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Panama energy report

Panama energy report
3 files (PDF report, 2 Excel files)
26 (Report only)
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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.


  • Panama aims to increase the share of wind and solar to 30% of its power capacity by 2050, according to its NDC.
  • Over 30 electricity generation companies are operating in the country along with three distribution companies.
  • The country imports all its oil products.
  • In 2021, renewables represented 80% of the power mix (70% hydro).
  • Gasoline and diesel prices increased strongly in 2022.
  • Electricity prices are much higher than in Mexico and Costa Rica.
  • Energy consumption increased rapidly until 2019, driven by very strong economic growth.
  • Oil is the main energy source (55% in 2021).
  • 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.
power generation from renewables (2021)
total energy consumption growth over 2009-2019
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


    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 2021), as the production of oil products ceased in 2003 when the refinery was transformed into an import terminal.

  • Energy Prices


    In 2022, the price of electricity increased by 14% for industry to US$c15.2/kWh and by 8% for households to US$c16.5/kWh. This follows two years of declining prices.

    Electricity prices are much higher than in Mexico (+80% for households) and in Costa Rica (around +25% for both industry and households).


  • Energy Consumption

    In 2021, energy consumption per capita was 1 toe, including 2 200 kWh of electricity.

    Total energy consumption rose by 12% to 4.4 Mtoe in 2021, after a 19% drop in 2020. Driven by very dynamic economic growth, total energy consumption increased very rapidly between 2009 and 2019 (around 4.7%/year).

  • Issues & Prospects


    The National Energy Secretariat unveiled its National Innovation Strategy of the National Interconnected System (ENISIN) in 2022, which set several goals for 2030, such as to install between 1 GW and 1.6 GW of solar and wind capacity to exceed 20% of non-conventional renewable generation by 2030, and to incorporate an energy storage capacity of 5% of the total demand.

  • GRAPH 1: CO2-energy Emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2021, %)
  • GRAPH 3: Gross Power Production by Source (TWh)
  • GRAPH 4: Power Generation by Source (2021, %)
  • 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 (2021, %)
  • GRAPH 9: Final Consumption Market Share by Sector (2021, %)
  • 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).