Now that two crucial transmission projects have gained environmental approval, and with power demand from the energy-hungry mining industry projected to grow 53% over the next decade, opportunity abounds for non-conventional renewable energy projects in the country.
Additionally, state oil company Enap and Spanish energy holding Gas Natural Fenosa have both announced billion-dollar investments to expand the penetration of natural gas.
Last year's survey winner, Mexico, came a close second amid the long-awaited launch of a wholesale power market created under President Enrique Peña Nieto's landmark energy reform.
A majority of respondents said that Mexico will see the strongest growth in power demand over the next five years, and that the expansion of solar power in the region will outpace that of wind in the same period.
Opinions varied on what the biggest obstacle facing the power sector is, with red tape, lack of government planning and support, and social opposition coming in first, second and third, respectively.