Panama's Chamber of Commerce, Industry and Agriculture estimates that this could convert into an increase of up to 10 percent in electrical bills for its members.
"This will directly affect the finances of the business sector, since energy is one of the main costs after the payroll for most enterprises," said José Ramón Varela, the chamber's president.
"But the effect will be greatest in industry and agroindustry and could result in new increases in the prices of products and services, with inflationary consecuences."
The Government of Panama has authorized a 10 percent increase in electricity rates. The new rate could come into effect as early as July, depending on the consumption of electricity by Panamanians.
The Panamanians will have to face a new increase in their light bills because not only will they pay for fuel clause that appears on their light invoices, they will also pay another 10 percent in direct billing.
A Guatemalan court held that EEGSA electricity company was right in its claim, which would raise the cost of a kilowatt from $0.16 to $0.25.
If this ruling is confirmed in superior courts, the increased cost of production would be inaccessible for many businesses.
Carlos Colom Bickford, president of the CNEE, told Elperiodico.com.gt: "We are extremely surprised and troubled by the decision in favor of EEGSA, but we filed an appeal before the Constitutional Court to correct the resolution."
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