Barbados: New energy policy amounts to massive savings

The government of Barbados is in the process reviewing legislation that would effect a renewable energy policy as part of efforts to slash the country’s electricity costs by US $283.5 million.

The Prime Minister, Freundel Stuart indicated that this is one of the aims of the 20-year road map developed for the country.

The legislation would result in renewable energy generation accounting for 29 percent of electricity consumption, with the remaining 71 percent coming from conventional fossil fuel based resources. Barbados would be able to reduce the cumulative cost of oil imports over 20 years from US $2.648 billion to US $1.978 billion, the Prime Minister Stuart told those attending the opening ceremony of the Caribbean Renewable Energy Forum (CREF).

Barbados has already approved policies on renewable energy and energy efficiency. Its’ government now has to undertake structural reforms of the energy sector that would reduce the island’s dependency on foreign oil, increase energy security, create jobs and enhance the generation of renewable energy