Monthly Archives: January 2016

//January

OUR Gets 10 Bids For 37MW Renewable Project

Ten companies submitted bids to build and operate renewable energy plants that run on solar, wind, water or waste, but two are in danger of being disqualified for non-payment of the bid security. The Office of Utilities Regulation (OUR) received the bids for supply of up to 37 megawatt of renewable power to the grid [...]

By | 2016-01-29T22:23:50+00:00 January 29th, 2016|

Jamaica To Do Its Share Of Climate-Change Mitigation

Jamaica is to reduce greenhouse gas emissions by the equivalent of 1.1 million metric tonnes of carbon dioxide per year by 2030, as part of its global commitment to take climate-change mitigation action. To bring this about, the island - as reflected in its nine-page Intended Nationally Determined Contributions (INDCs) document to the United Nations [...]

By | 2016-01-28T18:28:01+00:00 January 28th, 2016|

Government Moves Full Throttle On Climate Change Policy

With the ink now dry on Jamaica's Climate Change Policy Framework and Action Plan, the island's Climate Change Division (CCD) is to drive the realisation of its goals. "We never did have a launch of the policy framework per se, but Minister (of Water, Land, Environment and Climate Change Robert Pickersgill) did speak to [its [...]

By | 2016-01-28T18:21:31+00:00 January 28th, 2016|

Jamaica Stands To Lose If World Bank’s Oil Price Prediction Holds

While Jamaica has spent US$20 million (about J$2.3 billion) to hedge against the risk of a sharp increase in oil prices, the World Bank has lowered its forecast for crude oil to US$37 a barrel from US$51 a barrel in its October 2015 predictions. The bank, in its latest commodity markets outlook, said that oil prices [...]

By | 2016-01-27T17:14:09+00:00 January 27th, 2016|

JPS, New Fortress Pursuing Separate Parts Of LNG Project

The oil-fired JPS power plant in Old Harbour Bay, St Catherine is to be replaced with a gas-fired plant. The announcement of an agreement between Jamaica Public Service Company (JPS) and a Chinese firm is expected this week for the construction of the new energy plant at Old Harbour. JPS and American company New Fortress [...]

By | 2016-01-25T16:23:31+00:00 January 25th, 2016|

As oil glut hits, GOJ oil hedge for 2016 set at US$65.90 strike price

The Bank of Jamaica (BOJ) indicated on Wednesday that to date, the Government of Jamaica (GOJ) has spent US$27.87 million or J$3.2 billion on oil hedge contracts. In total, five contracts have been signed with Citibank covering periods up to December 2016. For the current period, the contract runs from January 2016 to December 2016 [...]

By | 2016-01-22T15:39:38+00:00 January 22nd, 2016|

Window Tinting, Solar Panels Cut NCB Energy Bill 20%

NCB Group headquarters, The Atrium, at Trafalgar Road, New Kingston. The banking group's energy initatives have cuts its electricity bill by 20 per cent across its network. National Commercial Bank Jamaica (NCB) has cut its energy consumption by 20 per cent over the past four years and is projecting half-billion dollars of new savings over [...]

By | 2016-01-18T14:34:38+00:00 January 18th, 2016|

Government Oil Hedge Underwater

Gov't oil hedge underwater In June 2015, the Government of Jamaica booked a hedge transaction to buy six million barrels of oil for delivery 15 months later at a strike price of US$66.74. The mechanism used in this kind of transaction is called a 'call option', which gives the purchaser of the option the right, [...]

By | 2016-01-15T19:01:49+00:00 January 15th, 2016|

Local Oil And Gas Exploration Enters Second Phase

Yang Xiaorui (left) shows Phillip Paulwell, minister of science, technology, energy and mining, an area of the oil and gas exploration vessel that docked at the Port of Kingston yesterday. International oil and gas explorers are once again in Jamaican waters with the blessing of the National Environment and Planning Agency (NEPA) and promises to [...]

By | 2016-01-14T17:01:11+00:00 January 14th, 2016|