Caribbean Utilities Company’s plan to wean off fossil fuels and support renewable energy integration to the Cayman Islands’ electricity grid was approved by OfReg, the islands’ utilities regulator.
The Integrated Resource Plan (IRP), which aims to introduce natural gas and increasing the storage and baseload of renewable energy generation projects, was prepared by energy industry consultants Pace Global after a wide public consultation on Grand Cayman. The IRP recommends a diversified portfolio of energy sources with almost 60% of electricity generated from renewable and clean energy sources, which will result in more stable energy prices.
“The future supply mix reduces green-house gas emissions by 68% in 2030, meeting the Paris Accord climate targets and in line with goals of the Cayman Islands National Energy Policy”, said CUC President and CEO Richard Hew. “Importantly, this can all be achieved while maintaining a highly reliable grid.”
The CUC has already begun using a solar plant in Bodden Town, recently acquired by Virgin Group’s BMR Energy. Bruce Levy, CEO of BMR Energy, commended the plan, stating that “Cayman is an island that has announced its plan to move towards a renewable energy supply and we want to be there to help them do that.”
“We now look forward to playing a lead role in the stable transformation of our grid to largely renewable energy sources and to delivering the associated economic and environmental benefits to electricity consumers and the general public,” Mr Hew added.