The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas cannot continue to spend around $1 billion a year on fuel imports, the Bahamas Environment, Science and Technology (BEST) Commission’s director yesterday arguing that this nation provided the perfect testing ground for most alternative energies.

Philip Weech, who was a speaker at an energy security seminar hosted by the Bahamas Electricity Corporation (BEC), said that while this nation was spending roughly $1 billion a year on fuel imports, it was a great test bed for all technologies apart from hydro power.

“As a country we are spending something in the order of $1 billion a year to purchase fossil fuels, and that is for power generation and and vehicles,” Mr Weech said.

“If you look at an analysis of our revenue from our tourism sector in terms of what we spend in purchasing fossil fuels, we are about 50 per cent of one versus the other. The suggestion has been made over and over that that is unsustainable. You are making money to spend money somewhere else.”

Mr Weech added: “Other countries are able to compete because their cost ratio between food and energy production is lower, so they are able to offer lower costs. Small island states across the world have similar problems.”

Mr Weech added that talks were underway regarding the modernisation of BEC’s power plants, improving efficiency and reducing fuel usage under a National Energy Policy.

“BEC has to modernise its plants and the discussions are taking place at the moment as to what technologies would be best to modernise its plant, replacing outdated equipment and how best to responded to the fact that LNG or compressed natural gas is more readily available in the market and is cheaper than heavy fuel oils,” said Mr Weech.