As of today, the colour of the regular diesel supplied by Petrojam will be changed to red.
Petrojam say this is in preparation for the introduction of the new Ultra Low Sulphur grade of diesel.
The Ultra Low Sulphur Diesel which is to hit the market on June 24 will be light yellow in colour.
Petrojam says the red dye will enable users to differentiate the regular diesel and the Ultra Low Sulphur Diesel.
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THE EDITOR, Sir:
This is an open letter to Local Government Minister Noel Arscott.
I read of your plans to reduce our street-light bill by $1 billion, and I support your effort.
I remind you that under our two recent political regimes, much work was put into establishing and documenting a memorandum of understanding between the local authorities and the Jamaica Public Service Company (JPS) to govern the method of charging for street-light service.
The Office of Utilities Regulation (OUR) was the facilitator, and the Association of Local Government Authorities (ALGA) represented the parish councils in the negotiations.
I suppose JPS would not be averse to you starting all over again, since that would allow them to continue overcharging us.
Minister, the OUR, along with the JPS and surely ALGA, has much information on the way forward. You don’t even have to go that far, as the real workers in your ministry who were party to the deliberations would also have the information.
The document was awaiting the signature of JPS or the ruling of the OUR, and you should be able to bring about a final position shortly.
Please pursue this matter for us, the payers of property tax.
MILTON C. BROWN
Former President, ALGA
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The Office of Utilities Regulations (OUR) yesterday gave energy firms more than one month’s extension to July 29 to submit final proposals for the 360-megawatt project.
The original date was June 17 for the companies vying for the project, including Armorview Holdings, Azurest-Cambridge, Energy World International Limited, the Jamaica Public Service Company and Optimal Energy.
The OUR is also extending the time frame to select the highest ranked entities from July 12 to August 29. The agency will subsequently finalise negotiation of the project agreements by November 21.
Construction of the plant is expected to begin January 20, 2014, while commissioning of the new capacity is set for two years later on January 2016.
The 360MW project, which is expected to introduce LNG to the fuel, is the primary means by which Government plans to slash energy costs by about one-third. In the process, it will replace old generating units, some of which were commissioned four decades ago.
business@gleanerjm.com
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Korea Electric Power Corporation (Kepco), which holds 40 per cent interest in the Jamaica Public Service Company (JPS) reported a 3.4 per cent increase in the book value of its investment in the utility to 303 billion won (US$267 million) in its March 2013 financials.
It indicates that JPS continues to provide value for its shareholders despite its March 2013 quarterly loss totalling some US$789,000, of which 40 per cent represented Kepco’s share of the loss.
Kepco is a subsidiary of Korea East-West Power.
The rise in the book value was caused by a 17-billion won (US$15-million) increase in ‘other comprehensive income‘ which represents certain gains not reflected in the profit and loss account. The financials posted to the US Securities and Exchange did not disclose the nature of the gains.
Kepco acquired JPS shares in 2011 for 301.9 billion won. Last financial year, the Korean company earned US$2 million in dividends from its JPS investment. The utility paid out a total of US$5 million in dividends last year.
For the three months ending March 2013, the company took no dividends, according to the financials.
The profitability of JPS, one of the largest companies in Jamaica, was affected by higher-than-usual finance costs at US$17 million for the quarter (US$11 million a year earlier) which nearly ate through the US$18 million of gross profit.
JPS’s other top owners are Japan’s Marubeni Corporation, at 40 per cent, and the Government of Jamaica, which holds 19.9 per cent.
The power utility currently earns US$1.14 billion (J$112b) of revenue annually as the monopoly distributor of electricity. It is capitalised at US$378.77 million (J$37.5b) while its net assets amount to US$838.46 million (J$83b).
business@gleanerjm.com
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The United
KINGSTON, Jamaica – Appliance Traders Limited (ATL) Thursday (June 6) launched a first of its kind eco-store in Jamaica.
The new energy-exclusive retail outlet is located in Manor Park Plaza in St Andrew and marks ATL’s continued expansion into the alternative energy space following the launch of its Energy Solutions division in April this year and the introduction of its own ‘Eco-Smart’ electronics-efficiency certification.
Teaming up with long-standing partner Panasonic, as well as Israel’s top solar water heater provider Nimrod, the ATL Eco-Store boasts the latest ‘green’ technology from the Panasonic inverter product line including air conditioners and refrigerators, Panasonic
The Labour Ministry is to intensify its efforts to help businesses facing challenges to remain productive and
Pan-Jamaican Investment Trust is eyeing the energy market for its next venture, saying Government’s plan to boost the supply of renewables offers new revenue opportunities for the company.
“We want to participate in the 115 MW request for proposals,” said Paul Facey, director and vice-president of investments.
“We see the economic benefits in bidding … It will bring a steady cash flow to the group,” he told
The European Union imposed tariffs as high as 67.9 percent on solar panels from China in the largest EU commercial dispute of its kind, seeking to help revive a withering industry in Europe.
The duties punish Chinese manufacturers of solar panels for allegedly selling them in the 27-nation EU below cost, a practice known as
MONTEGO BAY, St James – Western Jamaicans wanting to explore business opportunities in the island’s energy sector are being facilitated at an Energy Panel Discussion and Exhibition titled
