Latest update November 26th, 2024 1:00 AM
Alternative energy will not reduce electricity rates
…will act as price security from future significant increases – PM
Alternative energy for electricity generations such as hydro power will not see reduced electricity rates; rather, it would ensure a secure price from future significant increases due to the predicted upward spiral in fuel prices.
This was told to the Parliamentary Economic Service Committee on Wednesday last by Prime Minister Samuel Hinds.
According to the PM, at the time of the proposal for what is currently the largest hydropower proposal in Guyana, namely the Amaila Falls project, it was not feasible to build the plant and run the transmission cable.
“If anyone could have predicted at that time that fuel prices would have escalated to this point then I’m sure that it would have been built…We would have been paying far less for electricity currently if we had built it,” said Hinds.
He added that even in early 2000 when the proposal resurfaced it was still not feasible to do.
Hinds added, however, that given the escalating fuel price and the more than doubled demand for electricity on the national grid, he expects that by the end of the year there will be the ground breaking ceremony for the project’s commencement.
He did indicate also that there are a number of small hydropower plants being pursued but not for the national grid. The Head of State, during his first press briefing for 2008, said that the Amaila Falls Hydropower Plant (AFHP) will be built one way or another.
At that time, fuel price on the world market was $US100 per barrel and with Guyana being the largest per capita consumer of fuel in Latin America was costing the economy some $400M a year to meet energy demands.
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