FortisTCI pledges $40 Million Investment in transition to ‘Clean Energy’

#TurksandCaicos, October 30, 2021 – The mission for clean energy in the Turks and Caicos Islands, has taken a major leap, with FortisTCI announcing a five-year plan to invest US$40 million in the industry.

Making the discloser at the recent Turks and Caicos Energy Forum, hosted by the company, President and Chief Executive Officer, Ruth Forbes, said the investment is a commitment for the transition of energy to ensure sustainable development.

“The energy future is about electric vehicles and charging stations. It is about innovation and technology to deliver that electric, and we need new ways to fuel our economy, finding the right mix to provide a modernised regulatory framework,” she said, adding that it is without doubt a prerequisite to transform the sector.

The President also called for a “new regulatory framework” for the industry, as it will enable the company to meet customers’ changing demands, as well as bring certainty and transparency to the “regulatory environment and FortisTCI is committed to this transition,” Mrs Forbes stated.

Describing the forum as a national engagement for “our energy future,” that can be different from “what we are today,” she emphasised that for a better future, production of electricity needs to be generated from renewable sources such as wind, biomass, lower corban fuel, and natural gas, among other sources.

She further said the energy sector need to be built on decarbonisation, decentralisation, and digitisation, the (3Ds), which is a response to decarbonise the global economic transition from fossil fuels, to renewables, or lower corban energy sources.

“The 3Ds requires a new approach, they call for significant change in Government policies, regulations, in relationships between Government and utilities, and also partnerships with various stakeholders,” she pointed out.

Mrs Forbes stressed that global temperatures are rising, and everyone faces the impact from rising sea levels, more air pollutions, and more frequent and devasting storms, floods and wildfire.

“Climate Change demands attention and action from all countries, to reduce greenhouse gas emissions, and we recognise that the energy industry is a critical player in corban reduction, and Climate Change mitigation,” she said, noting that there is evidence that alternative sources are having significant impact on carbon emission reduction.

She pointed out that energy security is in “our hands,” and to make the islands less dependable on external sources, where fuels grow the economy, and deliver safe, reliable, and efficient services, “all of this is possible, it requires change from all of us,” Mrs Forbes said.

In stressing that energy is an economic builder and driver, necessary for “our future growth and development,” she said the company recognises its role in building a sustainable TCI, and it is “well placed” to meet the increased demand for electricity.