By JOHN ISSA
Finally! Electricity generated from Liquified Natural Gas is on its way to Nassau. It is already being used in Jamaica. The cost benefits have been substantial by reducing the price of electricity. Substantially larger generating capacity is currently under construction. So the price of electricity will continue to fall.
When this first project at Clifton Cay is completed, the cost of living of all Bahamians will be reduced. The cost of operating hotels and other businesses will be reduced. This will result in economic growth, more jobs and a better life for Bahamians. No one can argue that this is not a good thing, a very good thing. Therefore everyone should not only support the speedy execution of this first project but also push for additional and even larger projects so as to maximise the benefits of this proven lower cost energy source.
Efforts should also be made to use LNG for generating electricity on Grand Bahama and the larger islands. For the smaller islands with fewer people, solar power may bring cost and other economic benefits to the residents.
The Jamaican government is about to list its very large solar energy company on the stock exchange. It may be useful for The Bahamas to monitor these activities. There may be other and better such activities taking place elsewhere but I mention Jamaica’s experiences because those are the cost saving and renewal energy projects with which I am familiar. Also they are taking place nearby in the Caribbean.
I sincerely hope that such a proven and beneficial project like the LNG one can receive universal support so that it can move forward in the shortest possible time. Did I mention that burning LNG was also more friendly to the environment than burning oil to produce electricity? That makes the use of LNG a win-win.