Análisis de costo beneficio de cuatro proyectos - Biblioteca Nacional ...

Análisis 10 de costo beneficio de cuatro Análisis proyectos de costo hidroeléctricos beneficio de cuatro en la cuenca proyectos Changuinola-Teribe hidroeléctricos en la cuenca Changuinola-Teribe 10Executive SummaryThis report presents the results of a financial and economic analysis of four hydroelectric projectsin Panama’s Bocas del Toro Province. All four projects would be located in the Changuinola-Teribewatershed, within the limits of the Palo Seco Protected Forest (known by theSpanish acronym BPPS). Three of these projects would be built on the Changuinola River, with thefourth on the Bonyic River. Both rivers have their headwaters within the Amistad International Park(PILA). The dams’ combined installed capacity would be 446 megawatts, equivalent to 30 percent ofPanama’s total capacity at the end of 2004.Our analysis suggests that the projects would most likely be both economically and financially feasible.Nonetheless, they would cause environmental damage in an area of global conservation interestand impose serious hardship on indigenous communities living along these rivers. The company thatbuilds and operates the project would earn approximately $87 million in present value terms. This“net present value” (NPV) figure is the sum of yearly profits, discounted with an interest rate that is aweighted average of returns on alternative investments and the lending rate for similar projects. If aproject’s net present value is positive it is generally considered feasible.We converted this financial NPV into an economic NPV to show the net benefits for Panamaas a whole. That conversion requires removing taxes and subsidies from the calculation, since theseare considered transfer payments set by the government and not linked to the underlying supply and