Panama’s energy and utilities sector could be poised for a comeback. With a vision to turn Panama into an energy hub, the administration of Juan Carlos Varela is looking to strengthen the existing electricity and hydrocarbons market and its infrastructure, using both public and private investment. Multimillion-dollar investments in fossil fuel power generation, network infrastructure and...
Panama Energy
Chapter | Energy & Utilities from The Report: Panama 2015
Despite slower GDP growth of 6.2% in 2014, according to the Ministry of Economy and Finance, Panama remains one of Latin America’s fastest growing economies, a trend set to continue in coming years with the IMF forecasting average annual growth of around 6.5% over the next five years.
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For the past decade Panama has registered impressive economic growth. According to the World Bank, GDP growth averaged 6.8% from 2000 to 2012, while government figures show double-digit growth for four of the past seven years. Economic development has been fuelled by heavy public sector spending on infrastructure, particularly the $5.25bn expansion of the Panama Canal, which should ensure long-term growth.
Chapter | Energy & Utilities from The Report: Panama 2014
With demand for power estimated to grow around 7.5% per year until 2016 and maintaining annual averages of 5.6% in the following 10 years, managing the balance between demand and supply is a key concern for Panama. In other utility segments, such as water, rising consumption levels are exposing decades-long underinvestment in infrastructure networks. As a result, ambitious investment plans – from...