Barbados’ energy import bill was in excess of $787 million in 2011 and Prime Minister Freundel Stuart says the country “simply cannot afford” this sum annually.The Prime Minister told an energy workshop at Hilton Barbados that the expenditure had “undermined” the country’s competitiveness and “distorted” electricity rates to an unprecedented extent.“This situation has become the greatest challenge of our time. Ladies and gentlemen, we cannot continue business as usual,” he stated.
Stuart said while demand for crude oil had not yet reached its maximum, the age of cheap oil was over.“The fundamental issue for us as a small open economy and a net importer of energy is to make every effort to reduce our huge oil import bill and to accentuate the diversification of the energy mix, while at the same time promoting environmental sustainability,” he said.
Stuart said Government’s policy was to develop indigenous energy resources and renewable energy and was seeking to develop Barbados’ hydrocarbon onshore and offshore resources.He added that amendments to offshore exploration laws passed in Parliament this month should eventually trigger development of a new era in the utilization of Barbados’ untapped natural resources.
The Prime Minister said they had set a target of 29 per cent of all electricity in the country being generated from renewable energy resources by 2029 and the reduction of electricity consumption by 22 per cent at the same time.
Full story in tomorrow’s MIDWEEK NATION
