南美洲能源：下一个前沿

For much of the past decade, the narrative around Latin America’s energy sector has beencyclical: moments of optimism interrupted by macro volatility, regulatory uncertainty, orshifting political winds. Headlines have tended to focus on inflation, FX controls, or policydebates. In addition, global shifts through policy changes and events in the Middle East inearly 2026 add complexity to any planning scenario. Yet we are hearing growth stories fromour clients who are confident in their expansion strategies, and for treasury and financeteams this confidence translates into enhanced needs around liquidity and real-timetreasury, trade solutions, and leveraging digitization. Growing energy and renewable economies in South America There is no debate that the diverse countries which make up South Americasee energy and power, as well as chemicals, as a critical part of growth anddevelopment. There are different paces of advancement within energy sourceutilization, but countries are expanding all forms of energy from renewables,transitional and traditional fuels. This trend of advancing multiple forms ofenergy echoes our observation globally that most regions of the world willcontinue to utilize traditional and transitional energy while developingrenewable sources. There are differentpaces of advancementwithin energy sourceutilization, but countriesare expanding all forms ofenergy from renewables,transitional andtraditional fuels. Adding headwinds to project timelines, the ongoing conflict in the Middle Eastand closure of the Strait of Hormuz have brought supply chain disruptions,market volatility, and higher compliance burdens as companies navigate differentsanctions and regulations. While we anticipate that there may be key economicchallenges later in 2026 and into 2027, including rising inflationary pressures anda potential tightening of global financial conditions, the global volatility in manyindustry sectors has prompted many in finance and treasury to revisit plans forresilience and optionality. For example, while Brazil boasts one of the highest shares ofrenewable energy globally, with an estimated 85% of large-scale electricity generation capacity coming from renewablesources, there is now some additional urgency to complete andexpand upon these projects. At the same time, Brazil remainsa significant oil producer and exporter. Addressing high gasprices is an important topic for consumers, especially if there isa significant tightening of global financial conditions.1 Venezuela also stands at a precipice, with the impact on theglobal energy market potentially significant. With increasedglobal volatility in the form of policy changes and geopoliticalconflicts impacting cross-border flows, treasurers in the regionare also focused on liquidity, working capital, and maximizingflexibility within their treasuries. Challenges that we hear from clients Across the region we see consistent patterns in theconversations that we are having with clients. Discussionsaround automation, evolving payment processing, systemconfigurations, and onboarding have been increasing.Clients have been revisiting their supply chain strategiesand examining plans related to US-based subsidiaries. Wealso see clients pushing existing infrastructure functionalityto maximize capabilities, and in doing so, revealing whereupgrades and enhancements are needed. Clients are drawingout business trends such as: Argentina’s energy sector is experiencing a significanttransformation, with the government implementingcomprehensive reforms to liberalize the electricity market.The Vaca Muerta shale play is contributing to record crudeproduction2and investment, with new provinces launchingbid rounds which will further accelerate the trend. Argentina’senergy plan includes exporting LNG alongside increasedinvestments in renewables like solar, wind and battery storage.The ability to sell renewable energy through Power PurchaseAgreements (PPAs) and the renewable energy term market,MATER or Mercado a Término de Energía Eléctrica de FuenteRenovable, has been a key driver to scale renewable electricitygeneration in the country. •Payment flow volumes are increasing, particularly to localvendors and service providers and within the South Americato United States corridor Similar to Brazil and Argentina, Colombia, Guyana, Peru andother countries across South America are also implementingenergy and power expansion plans across traditional andrenewable sources. Today, Guyana’s energy generation mix islargely fossil fuels, but there is also an effort towards addingrenewable energy capacity. Renewable energy is viewed as apotential solution to some of the challenges of reliability as wellas preserving the country’s beauty. Currently, the future of •Increased guarantees and trade instrument issuancesand renewals •Commitment to ERP and treasury system implementationsand upgrades •Intensified focus around supplier finance and workingcapital programs Many client