US$7.3 billion to be invested in electricity sector by 2037

The Integrated Resource Plan (IRP), recently approved by Cabinet, will see some US$7.3 billion of investment in the electricity sector by 2037.

The IRP sets out Jamaica’s 20-year plan for the electricity-generation sector.

Minister of Energy, Fayval Williams, on Thursday (February 27), at the Montego Bay Convention Centre in St. James.

She said that $2.3 billion of this amount will be used to replace old plants.

“The country will be taking on 320 megawatts (MW) of solar and/or wind; 120 MW of liquefied natural gas (LNG); and 74 MW of hydro, waste to energy and/or biomass between now and 2025,” she noted.

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.