A new financing facility is being designed to fund the transition of the PSV sector from fossil fuel to electricity.

This disclosure came from Minister of Energy and Business, Senator Lisa Cummins, as she addressed the rebranding ceremony for the newly created Barbados National Energy Company Limited (BNECL), at the Lloyd Erskine Sandiford Centre. The Barbados National Oil Company Limited and Barbados National Terminal Company Limited transitioned to this new entity, while the National Petroleum Corporation (NPC) will follow later.

Senator Cummins disclosed that the team from the Ministry of Energy and Business recently met with transport providers to discuss the sector’s transition.

“We have commenced [talks], having received from the Ministry of Finance, in one of those supplementaries that Barbadians don’t always pay attention to at the end of the financial year, the resources…to support the transitioning of the private sector vehicles into electrification.

“Those monies have now been received by FundAccess, and together with FundAccess, the Ministry of Energy team, the Smart Energy Fund and the AOPT and their teams, we are now designing a brand-new facility to finance the transition of the PSV sector into the electric sector,” Senator Cummins told her audience.

She further disclosed that at its meeting last Thursday, Cabinet gave approval for the pre-qualifications process to be launched for the Wind Farm at Lamberts, in St. Lucy.Additionally, she noted that by the end of this week, the public would be updated on the Energy Storage Tariff.

The Minister said Government would be going to the market in another few weeks with a request for proposals for the first tranche of battery energy storage systems.

“We have brought the BNECL into the planning meetings for them, and why? The Government of Barbados has to be an active player in our renewable energy future, and in so doing, I’ve asked the BNECL to be one of the critical partners playing a leadership role in driving battery energy storage solutions across this country, in support of… government-led projects….

“The Government has to begin to support these projects and get them connected to the grid by providing battery energy storage solutions, and the BNECL is meant to be the vehicle to drive that – you are powering our future,” she stressed.    

Senator Cummins told the BNECL staff members that they were central to implementing the National Energy Policy and the Energy Transition and Investment Plan. She added that the NPC has an obligation to continue working to build out the natural gas infrastructure, as she pointed out that a lot of detailed work had been done last year with the team.

“And what did that analysis tell us? That there needs to be a capital mains expansion programme throughout the country, and we needed to cost that. The Cabinet has now considered that natural gas expansion programme, and we have committed to go back to Cabinet within a six-month period to roll out a road map for how we can implement it,” she said.

Minister Cummins noted that natural gas exists in the Christ Church and St. Michael corridor, and some places inland, but it was necessary to expand it, so more Barbadians can have access to it. (PR/GIS)