Home' Trinidad and Tobago Guardian : June 22nd 2017 Contents JUNE 22 • 2017 guardian.co.tt BUSINESS GUARDIAN
ENERGY | BG9
Acknowledging that it had
taken too long for a na-
tional energy policy to be
put in place, Anita Han-
key, senior planning of-
ficer, Ministry of Energy,
said the policy will be coming soon. Hankey
added that stakeholders were consulted and
the ministry was getting ready to launch
"I have been hearing a lot about this na-
tional energy policy for years. The minister
is very much interested in getting it off the
ground once and for all."
She was delivering remarks on behalf of
Permanent Secretary, Selwyn Lashley, at the
Clean Energy Conference which was held on
June 8 and 9 at the Arthur Lok Jack Graduate
School of Business, Mt Hope.
On the issue of clean energy, Hankey
confirmed that a consultant, as well as the
European Union (EU), were assisting gov-
ernment with developing a renewable en-
ergy and energy efficiency (REEE) roadmap.
She said the consultant, elected to pro-
vide technical support to the Ministry of
Energy and the EU delegation to T&T, is
developing a "REEE roadmap that defines
the short-term, long-terms measures, ac-
tions and financing required to implement
T&T's nationally determined contribution
and strategy for the reduction of carbon
emissions in T&T."
Hankey told stakeholders that this
roadmap is intended to analyse the gaps,
the barriers and the financing requirements
and suggest goals that T&T can accomplish.
"The roadmap 2021-2030 would include
the renewable energy and energy efficien-
cy priorities for action and investment for
the period 2017 to 2021 in the first instance.
These include capacity-building require-
ment, establishment of an enabling frame-
work, investment for social and economic
benefits and private sector engagement.
"The consultant and the EU delegation
have been providing technical support to
us for us to achieve our targets."
Substantiating her point as to why T&T
should invest in solar energy projects, Han-
key said T&T, among other islands in the
region, is vulnerable to external shocks as
a result of insularity, high dependence on
the petroleum/gas sector and the impact
of climate change
"While heavily subsidised, the real cost
of energy severely impacts the economy,
cause for savings and requires re-organisa-
tion of energy affairs by the Government,"
"Despite the significant availability of do-
mestic renewable energy resources, T&T is
a source of fossil fuel which explodes into
volatile oil prices and poses an additional
burden to our indebtedness. The prolonged
economic downturn calls for diversification
and the need to boost economic growth and
"I am sure you all are aware that T&T's
industrial sector while vital to its economy is
its highest energy consuming sector. Due to
the age of many of these existing facilities we
recognise there is a significant opportuni-
ty to optimise operational efficiency which
lead to substantial energy and cost savings
and reduce carbon dioxide emissions."
Comparing T&T with its regional coun-
terparts, Hankey said Cuba, Antigua, Bar-
bados and Nevis all have successful projects
in solar parks.
"I am proud to note that as a region, steps
are being taken to reduce these emissions
through the use of clean energy.
"In Cuba, the first photovoltaic solar park
is currently being built. The park is expected
to produce power of 4.4 megawatts of solar
energy, which would reduce their national
consumption of by, more than 1,700 tonnes
of fossil fuel."
Giving an update on the Waste Energy Fa-
cility at Beetham she said, "This facility will
contribute to the modernisation of the inte-
grated municipal solid waste management
in T&T while concurrently contributing to
the attainment of the country's sustainable
"We have already completed expressions
of interest process and a consultant has al-
ready been selected whose role would be to
assist us in preparing and issuing a request
for proposals to design, build, operate the
waste energy plant."
Hankey confirmed that the consultant is
to assume duties very shortly. This comes
after Cabinet in July 2016 had agreed to the
establishment of a ministerial sub-commit-
tee to provide oversight for the development
of a waste energy facility in the Beetham
On the issue of T&T's investment in wind
energy, Hankey said T&T was exploring its
opportunities in that regard. This initia-
tive, she said, will "assist in diversifying
the nation's electricity supply from scarce
and depleting natural gas fossil fuel towards
renewable and sustainable resources."
She said a feasibility study would be done
as "this demonstrates the Government's
commitment to reduce the nation's car-
bon footprint in line with our international
With wind energy, she said T&T can gain
by increasing revenue and more research
opportunities for tertiary education insti-
Grid integration legislation is being
worked on and would be put to the Parlia-
ment very soon.
Oil firms could waste
trillions if climate
Energy giants including Exxon Mobil and Royal
Dutch Shell risk wasting more than a third of their
budgets on projects that will not be needed if climate
targets are to be met, a thinktank report shows.
More than US$2 trillion of planned investment in
oil and gas projects by 2025 could be redundant if
governments stick to targets to lower carbon emis-
sions to limit global warming to 2 degrees Celsius,
according to a report by the Carbon Tracker thinktank
and institutional investors.
It compared the carbon intensity of oil and gas pro-
jects planned by 69 companies with requirements
needed to meet the warming target set by the 2015
Paris agreement, which will require curbing fossil
It found Exxon, the world's top publicly-traded oil
and gas company, risks wasting up to half its budget
on new fields that will not be needed.
Shell and France's Total would see up to 40 per
cent of their budgets misspent.
Fossil fuel producers have come under growing
pressure from investors to reduce carbon emissions
and increase transparency over future investment.
Sweden's largest national pension fund, AP7, one of
the authors of the report, said last week it had wound
down investments in six companies, including Exxon,
which it said had violated the Paris agreement.
Top energy companies have voiced support for the
Paris agreement reached by nearly 200 countries.
Many of them have urged governments to impose a
tax on carbon emissions to support cleaner sources
of energy such as gas.
US President Donald Trump said this month he
would withdraw the United States from the Paris ac-
cord which he said would undermine the US economy.
Companies including Shell and BP have rejected
the idea that assets could end up redundant, saying
the reserves they hold are too small to be affected by
any long-term decline in demand.
Oil cuts compliance
hits highest in May
OPEC and non-OPEC oil producers' compliance
with a deal to cut global output has reached its high-
est in May since they agreed on the curbs last year,
reaching 106 per cent last month, a source familiar
with the matter said on Tuesday.
OPEC compliance with the output curbs in May was
108 per cent, while non-OPEC compliance was 100
per cent, the source said. Another source confirmed
compliance by all producers in May was 106 per cent.
"This is the highest compliance since the beginning
of the deal," one of the sources said.
The Organisation of the Petroleum Exporting
Countries and allies agreed to cut supply by about
1.8 million barrels per day (bpd) starting in January
to get rid of a supply glut. A technical committee of
OPEC and non-OPEC producers met in Vienna on
Tuesday to monitor compliance with the pact.
The producers agreed at a May 25 meeting to ex-
tend the accord until March 2018. But oil has declined
sharply since then, with Brent crude falling to a sev-
en-month low near US$45 a barrel on Tuesday on
persistent over-supply concerns.
With recovering production from Nigeria and
Libya---OPEC members exempted from supply cuts
due to losses caused by unrest---adding to supplies,
some OPEC delegates are questioning whether the
agreement is enough.
But oil ministers, including Saudi Energy Minis-
ter Khalid al-Falih, are of the view that the market
is heading in the right direction and needs time to
Top OPEC producer Saudi Arabia is also a member
of the JTC in its capacity as 2017 OPEC president.
Links Archive June 21st 2017 June 23rd 2017 Navigation Previous Page Next Page