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Weekly Report - 03 June 2021 (WR-21-22)

TRACKING TRENDS

PANAMA | Cortizo unveils plan to develop electricity sector. On 1 June President Laurentino Cortizo announced a new comprehensive development plan for the electricity sector, aiming to make it more competitive and generate cleaner energy. President Cortizo said the plan also included “important investments” for the massive electrification of rural areas, including 76 projects which would connect 3,500 households to improve the quality of life of over 18,000 Panamanians, as well as a US$90m investment to strengthen electricity transmission lines. As part of these efforts to move to cleaner energy, President Cortizo announced a new US$1bn investment for the construction of a natural gas energy project, Generadora Gatún, to be located in Colón province which will have an installed capacity of 670MW. The project, which will be constructed by Consorcio Group Energy Gas Panamá, comprising US-based InterEnergy Group and AES Panamá, a local subsidiary of US energy company AES, will generate over 3,000 direct jobs and “thousands of indirect jobs” in its construction phase according to Cortizo. InterEnergy Group will own a 51% stake, the Panamanian state 25%, and AES Corporation 24%.

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