Search DubaiPRNetwork.com

Home >> Energy and Industry

Regulatory Reform Key to Meeting Renewable Energy Targets in Panama

Regulatory Reform Key to Meeting Renewable Energy Targets in Panama

Wednesday, May 23, 2018/ Editor -  

Share

Home >> Energy and Industry

70% renewables by 2050 target is achievable if regulations adequately reflect contribution of solar and wind power says IRENA 

Dubai, UAE, May 23, 2018:  Upgrades to Panama’s regulatory environment and power system management are critical to achieving the renewable energy goals set out in the country’s National Energy Plan, per a Renewables Readiness Assessment Panama report released by the International Renewable Energy Agency (IRENA). The report was launched at high-level event in Panama City today and presented to the country’s Secretary of Energy, Dr. Victor Urrutia.

A central recommendation of the report calls for amendments to the country’s regulation of Power Purchase Agreements (PPAs) for variable renewable energy sources, such as solar and wind. Currently, these renewable energy technologies are attributed a value of zero ‘firm capacity’ – the actual amount of energy that a power plant can guarantee to make available under maximum operating conditions – while thermal power plants and hydropower facilities are rewarded with far higher firm capacity values. This makes solar and wind less competitive in Panama’s wholesale electricity market, and can disincentivise investment.

“Enabling policies and attractive regulatory frameworks can drive renewable energy deployment, which in turn can boost low-carbon economic growth and enhance energy security,” said IRENA Director-General Adnan Z. Amin. “Panama’s abundant renewable energy resource potential offers the country an opportunity to cost-effectively meet its long-term energy needs and underpin its transition to sustainable energy future.”

Panama’s National Energy Plan is a roadmap that seeks to increase the share of renewables in the power system to 70 per cent by 2050. By the end of 2016, wind and solar power capacity had reached 270 megawatts (MW) and 90 MW respectively.

“Panama can set a strong example for the Central American region by utilising our potential to generate 70 per cent of our electricity from hydropower, wind and solar resources,” said Dr. Victor Urrutia, Secretary for Energy for Panama. “IRENA’s support through this RRA process will facilitate the realisation of our long-term ambition.

“In addition to the moral and ideological imperative, we also have an enormous interest and commitment to renewable energy,” continued Secretary Urrutia, “renewables are no longer an alternative option but instead offer a clear path to the future.”

Increased shares of solar and wind will also require significant flexibility mechanisms in Panama’s evolving electricity network. Combined with updated power system planning and operational practices, these measures can help ensure the reliable integration of variable renewable energy in a cost-effective manner, the report suggests.

The development of a domestic renewable energy workforce is also key to the success of Panama’s renewable energy programme and can bolster the growing solar PV and wind energy markets in the country. The report recommends an examination of the current national workforce in the field of renewables, compared with projected future needs in order to help inform modifications to domestic education and training programmes.


Previous in Energy and Industry

Next in Energy and Industry


Home >> Energy and Industry Section

Latest Press Release

Abu Dhabi to host 2nd India-UAE Strategic Conclave opening doors of next-level m ...

Dubai Tourism Extends Its Support to Local Turtle Rehabilitation Project

ADNOC to Announce Additional Partnerships as Group CEO Builds on ADIPEC Momentum

Dubai Customs' Smart Innovator Platform recognized by (GInI)

Girls Crush it at duFC in Abu Dhabi Group Stage 2

Your Ultimate Kids Festive Gift Guide

For the 1st time in UAE and the ME region, Ankabut launch Microsoft's Azure Sta ...

Wedding Guests Spend $9 Million in the Region According to American Express Midd ...

Get ready for three-day super sale at Majid Al Futtaim's shopping malls in Dubai ...

A range of amazing new products added to the collection to give your home a fres ...

Gurudev Sri Sri Ravi Shankar conducts several happiness events across UAE

The Rado DiaMaster Ceramos collection!

Al Fahim lives up to his potential with F4 win in India

The royal dining experience “Mughal-E-Azam” is back at BOLLYWOOD PARKS ™ Dubai

Festive Gift Guide

Middle East Organic and Natural Products Expo Announces the Launch of its Region ...

Discovering the power of Accessorizing with Rebecca Minkoff

UAE-Republic of Korea meeting of the Supreme Joint Committee on cooperation in t ...

Alstom at the heart of the Tangier-Casablanca high-speed line's inauguration in ...

Win Big this Winter with UAE Exchange