Bahamas News

Billion Dollar Corporation Interested in Bahamas Energy Sector

Bahamas, May 12, 2017 – Nassau – A multi-billion dollar corporation yesterday said it was “very, very interested” in supplying liquefied natural gas (LNG) to Bahamas-based power generators, suggesting “substantial” economic and environmental benefits could result.

George Nemeth, Director of Business Development for AES Corporation, said that the ability to load LNG on to smaller bulk vessels had opened the possibility for his company to supply the Bahamas and other Caribbean nations from its Dominican Republic and Panama hubs.

Acknowledging that more studies were needed to determine the economic feasibility, Mr. Nemeth said the use of smaller vessels meant LNG supply could be tailored to meet the Bahamas’ energy demands.

“The key point for the Caribbean, the islands, which have smaller demand needs, is that we are able to transship from our two locations in smaller vessels that are very economical,” he explained.

“What we hope for, from the island nations and their utilities, is that they explore the alternatives with LNG.”

Speaking after the former Christie administration initiated a secret, hasty search for power generation solutions to aid Bahamas Power & Light (BPL), and reduce energy costs for consumers, Mr. Nemeth said AES was unlikely to be interested in constructing a new power plant in this nation itself.

“Our interest in the Bahamas is more to the supply of LNG,” Mr. Nemeth said. “It’s very, very interesting for us. What creates the interest from our perspective is, number one, what is the real need for the fuel on the island, and what is the economic proposition in the Bahamas?

“It’s very high, because the Bahamas is burning diesel. Gas can compete with the existing fuels burned in the Bahamas. Even if you include the cost of the infrastructure required to burn gas, it should be more economical than diesel.” he explained.
The AES Corporation is a multi-billion dollar, Fortune 200 company that generates and distributes electrical power. They are one of the world’s leading power companies.

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