Caribbean Energy Ministers Bulletin

March - April 2011

Issue #72

Check out what's happening in Energy in the Caribbean

All sectors of the economies of Caribbean countries are largely dependent on electricity. Increases in international crude oil prices in more ways than one therefore impact Caribbean consumers.

The preceeding issue of this Bulletin examined the impact of the recent surge in oil price attributable in the main to the ongoing turmoil in Libya and how this impacted the retail prices for petroleum products.

In this issue we take a regional look at what the trends have been for Electricity Generation and Consumption over a number of years. We will also look at the impact that recent increases in oil prices have had on the fuel component of electricity bills across the region.

Electricity Generation in Caribbean territories is mostly through the use of diesel generators. These generators utilize between 5,500 - 6,000 barrels of diesel per MW on average, depending on the size, age and efficiency of the units.

Chart 1 (on page 2) shows the total electricity generated between 1999 and 2009 for CARICOM member more on page 2/ CONTENTS CARIBBEAN ELECTRICITY PRICES .……………...…………..…………….….….1-2-3 A LOOK AT CRUDE OIL PRICE MOVEMENT IN THE CARIBBEAN……………….…4 PIÑÓN ON ENERGY………………………………………………………………………………….5-6 CARIBBEAN HAPPENINGS …………………………………………………………….5,7-8,10

BREAKTHROUGH TECHNOLOGY…………………………………………………..9 ENERGY EVENTS IN THE REGION………………………………………………………………11

CARIBBEAN ENERGY MINISTERS’ BULLETIN #72

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Electricity Prices and its Impact on the Caribbean! countries: Antigua & Barbuda, the Bahamas, Barbados, Belize, Dominica, Guyana, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname and Trinidad & Tobago.

CHART 1 Electricity Generation 1999 - 2009 (CARICOM Countries Only) (Excluding Haiti)

25000 GWH

20000 15000

The evidence shows that Electricity Demand/ Consumption increased on average by 4% per annum within CARICOM member states. A 51% increase in the consumption of electricity was seen when Electricity Consumption in 1999 was compared against 2009. This increased demand has placed a greater strain on the economies of the region which have to find more financial resources for the additional petroleum required for generation. Rising oil prices over the years trickled down to the consumers who have had to pay more for electricity which many consider now to be a necessity, particularly in the age of technology.

10000 5000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Years

Between 1999 and 2009, Electricity Generation increased yearly by approximately 3%. This average annual increase has been attributed to increases in Installed Capacity, and use of new technologies (combined cycle) and improved efficiency in some countries. The evident increases in Generation were also geared at meeting the increased demand for electricity; triggered by increases in population, growth in the tourism sector, increased use of internet technology and infrastructural development. Chart 2 below shows the Electricity Consumption patterns for the same countries over the period.

CHART 2

Electricity Consumption 1999 - 2009 (CARICOM Countries Only) (Excluding Haiti)

Since January 2011, many utility companies within the region have been battling with the cost of generation and the impact of the increased fuel cost on the rates to the consumer. However, little has been achieved in cushioning such impacts as most countries have seen increases in the Fuel Surcharge component of the electricity bills; Antigua & Barbuda, the Bahamas, Barbados, BVI, Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St. Vincent and Turks & Caicos Islands. These increases over the period January to April 2011 have ranged between 5% and 61%.

The governments in Guyana and St. Lucia have been subsidizing the additional cost of the fuel used in Electricity Generation and as such no increases have been passed to the consumer. Although there has been an increase in the Fuel Surcharge in Grenada there has also been a reduction in the non-fuel charge component by 0.96% since February 2011. In St. Vincent & the Grenadines the Demand Charge (EC$12/KVA installed) for commercial and industrial customers has been removed.

20,000

Belize which purchases its power from CFE – Mexico has not increased the rates to the consumer. However there has been a 52% increase in the cost of the power being purchased by Belize Electricity Limited – BEL and this cost is being borne by BEL. Trinidad and Tobago continues to enjoy the benefits of having 99% of its electricity generated from Natural Gas and as such no evident increases in electricity bills have been seen.

