Your Guide To Caribbean Financial Markets
Oil is 40% of Jamaica’s total imports and that is 150% of our exports. So for every $1 we earn from exports we put 50 cents on it to buy oil. -Ralston Hyman on Real Business Oct 8, 2013
Trinidad showing Uganda the engery game plan
Trinidad & Tobago and Uganda are building deeper ties on the basis of energy management as Uganda looks toward building their oil and gas industry.
Irene Muloni, T&T’s Minister of Energy and Mineral Development, filled with pride regarding the progress and success that Trinidad’s industry has had throughout the years, reached out to Uganda and offered to give them a few tips on how to get it right. Continue Reading
The Jamaican government has made some changes which should help to boost renewable energy production within the country. The Observer reports;
Investors willing to pump capital into renewable energy projects in Jamaica won’t have to make a one per cent downpayment when making their bids to the regulator.
Instead, they will have to submit the proposal security of one per cent of the total project cost to the Office of Utilities Regulation (OUR) after their project has been given the greenlight.
“The request fits within the Government’s plan to increase the proportion of electrical energy generated by renewable resources to 12.5 per cent of total generation by 2015”, the paper reports.
*sips cup of Hot Chocolate*
Here’s some good coming out of the soon to be signed International Monetary Fund (IMF) deal. It’s alarming the amount of money the government sets aside to service its electricity expense per year- THIRTEEN (13) BILLION DOLLARS! That is J $35,616,438.36 per day! With the national debt rising, one would have thought the government would have been smart to have cut costs on electricity years ago to minimize the effect it was having on the nation’s pocket. It’s sad that it took external sources to impart such knowledge on our highly appreciated government body. Continue Reading
It’s not usually good public relations for big commercial businesses to come out swinging at other public bodies, in full view of the whole nation, and the world. Well, apparently everyone has decided to break ranks because nobody likes JPS. Continue Reading
As should have been expected with a comment like that, Jamaica’s Minister of Energy, Phillip Paulwell and the nation’s environmentalists have drawn guns in the streets over the use of coal to supply energy.
While no one has fired anything fatal, one environmentalist has called Minister Paulwell “a backward man” publicly. As the tree-huggers and animal kissers fight for the preservation of photosynthesis, what are your thoughts on the matter? How will coal affect your money? Continue Reading
The United States has tried its best to crush the resilient island of Cuba for some 50 years now, and have not been able to break their will. Now, Cuba’s move into off-shore oil drilling – just 60 miles from Florida, may demand the US and Cuba to kiss and make up.
Do you remember the BP oil spill that sent “millions of gallons of oil gushing into the Gulf of Mexico,” for 3 months in 2010? Well the potential of having that kind of oil spill is exactly why Florida – has virtually ‘banned’ anything related to drilling. Now Florida’s worst nightmare has begun. Continue Reading
As Flav's chances are incredibly low (impossible); Gitmo's costs are incredibly high.
Here is something I bet you did not know about the Guantanamo Bay Naval Base in Cuba. Because the base must create its own electricity and desalinize its own water, its energy costs are as high as Flava Flave’s chances of ever being elected US President are low.
It costs approximately USD$32,000 a day, or USD$11.7 million a year just to keep the lights on at the base, and to desalinize enough water for the more than 6000 prisoners and US military personnel that live there. Continue Reading
Up Down, Up Down
The economy in Trinidad and Tobago is expected to climb by 1.5 percent in 2012 as its oil production improves, after “a drastic fall off” in energy productions that resulted in a 1.4 percent dip in 2011. Talk about a see-saw.
Question – what would have happened had oil not recovered? When you match the see-saw with the Central Bank’s revelation that energy is the largest source of revenue for Trinidad & Tobago one cannot help but wonder why the government is not investing more in diversifying the economy. Continue Reading
Chief Executive Officer of the GraceKennedy group Don Wehby has stated that he really does not give a jing-jong-jay whether Jamaica uses coal or gas. What is important is that the decision is actually made once and for all! On … Continue reading
SHUT UP about LNG or Coal! Decide!
Could this happen to our manufacturing sector? In a positve way?
GraceKennedy boss Don Wehby has stated in no uncertain terms that if the Government of Jamaica cuts energy costs to 20 cents per kWh, it will be like Disney World for manufacturers in Jamaica. For the people, it will mean, for certain – JOBS.
“I have read in the newspaper where our current minister of energy has basically said he believes he can get the cost down to 16 cents per kilowatt-hour (kWh) or 20 cents per kWh. If that happens, I can guarantee you that you are going to have a boom in the manufacturing sector in Jamaica,” Continue Reading
A promise is a comfort to a fool...
Don’t be fooled by short, juicy media headlines like “JPS plans to lower electricity cost” – read the whole long story (and all the updates). If you do, you will see that the big, loving promise, may simply be fleeting comfort.
As more news trickles out concerning the bases of JPS’s plan, a lot more is being put in perspective.
The Jamaica Public Service Company (JPS), says light bills could be cut by 30 to 40 per cent, if the Government delivers on the much-touted LNG project. Continue Reading
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