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The Third Set of Locks project is a plan to expand the Panama Canal’s capacity, approved by the Panamanian people on a national referendum realized on October 22, 2006. This project was conceived after years of study by the Panama Canal Authority(ACP). It has an estimated cost of 5.25 billion USD and its composed of three integrated components:
 * the construction of two lock facilities – one on the Atlantic side and another on the Pacific side – each with three chambers, each which include three water reutilization basins;
 * the excavation of new access channels to the new locks and the widening of existing navigational channels; and,
 * the deepening of the navigation channels and the elevation of Gatun Lake’s maximum operating level.

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