CREF Market News

In Jamaica, electricity demand is down; residential demand is up

Jamaica’s utility, JPS, reported that while the company has seen an overall decrease in electricity consumption by approximately 2.5 percent in March, residential demand is up by 3 percent. Since the COVID-19 outbreak, many are spending more time at home, and have increased consumption varying five to 50 percent. “People who would have been out […]

Cuba’s electricity consumption skyrockets during pandemic

In the first few weeks of April, Cuban electricity consumers were using amounts of electric power above what is consumed in the summer months. Cuban authorities issued an alert to the population to encourage energy savings. This is happening during a time when many residents are at home due to the COVID-19 pandemic, in combination […]

Gender equality top priority for Caribbean Development Bank

The Board of Directors of the Caribbean Development Bank (CDB) has this week approved the Bank’s new Gender Equality Action Plan 2020-2024 to deepen its work on gender equality in Borrowing Member Countries and in the institution. Building on its investment in gender equality during the last decade, CDB is stepping up its gender responsiveness. […]

BVIEC receives five bids for 2 MW solar and storage project

Following a site visit on December 11, 2019, by twenty-eight global companies, five companies have submitted bids for the Anegada Hybrid Renewable Energy and Battery Storage System Project. BVIEC said the companies who submitted bids and their main characteristics for the project are Advanced Solar Products, MAN-HEG, Power52, Tugliq and Virtual Engineers. The combined Project […]

Belco takeover awaits regulatory approval

The Regulatory Authority is inviting comments through May 4, 2020 from the public on the proposed change of control of utility Belco. Algonquin Power and Utilities Corporation, a Canadian group, has agreed to acquire Ascendant Group Ltd, parent company of Belco, in a deal worth more than $360 million. Ascendant’s board and shareholders have approved […]

Jamaica takes a closer look at pumped hydro

Jamaica has started studying the potential for pumped hydro storage on its electric grid to supply the grid with energy in times of need, as announced by Prime Minister Holness.  The project envisions pulling water from the Middlesex aquifer in St Ann parish and pumping the water to reservoirs at higher elevations. The water would […]

Barbados issues tender for 4.5 MW of solar PV

The Barbados Water Authority is seeking proposals for three PV plants for a total of 4.5 MW of generation capacity plus a 2 MW microturbine. The installations will power pumping stations. Bids can be submitted until March 31.  This additional solar energy will contribute to the island’s goal of 29% renewable energy by 2029 and […]

Cuba to develop renewables roadmap with EU 18m support

In the first dialogue between Cuba and the EU, Cuba stressed the importance of the support of the EU in achieving energy independence. Given the intensification of the US blockade and its impact on access to fossil fuels, alongside Cuba’s commitment to combating climate change, renewable energy will be an important part of Cuba’s energy […]

Jamaica fires up first CHP plant, fuelled by LNG

New Fortress Energy began commercial operations of its gas-fired combined heat and power (CHP) plant at the Jamalco refinery in Halse Hall, Clarendon, and hailed the development as another milestone achievement in Jamaica’s transition to natural gas. “We are thrilled to announce the completion of the region’s first combined heat and power plant,” a company […]