Uncertain Future for $900 million Project

Panamanian authorities have declared the deadline passed for Panama NG Power to present evidence of economic backing for the construction of the 670 MW natural gas plant.

Friday, June 15, 2018

dir="ltr">Last December a judicial ruling was issued by means of which Panama NG Power was granted 150 days to demonstrate that it has the economic capacity to develop the project. According to the company's interpretation, this time period began on March 8, 2018.  

See "Central America: $1.6 billion in Energy Projects"

However, representatives of Panama NG Power reported that at the beginning of this week the National Authority of Public Services (Asep), declared that the deadline had passed for the presentation of the financial closure of the construction of the generation plant.

Regarding the decision taken by the Asep, José Dapelo, president of Panama NG Power, told Prensa.com that " ...The decision, adopted through a resolution, was notified on Monday, June 11, to the company." 

See also: "Energy projects in Panama" 

In relation to the deadlines for submitting economic support, the article states that " ... the company alleges that, through the ruling of December 20, 2017, the plenary of the Supreme Court of Justice granted an action for protection of constitutional guarantees and ordered the administrator of the ASEP, Roberto Meana, to grant Panama NG Power SA a period of 150 days to present the financial closing as of the execution of this resolution, which, according to the company's interpretation, started on March 8, 2018."

See history of the project.

Do you need more information about your business sector?


Request more information about our services:

Name:

Last Name:

Company:

Title:

Phone:

Email:

Comments:

More on this topic

New Deadline for $900 Million Project

October 2018

The deadline for the Panama NG Power to submit a clarification of financial information for the construction of the 670 MW natural gas plant was extended to December 26th.

After a judicial ruling was issued in December 2017 allowing Panama NG Power 150 days to prove that it has the economic capacity to develop the project, the process suffered several setbacks, because according to the company's interpretation, the deadline began on March 8, 2018, but the National Public Services Authority (Asep) stated it was expired at the beginning of June of this year.

New Opportunity for $900 million Gas Plant

January 2018

One month after its license was canceled, a judicial ruling has reactivated the project to construct and operate a 670 MW natural gas plant, under the responsibility of NG Power.

With the ruling from the Supreme Court of Justice, the cancellation of the license to build the 670 MW thermoelectric plant, announced in December 2017 by the National Public Services Authority, is now null and void.

Backwards Step for 670 MW Gas Plant

December 2017

The National Public Services Authority has canceled the license it had granted to the Panama NG Power to build and operate a thermoelectric generation plant in Colón, Panama.

Ending a process that lasted more than seven years, the National Public Services Authority has permanently canceled the license that had granted to Panama NG Power S.A.

License Revoked for 670 MW Gas Plant

December 2014

The National Public Services Authority has revoked the final license granted to Panama NG Power for the construction and operation of a power plant in the province of Colón.

From the order given by the National Authority for Public Services in Panama (ASEP):

It is resolved:

 close (x)

Receive more news about Energy

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Tailor made software for construction companies

O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Sep 20)
Brent Crude Oil
63.75
Coffee "C"
101.95
Gold
1,517
Silver
17.955