10,000 5,000 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09

GWH

15,000

Years

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Electricity Prices and its Impact on the Caribbean!

With the demand for electricity increasing more rapidly than the rate at which it can be generated and in order to be somewhat competitive in the Global Market Place, it is imperative that Caribbean economies focus on diversifying their energy mix and improving generation efficiency.

If not, consumers will continue to face the harsh reality of higher utility bills while utility companies and government will consistently struggle to find scarce foreign exchange to purchase the fuel needed for electricity generation. Quotes:: “What lies in our power to do, lies in our power not to do.” (Aristotle) “Some people make things happen, some people watch things happen, and some ask what happened.” (Casey Stengel)

Caribbean electricity rates 2011

CARIBBEAN ENERGY I NFORMATION SYSTEM Caribbean Electricity Rates by category - 2011 Rate 1

Rate 2

RESIDENTIAL

RESIDENTIAL

ANTIGUA

0.42

BAHAMAS

MID-YEAR: 2011 (May) 



All tariffs exclude taxes and any fixed monthly charges that may be applicable in the respective country.

Industrial rate for Trinidad & Tobago is the average of all 10 industrial rate categories (determined based on KVA and Phase).

COMMERCIAL

INDUSTRIAL

0.42

0.42

0.42

0.31

0.35

0.35

0.29

BARBADOS

0.30

0.31

0.33

0.34

BELIZE

0.22

0.23

0.23

0.22

B.V.I.

0.44

0.43

0.39

0.37

DOMINICA

0.38

0.40

0.59

0.53

GRENADA

0.39

0.39

0.40

0.36



Except Trinidad & Tobago and Belize, all tariffs include the Fuel Surcharge for the month of May 2011.



Residential Rate 1 represents the lowest residential rate charge in each country



Residential Rate 2 represents the average of all other residential rates above the lowest residential rate in each country

JAMAICA

0.32

0.42

0.39

0.29

MONTSERRAT

0.51

0.54

0.54

0.51

Tariffs for Turks/Caicos are averages of the rates of the two major electricity service providers and one subsidiary.

ST. LUCIA

0.64

0.66

0.69

0.69

ST. VINCENT

0.64

0.89

0.94

0.69

Belize Imports most of its electricity from CFE Mexico. Rates are as per rate agreement of 2008 and there has been no increase since.

SURINAME

0.05

0.11

0.15

0.16

TURKS/CAICOS

0.46

0.47

0.52

0.37

0.05

0.04

0.07

0.04





TRINIDAD/TOBAGO

Source: Utility Companies

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Prices hit US$120 on the futures market!

March 2011

April 2011

The month of March opened with oil being sold at US$102.23 per barrel, which continued to spiral and by the beginning of the second week in the month prices were up to US$107. Brent Crude sold at US$114.90.

The increasing trend continued into April with prices rallying from US$106.72 to US$108.47 between April 1 and April 5, 2011. Brent Crude opened at US$115.15. This created history as oil price jumped to a 30-month high resulting mainly from the fighting in Libya and the unrest in the Middle East, as well happenings in the local marketplace with supply and demand and inflation.

This increase was fueled primarily by the instability in the Middle East, but was suddenly brought to a halt when the tsunami hit Japan, the world’s third largest oil consumer which normally accounts for approximately 5% of global oil demand. This has disrupted the market, and caused prices to plunge as low as 5% less to settle at US$97.18 per barrel by March 15, 2011, the lowest level since Feb 28, 2011. Predictions were that with the Saudi troops moving into Bahrain had it not been for the disaster in Japan then oil prices would have moved towards the US$120 per barrel mark.

However by March 31, 2011 prices recovered, spiraling upwards to US$104.27 per barrel and beyond, selling at US$106.

