Panama energy report

• 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 has been supplied by renewables (of which 48% of 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 the 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 is 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 March 2015.

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

• Energy Companies

  Gas:

  Costa Norte (50.1% AES ELSTA B.V, 49.9% Deeplight Holding S. De R.L.) started the operation of the LNG import terminal (2 bcm/year) in 2018.

• Energy Supply

  Gas:

  Panama started to import natural gas in 2018 as LNG (0.57 bcm in 2019), 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). AES's subsidiary Gas Natural Atlántico will import up to 0.4 Mt/year of LNG from Engie over 2018-2027.

• Energy Prices

  Oil:

  Motor fuel prices increased (by 20% for diesel and 19% for gasoline) from 2016 to 2018, and subsequently started to decrease again. In 2020, the price of diesel was about US$0.65/l and that of unleaded gasoline US$0.78/l. The price of diesel is around 20% lower than in Mexico but similar for gasoline.

  Graph: GASOLINE & DIESEL PRICES (US$/l)

• 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

  Electricity:

  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%.

• GENERAL OVERVIEW
• INSTITUTIONS AND ENERGY POLICY
• ENERGY COMPANIES
• ENERGY SUPPLY
• ENERGY PRICES
• ENERGY CONSUMPTION
• ISSUES AND PROSPECTS
• DATA TABLES
• ABBREVIATIONS
• GLOSSARY

Download the Table of Contents

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, %)

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.