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Panama energy report

Panama energy report
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Format
3 files (PDF report, 2 Excel files)
Pages
26 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • 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.
  • The share of renewables in the power mix is fluctuating a lot depending on hydro availability, in a range between 45% and almost 70% since 2019 (54% in 2023, of which 42% for hydro).
  • Gasoline prices increased slightly in 2024 (+4%).
  • 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 (over 61% in 2023).
  •  
  • Energy demand is planned to increase by 3.7%/year until 2034.
  • Around 6 GW of wind and solar projects are under consideration, which will help the country diversify its power mix.
  • The commissioning of the 400 MW interconnection between Colombia and Panama has been delayed to 2028.
54%
share of renewables in power mix (2023)
61%
share of oil in total energy consumption
30%
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

    Oil:

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

  • Energy Supply

    Oil:

    Panama imports all its oil products (3.5 Mt in 2023), as the production of oil products ceased in 2003 when the refinery was transformed into an import terminal.

  • Energy Prices

    Oil:

    In 2024, diesel prices decreased to US$0.86/l (-5%) after having reached an all-time high of US$1.07/l in 2022 (+55% compared to 2021). Gasoline prices, which had reached the same peak in 2022 (+35% compared to 2021), increased to US$0.87/l in 2024 (+4%). Between 2015 and 2021, the price of fuels had fluctuated around US$0.70/l for diesel and around US$0.80/l for gasoline.

  • Energy Consumption

    In 2023, energy consumption per capita was 1.1 toe (27% below Mexico's average), including 3 510 kWh of electricity (around 40% above Mexico's average).

    Total energy consumption increased by 3% to 4.9 Mtoe in 2023, returning to its long-term growth average (+3%/year since 2000; it dropped by 37% fall in 2020 and rebounded by 41% in 2021, driven by a very high economic growth (11%).

  • Issues & Prospects

    Electricity:

    ETESA's power development plan 2023-2037 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 (2023, %)
  • GRAPH 3: Gross Power Production by Source (TWh)
  • GRAPH 4: Power Generation by Source (2023, %)
  • 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 (2023, %)
  • GRAPH 9: Final Consumption Market Share by Sector (2023, %)
  • 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).