In the meanwhile, Brent Crude gained US$0.45 cents and sold at US$115.15 on the futures market. Source: Forex; CRB 2011 and Philstar.com

China, in an effort to try to drive down inflation, looked to shift its energy usage towards natural gas and also moved to increase its one-year deposit and lending rates by 25 basic points in an effort to curb rampant lending and bring inflation under control.

Mid April saw prices still high but remaining within the range US$108.28 to US$109.50 for over one week after reports showed that US gasoline supplies fell for two straight weeks. There was no evidence that oil demand growth had slowed from the unsustainable high pace growth of previous years. Brent Crude traded at US$122.75 at this point.

Prices continued to fluctuate and after falling slightly for three consecutive days settled at US$112.86 per barrel towards the end of April. This was due in part to a decline in the value of the dollar, as well as low levels of trading in the Asian markets since it appears as if the investors were waiting to hear from the US Federal Reserve as to whether the low levels of interest rate would be maintained in order to boost the US Economy, leading to a further depreciation of the US Dollar and the possible increase in the demand for oil. Brent closed at US$124.12 on the futures market. Source: Forex; CRB 2011 and Philstar.com

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Piñón on Energy in Cuba: $4 billion for oil imports - what now?

By Jorge Piñón For the first time since July 2008, this month the average price of Venezuela’s crude oil export basket surpassed the $100 perbarrel mark. This represents a possible negative (replacement cost) cash flow to the Cuban economy of more than $4 billion on an annualized basis.

The full impact of the recent price increases for Cuba may be cushioned by the Convenio Integral de Cooperación with Venezuela. Indeed, the October 2000 services-for-oil barter agreement, under which the island receives subsidized payment terms, has become more important than ever.

Even so, energy is a vital ingredient to economic growth, and rising oil bills could derail efforts of putting the Cuban economy back on track. According to the EIA’s 2010 International Energy Outlook Report, the world GDP is expected to rise by an average of 3.2 percent per year to 2035, while world energy consumption increases by 49 percent, or 1.4 percent per year. Cuba, as other emerging and transitional economies, will have to cope with the challenge of balancing economic growth and increased energy demand, particularly in an environment of rising oil prices.

Underscoring Cuba’s concerns over its precarious economic dependency on imported oil from one single source, the government has already increased consumer prices for transportation fuels by between 4 and 8 per cent this year. Meanwhile, prices for electricity rose by up to 285 percent for large consumers. These two sectors account for more than 50 percent of Cuba’s petroleum demand.

Renewable energy, energy efficiency, and conservation initiatives, as outlined in the 2005 Revolución Energética plan, should continue to be promoted, but are not the final solution to fulfill Cuba’s thirst for energy into the more on page 6/

which represents nearly half of Trinidad's gross domestic product. On Monday, the state-owned integrated energy company Petrotrin said it plans to step up onshore and offshore drilling. To raise production which fell to new lows over the last decade.

Caribbean Happenings CENTRICA INKS TRINIDAD OIL/GAS PRODUCTION DEAL Centrica signed a production sharing contract in April 2011 with Trinidad and Tobago allowing the company to explore, develop and produce hydrocarbons from one of the country's offshore blocks.

Ko Jacobs, manager of Centrica's Trinidad and Tobago subsidiary, said activity at NCMA 4 ties in with the company's development plans in another offshore area known as Block 22.

The agreement applies to the NCMA 4 block. Centrica was among several companies that offered bids last September for five blocks in shallow and average water depths in the Caribbean's top oil and natural gas producer.

"We are currently examining various innovative options which would allow for the commercialization of the discoveries in a reasonable time," Jacobs said.

Facing falling oil and natural gas reserves, Trinidad and Tobago is hoping to boost output in its key energy sector,

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Piñón on Energy in Cuba: $4 billion for oil imports - what now? continued from page 5/ 21st century. Also, the recapitalization of the sugarcane industry, in partnership with private investors, has the potential of contributing about 70,000 barrels per day of bio-fuels and 60,000 GWh of biomass generated electric power, which would provide considerable relief to Cuba’s energy challenges.

