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Amaila falls? What saving?

May 19, 2010 Letters

Dear Editor,
Recently, President Jagdeo proclaimed that construction of the Amaila Falls Hydroelectric Project will result in Guyana saving up to US$100 million that is currently expended to purchase fuel.
What the President does not talk about, however, are the costs involved in repaying the loan for the project and the operating and maintenance costs for the facility.
If the plant is constructed at a cost of about US$500 million, as currently speculated, then loan repayment costs could exceed US$50 million per year as this loan will be on commercial terms and not on concessionary terms at which the Government borrows.
Annual operational and maintenance costs for such a facility will also exceed 10 per cent of the construction costs or about US$50 million per year, giving a total annual cost of US$100 million. About the same as the current cost for fuel.
The only local costs will be for labour and therefore, nearly the full US$100 million will still have to be sent overseas as when purchasing fuel.
So we need to ask the President, who must have seen all of the figures, what will be the costs for owning, operating and maintaining the facility.
J. Smith

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