed into an oil product import company in 2003 following the closure of the refinery.
Energy Supply
Resources:
Panama has no fossil fuel reserves. It does, however, have significant hydroelectric potential (11 600 MW) that is partly exploited.
Energy Prices
Electricity:
In 2023, the price of electricity decreased by 3% for industry to US$c14.8/kWh (after a 14% increase in 2022) and remained stable for households at US$c16.4/kWh (after an 8% increase in 2022). This followed two years of declining prices in 2020 and 2021.
Electricity prices for households are much higher than in Mexico, by a factor of 2.5; prices for industry are 35% higher.
Energy Consumption
In 2022, energy consumption per capita was 1.2 toe, including 2 650 kWh of electricity.
Total energy consumption has been increasing very rapidly since 2020 (14%/year), following very high economic growth; it reached 5 Mtoe in 2022. It grew less rapidly between 2009 and 2019, by around 5%/year, and then dropped by 19% in 2020.
Issues & Prospects
Electricity:
ETESA's power development plan 2022-2036 expects electricity demand to grow by around 4%/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: CO2-energy Emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2022, %)
- GRAPH 3: Gross Power Production by Source (TWh)
- GRAPH 4: Power Generation by Source (2022, %)
- 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 (2022, %)
- GRAPH 9: Final Consumption Market Share by Sector (2022, %)
- 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).