Jamaica Observer and Jamaica Gleaner 15 April, 2014
KINGSTON, Jamaica - Energy World International (EWI) was on Monday granted a licence to supply electric power to the Jamaica Public Service Company (JPS) under the terms of a Power Purchase Agreement (PPA) between the JPS and EWI, according to reports out of the Ministry of Science, Technology, Energy and Mining. Energy Minister Phillip Paulwell in a release Tuesday afternoon noted that the licence, which was finalised and issued on April 4, 2014, was amended and restated on April 14, "to provide for some negotiated changes as well as to include a draft Implementation Agreement between the Government of Jamaica and EWI, outlining the commitments of both parties to employ best efforts to ensure the success of this very important project". The Minister said that the 381MW natural gas-fired power project is a "game changer and among the first steps towards reducing the price for electricity to the productive sectors and the wider Jamaican population". The project is expected to be implemented over a 26-month period "so that by mid 2016 customers of JPS will already be benefiting from reduced electricity cost," Paulwell said, adding that other benefits include “fuel source diversification to reduce the country’s vulnerability to volatile oil prices, significant reduction in the country’s carbon footprint towards a cleaner energy future, improved business competitiveness, and accelerated job creation." Paulwell has also indicated that he will "very shortly" be meeting with the Energy Monitoring Committee (EMC) to provide update on both the licence and the draft Implementation Agreement, after which the documents will be made public.
EWC Price at posting:
29.0¢ Sentiment: ST Buy Disclosure: Held