Government has moved forward with plans to make changes to two pieces of legislation that would give the Fair Trading Commission (FTC) oversight as it relates to the regulation of the renewable energy (RE) sector and pave the way for major investments in the sector.
Minister of Small Business, Entrepreneurship and Commerce, Dwight Sutherland, leading off the debate on the Fair Trading Commission (Amendment) Bill and the Utilities Regulation (Amendment) Bill in the House of Assembly yesterday, explained that placing the RE sector under the FTC would redound to the benefit of the country.
“Having a transparent and robust rate setting system, one that is devoid of uncertainty would serve this country well. Having a rate setting system, one that is devoid of uncertainty would serve the investors well. Having a transparent and robust rate setting system, one that is devoid of uncertainty would serve the consumers of this country well,” he stated.
His comments came as he indicated that the goal is to get the regulatory agenda right, in order to take the RE sector forward. He made the point while contending that under the former administration, the sector suffered from inertia and he argued that the former government tinkered with the sector. As such, Sutherland said this Government’s goal is to lay the foundation for a successful RE sector, noting that RE will be a key pillar in building out the local economy. In fact, he argued that RE offers small island developing states hope of enhanced energy security and reduction in foreign exchange reserves outflows. He made the point while noting that at the end of last year, fuel imports cost this country $728.1 million.
“What this Renewable Energy sector can offer us is a diverse energy mix of biogas and biomass and solar energy and also wind,” he said.
Minister Sutherland’s remarks came as he stated that over the next decade, the RE sector is anticipated to attract between 3.5 to 5.5 billion dollars in investments. To that end, he said that it is imperative that there is a regulator, “who is fully empowered by law to control and regulate the competing interest of the investors and indeed the interest of the rate paying consumers”.
Such investments, the Commerce Minister said, is good news for the country and also has the potential to create much-needed jobs for Barbadians. According to Sutherland, it has created employment opportunities in a number of areas.
“This sector has created a new category of work for existing artisans and tradesmen, electricians, roof installers and engineers. Rental of rooftops and lease of properties by landlords. All construction workers – small, large and medium-sized; as well as job seekers from the Barbados Community College and the Samuel Jackman Prescod Institution. So we are developing a cadre of workers not only those persons who are within the field, but we are making sure that our institutions – the Community College and the Samuel Jackman Prescod Institution, these guys and ladies understand the importance of getting into this sector,” he stated. (JRT)
