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Regional Energy Integration in Latin America and the Caribbean Regional Energy Integration in Latin America and the Caribbean World Energy Council 2008 Promoting the sustainable supply and use of energy for the greatest benefit of all Regional Energy Integration in Latin America and the Caribbean Officers of the World Energy Council Regional Energy Integration in Latin America and the Caribbean Pierre Gadonneix World Energy Council 2008 Chair Francisco Barnés de Castro Copyright © 2008 World Energy Council Vice Chair, North America Norberto Franco de Medeiros All rights reserved. All or part of this publication may be used or Vice Chair, Latin America/Caribbean reproduced as long as the following citation is included on each copy or transmission: ‘Used by permission of the World Energy Richard Drouin Council, London, www.worldenergy.org’ Vice Chair, Montréal Congress 2010 Published 2008 by: C.P. Jain Chair, Studies Committee World Energy Council Regency House 1-4 Warwick Street Younghoon David Kim London W1B 5LT United Kingdom Vice Chair, Asia Pacific & South Asia ISBN: 0 946121 33 8 Mary M’Mukindia Chair, Programme Committee Marie-José Nadeau Chair, Communications & Outreach Committee Abubakar Sambo Vice Chair, Africa Johannes Teyssen Vice Chair, Europe Elias Velasco Garcia Vice Chair, Special Responsibility for Investment in Infrastructure Graham Ward, CBE Vice Chair, Finance Zhang Guobao Vice Chair, Asia Kieran O’Brien Acting Secretary General Regional Energy Integration in Latin America and the Caribbean World Energy Council 2008 1 Contents 4.2. Andean Countries 35 1. Introduction 4 4.2.1 Natural Gas 35 Bolivia 35 2. Energy Integration of Latin America and Colombia 37 the Caribbean 6 Ecuador 39 Peru 39 Unasur 7 Venezuela 41 4.2.2 Electricity 42 Bolivia 44 3. Energy Scenario 10 Colombia 45 Ecuador 46 3.1 Central America 13 Peru 47 3.1.1 Natural Gas 14 Venezuela 48 3.1.2 Electricity 14 4.3 Brazil 50 3.2 The Caribbean 14 4.3.1 Natural Gas 51 4.3.2 Electricity 53 3.3. Andean Countries 15 3.3.1 Coal 15 4.4 Southern Cone 56 3.3.2 Natural Gas 15 4.4.1 Natural Gas 56 3.3.3 Petroleum 16 Argentina 56 3.3.4 Electricity 16 Chile 59 Paraguay 61 3.4 Brazil 18 Uruguay 62 3.4.1 Coal 18 4.4.2 Electricity 64 3.4.2 Natural Gas 19 Argentina 65 3.4.3 Petroleum 20 Chile 67 3.4.4 Electricity 21 Paraguay 68 3.5 Southern Cone 23 Uruguay 69 3.5.1 Coal 23 3.5.2 Natural Gas 24 5. Main Projects For Energy Integration 70 3.5.3 Petroleum 24 3.5.4 Electricity 25 5.1. Geopolitical Projects 70 3.6 Fossil Fuel Emissions 27 5.1.1 Petroamerica: Petrosur – Petroandina – 3.7 GDP Growth 28 Petrocaribe 70 5.1.2 IIRSA 70 4. Institutional Regulatory Organisation 29 5.2 Main Sub-regional Infrastructure Projects 72 5.2.1 Central America 72 Electricity 72 4.1 Central America 29 Natural Gas 75 4.1.1 Natural Gas 30 5.2.2 The Caribbean 77 4.1.2 Electricity 31 Regional Energy Integration in Latin America and the Caribbean World Energy Council 2008 2 5.2.3 Andean Countries 77 8. CONCLUSIONS AND Electricity 78 Natural Gas 79 RECOMMENDATIONS 110 Liquefied Natural Gas (LNG) 83 5.2.4 Mercosur 84 Central America 110 Electricity – Bi-national hydropower projects Andean Community of Nations 110 84 Southern Cone 111 Natural Gas 86 Multilateral Reservoirs of Energy Security 111 Liquefied Natural Gas (LNG) 90 RECOMMENDATIONS 112 6. Exchange Price Formation 91 Annexes 6.1 Natural Gas – Exports from Bolivia and Argentina 91 Annex 1 124 6.2 Electricity 93 Annex 2 130 6.2.1 Salto Grande 93 Annex 3 134 6.2.2 Itaipu Bi-National 95 Hydrocarbon Pricing 134 6.2.3 Yacyretá 95 Classification of tax systems 135 6.2.4 Interconnections 96 Tax systems of the main producers of the region 136 7. Integration: Where to go? 98 Andean Countries 136 Southern Cone 143 Influence of the State participation schemes 7.1 Central America, Andean Community of on the integration process 145 Nations and Mexico 101 7.1.1 Electricity 101 Annex 4 146 Electricity Interconnections between Central Annex 5 155 America, Mexico and Colombia 102 7.1.2 Natural Gas 102 7.2 Andean Community of Nations – Southern Cone – South Brazil 103 7.3 Andean Community of Nations – North Brazil 106 7.4 Caribbean Gas Pipeline 106 7.5 Liquefied Natural Gas (LNG) Projects 107 7.6 Multilateral Energy Security Reservoir 107 Regional Energy Integration in Latin America and the Caribbean World Energy Council 2008 3 Foreword “The author owns the foreword but the afterword belongs to the reader” Nietzsche - 1877 This report is produced within the framework of the regional Work Programme of the World Energy Council. Following the conclusions and recommendations of the 19th World Energy Congress in Sydney, Australia, the WEC Chairman, André Caillé, emphasised the role of the WEC Regional Programmes, especially those of Latin America and the Caribbean, with a view to promote the sustainable supply and use of energy for the greater benefit of all Latin American and Caribbean citizens. I