Bryan Haynes, Chief Project Analyst in the Division of Energy.
Given the initial estimated annual cost of $1.2 billion to import, distribute and produce energy, Barbados needs a course of action to reduce its energy cost to $720 million per year at market prices, representing a 40 per cent reduction in energy costs.
Bryan Haynes, Chief Project Analyst in the Division of Energy, acknowledged the above recently, as he gave “An Overview and Analysis of the Barbados Energy Market” at the Stakeholder Consultative Meeting on the Interim Draft Energy Policy, hosted by the Barbados Renewable Energy Association (BREA), in partnership with the Barbados Chamber of Commerce and Industry (BCCI). The meeting took place at the BCCI’s offices located at Braemar Court, Deighton Road, Brittons Hill, St. Michael.
Haynes also noted the need to reduce fossil fuel consumption by 75 per cent, to be replaced with clean and renewable energy. These reductions he said, can provide a social/economic benefit to Barbados, of an estimated $2.2 billion annually.
“We are not a large country, we just consume around 12 000 barrels a day of energy and that supply, due to the economic challenges that we have been having in Barbados, declined slightly. Our local contribution to the energy (sector) is only around eight per cent and if we want to see improvement with in the Barbados economy, we will have to address that,” Haynes meanwhile noted.
However, he noted that over the years, the solar water heating industry has been the pioneer of renewable energy in the energy sector in Barbados. It was further pointed out that, over the last couple of years, the solar photovoltaic (PV) industry has been the fastest growing industry as a subsector in the energy sector, growing at a rate of 175 per cent, between the period of 2006 to 2015.
Noting the need to reduce Barbados’ CO2 emissions by 70 per cent, thereby significantly reducing the country’s volatility risks and the need to ensure a course of action that allows for financial viability, as well economic and environmental viability and the need to utilise technologies that are proven, Haynes stated his belief that the answer lies in having a good Energy Policy and moving away from the dependence on fossil fuels to a greater reliance on clean energy and the renewable energy sector.
“We need a policy that can bring $2.2 billion dollars a year to Barbados. The energy sector can do it,” the Chief Project Analyst asserted.
(RSM)