High Energy Costs a Threat to the Economy says TCI Premier at FortisTCI Energy Forum

#Turksandcaicos, October 26, 2021 – Premier of the Turks and Caicos, Hon. Charles Misick says the islands could have a comprehensive legislation governing the alternate energy sub-sector by the end of the fiscal year.

Addressing the recent inaugural Turks and Caicos Energy Forum, hosted by FortisTCI, and held under the theme “The Future of Energy in the TCI,” Mr. Misick said the focus was appropriate, and two days were recently spent looking at regulatory issues for the industry.

He added that FortisTCI is collaborating with the Government for the “modernisation of the regulatory framework, to suit the technological advances in renewable energy, while addressing the challenges and issues related to Climate Change,” he said.

The Premier said the issues are top priority for his administration, as alternate energy is “so important to our future, and our economy, that it needs to stand on its own. We made a strategic decision to put in place a separate and interconnected legislation that speaks of alternate energy, so we can focus our attention on it,” he said.

Underscoring that the partnership with the power company signals the Government’s commitment to the integration of renewable energy sources into the power grid, Mr. Misisk said it has a dual aim of reducing the cost of electricity and reducing negative environmental impact.

While stating that investments in renewable technologies should be “scaled up,” he said over the coming years, most of the additional demands for new electricity will come from low- and middle-income countries, and the TCI is part of that group.

“We have the opportunity now, to ensure that much of the new power supply will be provided by low carbon sources,” delivering cheap electricity power from renewables, the Premier outlined.

That type of energy source, he stressed is not only an opportunity to reduce emissions, but also to achieve more economic growth, particularly for the “most vulnerable in our communities,” he said.

The Premier told the Forum the Government is ensuring that sector is regulated to deliver affordable electricity, protection of the environment, and provide “tangible returns” to investors.

While lauding the organisers for the first of its kind, Energy Forum, Mr. Misick labelled it as timely, noting that the Turks and Caicos Islands  is one of the most expensive destinations in the world, in terms of electricity cost, stressing that there should be a vested interest in discovering all kinds of systems and strategies to make sure that energy cost is driven down, because it is a threat to the economy.