A new part 1C has been added to the Third Schedule part 1 of the GCT Act for energy saving devices:
1.
KINGSTON, Jamaica
JPS president and CEO, Kelly Tomblin. – File
Monopoly power distributor, the Jamaica Public Service Company (JPS), has reported a two-thirds drop in its annual net profit to US$12.7 million (J$1.18b) following flat sales last year.
Kelly Tomblin, JPS president and CEO, all but blamed the losses on “reduced consumption, at least for paying customers”. She spoke at the Jamaica Chamber of Commerce forum on energy at the Knutsford Court Hotel in Kingston.
JPS revenues dipped by almost US$12 million to US$1.14 billion (J$106b) for the year, according to financials published on the Jamaica Stock Exchange.
Dividend payments to its Asian and Jamaican owners were slashed year-on-year resulting in a more than 200 per cent rise in cash to US$27.7 million for its year ending December 2012.
The power utility paid out US$5 million in ordinary dividends compared with US$44 million a year prior when net profit amounted to US$34.35 million.
The utility is owned by Japan’s Marubeni Corporation, 40 per cent; South-Korea-based Korea East-West Power (EWP), 40 per cent; Government of Jamaica, 19.9 per cent; while 3,000 shareholders own the remaining 0.1 per cent of the shares.
EWP became a shareholder in April 2011 when it acquired the 40 per cent stake previously held by Abu Dhabi-based TAQA.
The company recorded a slight increase in fuel costs which totalled US$777 million for the year ending December 2012, compared with US$765 million in the prior year. Such costs are usually passed on to customers.
Working capital also increased to US$147 million from US$139 million year-on-year.
Equity increased US$7.6 million to US$387 million year-on-year.
The cost of fuel, as well as old inefficient plants, has weighed on the company’s service delivery and its bottom line. JPS has presented Government with its own proposal to develop a new energy plant but has not disclosed the proposed fuel mix.
The OUR says it will respond to that proposal, as well as others from potential investors in renewables, in March.
business@gleanerjm.com
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JPS president and CEO, Kelly Tomblin. – File
Monopoly power distributor, the Jamaica Public Service Company (JPS), has reported a two-thirds drop in its annual net profit to US$12.7 million (J$1.18b) following flat sales last year.
Kelly Tomblin, JPS president and CEO, all but blamed the losses on “reduced consumption, at least for paying customers”. She spoke at the Jamaica Chamber of Commerce forum on energy at the Knutsford Court Hotel in Kingston.
JPS revenues dipped by almost US$12 million to US$1.14 billion (J$106b) for the year, according to financials published on the Jamaica Stock Exchange.
Dividend payments to its Asian and Jamaican owners were slashed year-on-year resulting in a more than 200 per cent rise in cash to US$27.7 million for its year ending December 2012.
The power utility paid out US$5 million in ordinary dividends compared with US$44 million a year prior when net profit amounted to US$34.35 million.
The utility is owned by Japan’s Marubeni Corporation, 40 per cent; South-Korea-based Korea East-West Power (EWP), 40 per cent; Government of Jamaica, 19.9 per cent; while 3,000 shareholders own the remaining 0.1 per cent of the shares.
EWP became a shareholder in April 2011 when it acquired the 40 per cent stake previously held by Abu Dhabi-based TAQA.
The company recorded a slight increase in fuel costs which totalled US$777 million for the year ending December 2012, compared with US$765 million in the prior year. Such costs are usually passed on to customers.
Working capital also increased to US$147 million from US$139 million year-on-year.
Equity increased US$7.6 million to US$387 million year-on-year.
The cost of fuel, as well as old inefficient plants, has weighed on the company’s service delivery and its bottom line. JPS has presented Government with its own proposal to develop a new energy plant but has not disclosed the proposed fuel mix.
The OUR says it will respond to that proposal, as well as others from potential investors in renewables, in March.
business@gleanerjm.com
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Phillip Paulwell
Daraine Luton,
The Office of Utilities Regulation (OUR) has given the Jamaica Public Service Company (JPS) until March 15 to submit the details of an alternative proposal for supplying 360 megawatts of power to the national grid.
Earlier this month, the OUR had announced it had ended the request for proposal process with the JPS for the 360 megawatts power plant.
A day after missing the January 30 deadline to provide final details of how it would undertake the project, the JPS had made an alternative proposal to the OUR.
But in a release last night the OUR said the company
The Office of Utilities Regulation (OUR) has given the Jamaica Public Service Company (JPS) until March 15 to submit the details of an alternative proposal for supplying 360 megawatts of power to the national grid.
Earlier this month, the OUR had announced it had ended the request for proposal process with the JPS for the 360 megawatts power plant.
A day after missing the January 30 deadline to provide final details of how it would undertake the project, the JPS had made an alternative proposal to the OUR.
But in a release last night the OUR said the company
Jamaica Public Service Company will not bid on the 115 MW renewable energy project, says energy minister Phillip Paulwell in an advisory meant to allay fears that prospective investors would have to compete with the monopoly power distributor.
Additionally, the one per cent bond imposed on bidders will now be applied after the selection of qualified bids.
The adjustment followed complaints from the Jamaica Solar Energy Association that the upfront proposal costs were too high – ranging from just under US$1 million to as high as US$2 million, according association president Roger Chang.
The bid deadline has also been extended two months to June 2013.
More than 80 investors have already indicated interest in the project. They complained at a mid-January meeting with the OUR that, were JPS to participate in the project, the power utility, which controls the national grid, could easily under-bid them.
business@gleanerjm.com
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Phillip Paulwell
Arthur Hall,