am proud to present the WEC’s report ‘Regional Energy Integration in Latin America and the Caribbean’. This region has huge energy resources within reach at low cost, and the opportunity of capitalizing on them is an important comparative advantage. Integration of the countries’ energy resources is a step towards a closer social and economic integration of the region and its further integration in the global economy. I would like to thank the World Energy Council, especially the Director of Programmes, Elena Nekhaev, for her tireless advice and encouragement whilst the Study was being carried out. I would also like to thank the Steering Committee, the Director of the Study, the Institute of Economy, Federal University of Rio de Janeiro - IE-UFRJ, Brazil and the CEARE, University of Buenos Aires for their arduous work. Norberto de Franco Medeiros WEC vice Chair for Latin America and the Caribbean Chair WEC Brazilian Committee Regional Energy Integration in Latin America and the Caribbean World Energy Council 2008 4 1. Introduction Energy supplies will need to double in the next forty It is a myth to think that the task of meeting years to meet global energy requirements. This world energy requirements, while mitigating task may seem too difficult but there are sufficient energy resources in the world to meet this demand. climate change, will be too costly. The major challenge will be to access With higher levels of co-operation and investment, energy resources and transport the services as well as clearer regulations for energy trade, we from the production site to where most can build a sustainable future for energy. needs are concentrated. This report includes the analysis of forty major studies on Latin American and the Caribbean Over the next few decades, fossil fuels will Integration (Annex I), of which thirteen studies continue to provide most of the primary energy (Annex II) were selected and examined in depth. requirements. Proper management of greenhouse gas emissions and climate change threat will also After this introduction, chapter 2 addresses the be necessary. institutional organisation of the region in order to integrate the various energy markets. Higher energy prices will be a key element for dealing with this twofold challenge of achieving Chapter 3 indicates that the region has multiple growth and curbing climate change. Higher prices energy resources and analyses the energy will push global development towards energy scenario of one region that, after a period of crisis, efficiency and will attract higher levels of capital resumed growth. Forecasts for each political bloc investment in infrastructure. Heavy public and are given (Central America, Andean countries, private investment in Research and Development Southern Cone) and in the case of Brazil, it was of clean and more efficient technologies will also be decided to divide it into North and South Brazil. An necessary. analysis was made for the current status and 2018 forecasts for the different energy sources: coal, Governments should set clear regulations for natural gas, oil and electricity by country in each global energy trade, as well as a stable price for political bloc. In the Caribbean, Trinidad & Tobago carbon that can clearly be understood by markets was selected as an example. and investors. Government engagement in this and other areas must be encouraged; while at the same Chapter 4 addresses the institutional and time co-operation and integration are essential regulatory organisation of each bloc and each between the different regions of the world and country. The taxation and rates used vary from between public and private sectors. These sectors country to country (Annex II). will have different responsibilities and activities. Regional Energy Integration in Latin America and the Caribbean World Energy Council 2008 5 Regional energy will be integrated mainly by interconnecting power systems and natural gas pipelines in order to enjoy scale economies, cut costs and increase the reliability of the national energy systems. Chapter 5 discusses existing gas and electricity projects relating to energy integration. Chapter 6 shows price formation for the gas and electricity exchanges. Chapter 7 points out that it is fundamental to adopt policies for reducing the economic asymmetries in the field of physical infrastructure and combining regulatory and institutional systems. It also presents the possibility of implementing the economic mechanism, the Multilateral Regional Security Reservoir (MRSR). Chapter 8 provides the conclusions of the study. Regional Energy Integration in Latin America and the Caribbean World Energy Council 2008 6 2. Energy Integration of Latin America and the Caribbean During the second half of 20th century, Latin – continues to be a valid geopolitical category on American economic and social integration was questions relating to regional integration.
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