Renewable energy sources such as solar, hydro, and wind should be considered. But the time, resources, and capital required to capture their energy, as well as their lack of scale and materiality limits their short-term potential.

Following the precedent of independent power producer Energas, a private-public joint venture between Canada’s Sherritt and Cuba’s Cupet-UNE that already produces 13 percent of the national electric production, Cuba should consider more public-private joint ventures in electric power generation. This could be done by allowing for private financing, design, building, operation and possibly

temporary ownership of an asset; thereby freeing public funds for much-needed core economic and social programs while maintaining regulatory control as a public sector responsibility.

Public-private energy projects partnerships, along with the creation of a national energy policy which would embrace economic growth, energy conservation, modernization of the energy infrastructure, a balanced sourcing of oil, natural gas (LNG), bio-fuels, and alternative energy sources, while protecting the island’s environment, would contribute toward Cuba’s energy independence. Jorge R. Piñón was president of Amoco Corporate Development Company Latin America from 1991 to 1994; in this role he was responsible for managing the business relationship between Amoco Corp. and regional state oil companies, energy ministries and energy regulatory agencies.

Source: http://www.cubastandard.com

Source: http://arabnews.com

A man fills bottles of black market gasoline at a roadside stand in Port-au-Prince. (Reuters)

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Caribbean Happenings continued from page 5/

Among the options are a floating liquefied natural gas (LNG) facility that would convert its gas through a smaller onshore LNG facility in Trinidad's sister island of Tobago.

The company is also looking at using the Atlantic LNG plant.

West Indies Power (WIP) proposes to supply geothermal energy to Puerto Rico, by 2015, via a submarine cable similar to what is already in use in Europe (Norway to Holland).

Jacobs said Centrica was encouraged by results from an exploration program it carried out last year that saw a high level of drilling success, with 11 out of its 15 operated and non-operated wells showing positive results.

Status‟, which offers concrete proposals to spur the Puerto Rico economy as well as specific transportation, energy and federal programme proposals.

"That is a success ratio of close to 75 per cent," Jacobs said, adding the company was optimistic about its outlook in Trinidad.

It recommends that “to advance discussions in the Caribbean region on the potential for subsea electrical interconnection under the Energy and Climate Partnership of the Americas, the Department of State, through a grant to the Organization of American States (OAS), should fund a pre-feasibility study to examine an interconnection between Puerto Rico and St. Kitts and Nevis”.

WHITE HOUSE SUPPORTS NEVIS’ ENERGY PROPOSAL West Indies Power (WIP) proposes to supply geothermal energy to Puerto Rico, by 2015, via a submarine cable similar to what is already in use in Europe (Norway to Holland).

The White House has given its support to the idea of a submarine electrical interconnection to supply low cost renewable “green” energy from Nevis, West Indies to Puerto Rico.

“This work results from a request from the government of St. Kitts and Nevis for the Department of State‟s assistance as it tries to develop Nevis‟ geothermal resources (estimated potential of up to 300 megawatts (MW)). St. Kitts and Nevis‟ power demand is approximately 40 MW, making Puerto Rico an important prospective market,” it added.

WIP‟s Chief Executive Officer Kerry McDonald said the company was happy to see that the US Government supports the company‟s idea of a „Caribbean Interconnect Project‟ which proposes the creation of a submarine electrical grid to supply electrical power from its geothermal power plants in Nevis, Dominica and Saba to the islands of the Caribbean including Puerto Rico.

West Indies Power (WIP) proposes to supply geothermal energy to Puerto Rico, by 2015, via a submarine cable similar to what is already in use in Europe (Norway to Holland).

