B2b Energy Marketing Applied To Hydropower Commercialization In Panama: A Comparative Analysis Of Ppas, Tenders, And The Spot Market

Abstract

This study examines hydropower commercialization in Panama through a B2B energy marketing lens, emphasizing how value perception, hydrological risk and financial stability shape institutional buyers’ preferences between Power Purchase Agreements (PPAs), regulated tenders and the spot market. Unlike conventional technical analyses, this research treats commercialization mechanisms as market products with distinct value propositions, comparable to a commercial portfolio: PPAs as premium contracts offering stability, tenders as competitive credibility instruments, and spot sales as high-risk, high-opportunity positions for buyers with greater tolerance to volatility. A descriptive–analytical, non-experimental methodology was applied, supported by regulatory review (ASEP), operational records from the National Dispatch Center, and historical price and generation time-series from 2015–2024. Results indicate that PPAs behave as a low-volatility financial products preferred by institutions seeking predictable long-term cash flows. Regulated tenders reinforce transparency and comparability but offer reduced contractual flexibility. Meanwhile, the spot market operates as a speculative product whose value rises significantly under wet conditions yet exposes producers to major revenue losses during dry periods. Based on these findings, a strategic positioning matrix is proposed to segment buyers by risk tolerance and guide commercial decision-making in hydropower sales. This approach reframes energy from a purely operational commodity into a marketed product, whose success depends on perception, differentiation, and strategic value communication. The study contributes a marketing-oriented framework for commercial planning, risk segmentation and buyer–contract alignment in Panama’s hydroelectric market.