Page 8 - LatAmOil Week 08 2022

LatAmOil CAYMAN ISL ANDS LatAmOil

Nevertheless, the higher prices have come at a derivatives. If this historical trend reasserts itself,
time when concerns about the environmental the utility believes, then a switch to gas has the
impact of petroleum products have led many potential to bring down the fuel cost element of
other utilities to consider switching to gas. As electricity rates and reduce consumers’ power
such, representatives of CUC have been in dis- bills.
cussions with officials from the Utility Regu- Thus far, CUC has not talked about how it
lation and Competition Office (OfReg) of the might take delivery of the gas. Presumably it is
Cayman Islands for the purpose of exploring considering a small-scale import solution along
whether a change of fuels might reduce carbon the lines of other projects planned in the region.
dioxide emissions while also lowering consum- One such facility is slated for construction
ers’ electricity bills. by WEB Aruba, the national water and power
CUC has acknowledged that gas markets provider of Aruba, and US-based Eagle LNG
pose their own risks, noting that gas prices were Partners at the site of an existing oil refinery in
fairly turbulent in 2021 and made a sudden San Nicolas. WEB Aruba has indicated that it
upward leap last October, Cayman Compass will use regasified LNG as fuel for the Balashi
said. The utility has also pointed out, though, thermal power plant (TPP). The cost of build-
that LNG prices have generally tended to be less ing the gas import facility is expected to reach
volatile than prices for crude oil and petroleum $100mn. ™

DOMINICA
Trinidad-based KGL to carry out green

hydrogen assessment for Dominica

TRINIDAD-BASED Kenesjay Green Ltd According to Julien, the project with CREAD
(KGL) said in a recent press release that it had will be a key step towards achieving net-zero car-
agreed to perform a green hydrogen assessment bon emissions by 2050. He also referred to the
for Dominica. assessment as a fine example of a strategic part-
The assessment will be conducted in part- nership between public and private enterprises.
nership with the Climate Resilience Execution Meanwhile, CREAD’s CEO Francine
Agency for Dominica (CREAD), the press Baron expressed approval of Dominica’s active
release said. KGL is carrying out this task with approach to climate change in the region,
the goal of providing the island state with a highlighting the country’s geothermal-based
framework for determining how best to utilise industrialisation projects that are scheduled to
its geothermal resources while also advancing its operate from green industrial parks.
own energy transition plans, together with the Julien largely agreed with Baron’s assessment,
global energy transition agenda, it added. explaining at the Energy Chamber’s Caribbean
The project will be executed in accordance Sustainable Energy Conference 2022 that the
with a memorandum of understanding (MoU) country’s decarbonisation efforts remained on
that was signed by KGL and CREAD at the COP track, along with its 2050 vision. ™
26 conference. Under this document, the parties
are supposed to undertake several sustainability
projects, including the development of carbon
sequestration and green industrial eco-parks as
well as industrial decarbonisation.
According to KGL, the data that is collected
through the green hydrogen assessment will
be used to create a renewable energy profile of
Dominica that will outline all of the nation’s
developments while also pinpointing areas
where intervention may be necessary. This
profile is expected to help guide the Caribbean
state’s green investment choices going forward.
“KGL is pleased to contribute, from a private
sector investment perspective, towards develop-
ing the viable ‘green’ business case for intercon-
necting Caricom’s renewable energy resources,”
KGL chairman Phillip Julien stated. The hydrogen study will cover options for using geothermal power (Photo: UNESCO)

P8 www. NEWSBASE .com Week 08 24•February•2022