The US Government‟s backing of the idea came in the „Report by the President‟s Task Force on Puerto Rico‟s

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Caribbean Happenings CONSUMER TO BENEFIT FROM ENERGY EFFICIENCY PROGRAMME - JAMAICA Virtually the entire population of Jamaica of 2.7 million people will benefit as a result of a US$15 million loan approved today by the Board of Executive Directors of the World Bank to increase energy efficiency and security on the island.

The loan will benefit Jamaica‟s residential, commercial and industrial energy consumers through the development of detailed policies and plans on renewable energy to reduce the country‟s high dependence on imported petroleum products while moving to cleaner fuels.

“Given the current crisis in energy worldwide, this World Bank loan program is very well timed. It presents a way forward for the country in attacking the serious issue of energy inefficiency, and, along with other complementary projects, will allow us in a relatively short time to become a more productive nation,” stated Hillary Alexander, Permanent Secretary in Jamaica‟s Ministry of Energy and Mining.

The Energy Security and Efficiency Enhancement Project will contribute to reduced energy costs, increased energy security and improved economic competitiveness. It also supports efforts to address climate change by contributing to reducing greenhouse gas emissions.

“The World Bank recognizes that addressing Jamaica‟s energy needs is crucial for the country to stimulate economic growth and competitiveness. We are pleased that this project supports Jamaica‟s policy objectives of promoting energy conservation and efficiency and ensuring energy security,” said Françoise Clottes, World Bank Director for the Caribbean.

Some specific activities which the project will support include: 

Developing detailed policies, strategies and implementation plans on renewable energy (in particular hydro, wind and biomass), energy efficiency and gas, and on related regulations.



 

 

Strengthening the regulatory framework for private -public partnership monitoring of the energy sector by building capacity in the Ministry of Energy and Mining and the Office of Utilities Regulation.

Introducing the Liquefied Natural Gas (LNG) program to support off-oil diversification.

Expanding the energy efficiency testing and labeling capability and information program of Jamaica‟s Bureau of Standards.

Promoting solar and wind energy. ·Providing a line of credit/revolving facility through the Development Bank of Jamaica to provide retail financing to the private sector for energy efficiency and renewable energy investments.

“Jamaica‟s energy policy 2009–2030 seeks to ensure the country‟s energy security, the provision of affordable energy supplies to all Jamaican consumers, an improved competitive base for the country, as well as sustainable growth and development of the nation. This loan will help Jamaica as it works to implement this policy and achieve sustainability for the energy sector,” said Fitzroy Vidal, Senior Director in Jamaica‟s Ministry of Energy and Mining.

The US$15 million loan with a variable spread is payable in 30 years, including a five and a half year grace period. more on page 10/

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Breakthrough Technology RESEARCHERS CLOSE IN ON TECHNOLOGY FOR MAKING RENEWABLE PETROLEUM

G

raduate student Janice Frias, who earned her doctorate in January 2011, made the critical step by figuring out how to use a protein to transform fatty acids produced by the bacteria into ketones, which can be cracked to make hydrocarbon fuels. The university is filing patents on the process.

The research was published in the April 1, 2011 issue of the Journal of Biological Chemistry. Frias, whose advisor was Larry Wackett, Distinguished McKnight Professor of Biochemistry, is the lead author. Other team members include Organic Chemist Jack Richman, a researcher in the College of Biological Sciences' Department of Biochemistry, Molecular Biology and Biophysics, and undergraduate Jasmine Erickson, a junior in the College of Biological Sciences. Wackett, who is senior author, is a faculty member in the College of Biological Sciences and the university's BioTechnology Institute.

Aditya Bhan and Lanny Schmidt, chemical engineering professors in the College of Science and Engineering, are turning the ketones into diesel fuel using catalytic technology they have developed. The ability to produce ketones opens the door to making petroleum-like hydrocarbon fuels using only bacteria, sunlight and carbon dioxide.

