The Integrated Resource Plan (IRP) recently approved by Cabinet will see some US$7.3 billion of investment in the electricity sector by 2037.
Minister of Energy Fayval Williams made the disclosure during the opening of the fourth Energy Climate Partnership of the Americas (ECPA) Ministerial Meeting at the Montego Bay Convention Centre in St James Thursday (Feb 27).
She said that $2.3 billion of this amount will be used to replace old plants. The IRP sets out Jamaica’s 20-year plan for the electricity-generation sector.
Minister Williams said that taking into account the total system spend over the 20 years, including capital and maintenance cost, the IRP is indicating there will be an overall decrease in energy cost to reflect the retirement of the old and inefficient generators.
She further informed the meeting that Cabinet has approved the new members for the Generation Procurement Entity (GPE) within the ministry. The GPE was established under the Electricity Act, 2015, and has a mandate to see to the procurement of electricity generation capacity for the sector.