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Development of an integrated electricity market has not been a priority, although it was often presented as a long-term objective. Colombia’s “Connecting the Americas 2022” proposal during the Summit of the Americas in Cartagena in April 2012 may spark increased interest, but implementing a regional energy market could be daunting. The first challenge will be Latin America’s spectrum of regulatory models, from the market-oriented ones in Chile and El Salvador to the vertically integrated state- owned utilities in Costa Rica and Venezuela. Countries are reluctant to give up control over their regulatory agencies. Creation of an EU-style regulatory authority could be the solution for the region. However, that option does not seem politically feasible in the short or medium term. In fact, after attempts to develop a market-oriented institutional framework, the energy sectors remained vulnerable to the new political priorities of subsequent administrations. Without a regional regulatory authority, the system would have great difficulty in coordinating prices, tariffs, and access. Despite these difficulties, important milestones have been achieved. Construction of a transmission grid between Mexico and Central America and Colombia and Panama, for example, is a first step toward a Latin American electricity market Market integration should not be limited to electricity. Gains can be achieved through development of a regional natural gas market, too. Gas reserves are not distributed equally throughout the region, and the importance of gas in the energy mix varies greatly by country. In recent years, Latin American opted for “virtual gas integration” using LNG instead of pipelines. The LNG option provides higher levels of security since importing countries can diversify their sources of supply. However, LNG dependency came at a cost: Importing countries had to pay higher prices, which are often tied to oil price variations. Still, LNG imports are expected to become more competitive and could challenge, for example, Peru’s ambitious LNG exports and development of its petrochemical industry. The “shale gas revolution” in the United States caused prices to collapse. Gas producers are now looking for new markets with better rates of return. In the last decade Latin America has benefitted from exceptionally favorable macroeconomic conditions and from the lessons learned from previous crises. The region sits at the crossroad of sustainable economic growth and another bust. In its favor, Latin America has sounder macroeconomic policies (with the notable exceptions of Venezuela and Argentina), democratically elected administrations, and an emerging middle class. Working against it, the region is still marked by poor productivity, an increasing dependency on commodities, a process of de-industrialization, and high levels of corruption and income inequality. The investment required and the technical complexity of developing vast energy potential requires the participation of public and private actors. The last two decades have demonstrated that one economic 38PDF Image | Infrastructure and Environment Department
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