| 05/24/2012 |
Jamaica continues to combat its energy challenges by drilling for gas and oil. A shift toward nuclear power is also a possibility. That
Oil prices dropped near their lows for the year following warnings of a “severe recession” in Europe and an apparent easing of tensions over Iran’s nuclear program. Benchmark US crude on Tuesday lost 91 cents to end the day at US$91.66 per barrel in New York while Brent crude fell by 40 cents to end at US$108.41 per barrel in London. Both contracts hit a low for 2012 on Friday at US$91.48 and US$107.14, respectively. Oil has declined almost every day this month as elections in Greece and France threatened existing plans to fix the eurozone economy. A top economist for the Organization for Economic Cooperation and Development warned Tuesday that the eurozone could fall into recession this year if leaders fail to stimulate the economy. Stunt growth If that happens, it would stunt growth in world oil demand at a time when supplies are expanding. Fears of a protracted standoff with Iran had helped push benchmark crude near US$110 per barrel in February. Prices have since fallen below levels of early November, when the United Nations first warned of a potential nuclear threat from Iran. Uninterrupted Iranian exports could boost world oil supplies to an average of 89.15 million barrels per day, according to the latest projections from the Energy Information Administration. That would be more than enough to meet world demand. In other futures trading, natural gas added 9.8 cents, up 4 per cent, to finish at US$2.707 per 1,000 cubic feet. Natural gas prices have jumped by 42 per cent since hitting a 10-year low on April 19 as supplies declined. Heating oil and wholesale gasolene were both flat, ending the day at US$2.8614 and US$2.937 per gallon, respectively. – AP http://jamaica-gleaner.com/gleaner/20120523/business/business5.html 
HAVANA (AP)
THE country could save about half of what it spends to import LED lights if it made its own, according to Caribbean Maritime Institute (CMI) registrar Mark Broomfield. Jamaica is fully capable of producing much of its own technology and should be encouraged to do so, Broomfield said at the University of Technology‘s Sustainable Energy Conference and Exposition last Thursday
“Almost a year after the launch of its Green Energy Project
PUBLICLY listed companies reported mixed performance during the first three months of 2012. The overwhelming majority to have posted results so far managed to get better revenues than in the first three months in 2011.
But almost half of the 28 companies examined by the
JAMAICA should pursue the investment opportunities presented by renewable energy rather than focus on fossil fuels like LNG, says a global think tank. “There is great potential for local economies in investing in renewable energy,” said Mark Konold, head of the Washington-based Worldwatch Institute, which is identifying opportunities for low-carbon, energy developments in the Caribbean.
Worldwide figures for investment in renewables has shot up steadilly, said the organisation. Countries around the globe put over US$200 billion ($17.4 trillion) into non-carbon-based energy projects last year, as compared to the US$40 billion invested in oil, coal and gas. Developing nations have led the pack in financing these projects, underscoring the growing recognition of how the cost of traditional energy sources eat into a country’s GDP, said Konold. “Acting rapidly and ambitiously will not only serve social needs, it is also an economically superior approach to ‘we’ll wait and see’,” he said. Being more aggressive up front, taking more action immediately, “gets more results than being cautious”. The government’s target for increasing the use of renewable energy to 30 per cent by 2030 is a ‘bold’ move, said Konold, as long-term vision is necessary to foster growth in the industry. “If I’m an investor, I know how long this project will be and that lets me know how well it will do for me economically,” he said. “That kind of certainty is important.” Konold is head of the Worldwatch Institute’s assessment of the energy sectors in Jamaica, Haiti and the Dominican Republic, which is aimed at helping the countries reduce dependence on fossil fuel imports. His group will present a low-carbon energy roadmap for Jamaica to the ministry of energy, which will focus on the underuse of natural resources such as solar and wind power. The market alone cannot lead the process, Konold said, underlining how important it is that the Government be streamlined. “Government has to play a very strong role,” he said. “For example, Germany doesn’t have as many natural resources as Jamaica, but renewable energy has succeeded there because of strong leadership in terms of policies.” The group will be back in Jamaica before the end of the year to present their findings to the ministry. The project
NEW YORK – The price of oil is holding near seven-month lows following warnings of a “severe recession” in Europe and easing tensions over Iran’s nuclear program. Benchmark US crude lost 13 cents to US$92.44 per barrel in morning trading in New York while Brent crude added 27 cents to US$109.08 per barrel in London. Oil prices have declined almost every day this month as political changes in Greece and France threatened existing plans to fix the eurozone economy. The Organisation for Economic Cooperation and Development says Europe, which consumes 18 per cent of the world’s oil, could fall into recession this year if leaders fail to stimulate the economy Meanwhile, analysts say Iran‘s oil exports could keep flowing if it lets international inspectors into its nuclear facilities as part of a new deal. By early afternoon in Europe, benchmark oil for June delivery was down 44 cents to US$92.13 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose US$1.09 to settle at US$92.57 in New York on Monday. In London, Brent crude for July delivery was up 14 cents at US$108.95 per barrel on the ICE Futures exchange. Crude has slumped from US$106 earlier this month on fears that global economic growth might slow more than expected this year. In Europe, government austerity measures meant to lower debt have been crippling growth in many large economies like Italy and Spain. Also hurting energy prices yesterday was a rise in the dollar, which tends to push down oil prices by making crude more expensive for investors trading in other currencies. The euro slipped to US$1.2758 from US$1.2793 late Monday in New York, while the dollar rose to 79.77 yen from 79.36 yen after Fitch lowered Japan’s sovereign debt rating. Meanwhile, the head of the International Atomic Energy Agency, Yukiya Amano, said Tuesday that Iran had agreed to let IAEA inspectors to resume their investigation into its nuclear program. On Wednesday, talks are set to start in Baghdad between Iran and six world powers about the country’s uranium enrichment efforts and its suspected intent to develop nuclear weapons. Prices had risen in previous months due to international tensions over Iran, which had threatened to block oil shipments out of the Persian Gulf.
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PRIME Minister Portia Simpson Miller has reiterated her administration’s commitment to the integrated use of renewable energy to develop the economy and eradicate poverty. The prime minister gave the assurance at last Wednesday’s opening of the joint University of Technology (UTech)/German Embassy Sustainable Energy Conference and Exposition at the institution’s Main campus in St Andrew
“The choices we have to make are very clear. The current level of energy consumption is unsustainable,” she said, noting that the introduction of LNG as a part of a short to medium-term plan to diversify the energy supply mix is proceeding apace. Simpson Miller told the gathering of stakeholders in the energy industry, ministry officials and members of the diplomatic corp at UTech’s Alfred Sangster auditorium that a small developing country such as Jamaica cannot expand its productive capacity, attract business and ensure the well-being of its people, with the unprecedented increases in the cost of energy annually. “Next to debt-servicing, the cost of energy represents our greatest outflow of foreign exchange, and the outlook is for this to worsen,” she said. She said the Government has set itself a very ambitious goal to see renewable energy sources making up 30 per cent of the national energy mix by the year 2030. “We have embarked on a clear path for introducing and encouraging the development of the renewable energy sector,” Simpson Miller noted. She said that she will also be closely monitoring energy consumption in the Office of the Prime Minister (OPM) under the Public Sector Energy Efficiency and Conservation Programme, which is in partnership with the Inter-American Development Bank, and is currently underway. Under the programme, government ministries and agencies will have set targets by which they will be required to reduce their consumption. The OPM was one of the first government buildings to be retrofitted. Germany’s Ambassador
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