"There is enormous interest in using carbon dioxide to make hydrocarbon fuels," Wackett says. "CO2 is the major greenhouse gas mediating global climate change, so removing it from the atmosphere is good for the environment. It's also free. And we can use the same infrastructure to process and transport this new hydrocarbon fuel that we use for fossil fuels."

Researchers have taken a crucial step toward making renewable petroleum by figuring out how to use a protein to transform fatty acids produced by the bacteria into ketones, which can be cracked to make hydrocarbon fuels.

(Credit: iStockphoto/David Freund) Assistant Professor of Microbiology and Marc von Keitz, Chief technical officer of BioCee, as well as Bhan and Schmidt. They are the only group using a photosynthetic bacterium and a hydrocarbon-producing bacterium together to make hydrocarbons from carbon dioxide.

The team is using Synechococcus, a bacterium that fixes carbon dioxide in sunlight and converts CO2 to sugars. Next, they feed the sugars to Shewanella, a bacterium that produces hydrocarbons. This turns CO2, a greenhouse gas produced by combustion of fossil fuel petroleum, into hydrocarbons.

The research is funded by a $2.2 million grant from the U.S. Department of Energy's Advanced Research Projects Agency-energy (ARPA-e) program, created to stimulate American leadership in renewable energy technology.

Hydrocarbons (made from carbon and hydrogen) are the main component of fossil fuels. It took hundreds of millions of years of heat and compression to produce fossil fuels, which experts expect to be largely depleted within 50 years.ď‚Ą

Wackett is principal investigator for the ARPA-e grant.

His team of co-investigators includes Jeffrey Gralnick,

Source: Science Daily- March 29, 2011.

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Caribbean Happenings continued from page 8/

CIVIL SERVANTS TRAINED IN ENERGY CONSERVATION - JAMAICA Public sector workers from various ministries, government departments and agencies, on Thursday, April 21, were recognized for completing a two-week energy conservation and efficiency management training course, which forms part of Government's efforts to reduce spending on energy.

Petit Piton seen from the Piton Mitan ridge , St Lucia (Source: /en.wikipedia.org)

QUALIBOU ROUNDS OFF FUNDING FOR ST LUCIA GEO PROJECT

Speaking at the closing ceremony at Petroleum Corporation of Jamaica's auditorium, New Kingston, permanent secretary in the Ministry of Energy and Mining, Hilary Alexander, noted that the Ministries' energy and conservation programmes play a significant role in the country's energy policy.

Geothermal start-up Qualibou Energy has obtained the last $15m of funding for its planned 120MW project on the Caribbean island of St Lucia. St Lucia, which has a population of 174,000, is of volcanic origin.

Key to Jamaica's future

An unnamed Vancouver-based energy company has entered into an agreement to provide a mix of equity and debt funding to the project through a new joint venture company.

The training course, sponsored by the United Nations Development Programme (UNDP), aims to train public sector workers in energy conservation, efficiency and management, in the hope that they will become energy monitors in their various ministries, departments and agencies.

The project is expected to cost a total of $60m, of which three quarters was provided as a loan from a US bank.

UNDP Resident Representative, Akiko Fujii, said the agency was very pleased to be partnering with the Energy and Mining Ministry on the issue of energy conservation.

She said the UNDP has supported the Ministry throughout the process of developing Jamaica's energy policy, and currently provides assistance on the policy's Next Steps programme.

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2011 Caribbean Renewable Energy Financing Symposium EUCI, Montego Bay, Jamaica May 2- 3, 2011

Sustainable Energy in the Caribbean 2011 conference IBC, Kingston, Jamaica May 4-5, 2011

4th CIEMADeS International Conference San Juan, Puerto Rico May 5-7, 2011

SanCity Green Expo 2011 San Fernando, Trinidad & Tobago May 12-15, 2011

Green Expo 2011 JCDT, Kingston, Jamaica June 10-12, 2011

Responding to Climate Change in the Caribbean Conference London University’s Institute for the Study of the Americas (ISA) June 13-14, 2011 Further details to be announced

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we

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