CARIBBEAN ENERGY: A green future

CARIBBEAN ENERGY: A green future

Caribbean

With oil prices again on the rise and Venezuelan fuel subsidies ending, Caribbean countries are focusing on the need for local, renewable power sources. Cheaper oil and subsidized supply through Venezuela’s PetroCaribe program cut nearly 50% from the region’s energy bill in recent years. The savings were significant in a region where nearly a quarter of spending is on fuel for power generation and transport, and the average debt-to-GDP ratio is higher than 70%. The cost of electricity in the Caribbean averaged around $0.23 per megawatt hour since oil prices collapsed, says Christiaan Gischler, lead energy specialist at the Inter-American Development Bank (IDB). That’s nearly half the $0.44 p

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