With the exception of gas-rich Trinidad and Tobago, the 14 other countries of the Caribbean Community (CARICOM) are energy importers. In fact, 93 percent of the region’s energy needs are met by oil imports, which average 13 percent of GDP. Venezuela is the main supplier of oil to the Caribbean through the PetroCaribe agreement, formed in 2005, which provides oil on attractive … [Read more...] about Caribbean Energy Security is Good Business
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High Energy Costs Provoke a Caribbean Regional Call to Action
by Christopher Barton On December 5, the IDB hosted a regional, ministerial-level energy conference entitled, “The Caribbean’s Energy Future: A Pathway to Regional Fiscal Stability” in Washington, DC. IDB President Luis Alberto Moreno opened the conference with a regional call to action. Dr. Ernest Moniz, the United States’ Secretary of Energy, gave the keynote address and … [Read more...] about High Energy Costs Provoke a Caribbean Regional Call to Action
The Caribbean has some of the world’s highest energy costs – now is the time to transform the region’s energy market
by Christopher Barton, Lumas Kendrick, and Malte Humpert The high and volatile price of electricity is the most important issue in the energy sector. Electricity prices in the Caribbean are among the highest in the world, and they fluctuate greatly with the global price of oil. The primary cause of the high cost of electricity is that most Caribbean countries use diesel and … [Read more...] about The Caribbean has some of the world’s highest energy costs – now is the time to transform the region’s energy market