Panama has been growing at such a rapid rate over the last 10 years that even with dozens of on going hydro projects, we are still playing catch up with the demand.  More will be needed.

Panamanian businessmen believe there is a high chance of interruptions to the supply of electricity, due to lack of sufficient generation.

“We have raised this issue of great importance, since Panamanians are interested in having in the future sufficient power and at good prices, and we have significant growth, not only in the area, but worldwide, and that growth should respond to the inputs that the country needs in order to be competitive,” said Roberto Troncoso, president of the Panamanian Association of Business Executives (Apede).

Fernando Aramburu Porras, member of Apede, said that “Panama is growing at 10% and energy by 6% every year, and we require to double our power generation in the next eight years, and for that the required investment is around $5 billion. ”

Porras said that there is a need for clear and reliable rules, and that tenders be for the long term and planned in advance in order to produce competition.

Meanwhile, Vincent Prescott, energy secretary, said the gap between supply and demand should be better managed, so that plans for the future can be streamlined such as the entry into force of some hydropower projects.

For this year, according to Prescott, a tender should be put out so that no later than January 2014 construction can be started of the hydroelectric station Chan II, adding that in the second half of 2013 a tender will be launched for exploration in order to verify if Panama has oil.

Source: Panamaamerica.com.pa