TCI Looking to Speed up ENERGY TRANSITION 

By Dana Malcolm 

Staff Writer 

#TurksandCaicos, May 15, 2023 – After being whiplashed by massive price spikes at the pumps and on electricity bills last year the Turks and Caicos is acknowledging its energy vulnerability and trying to implement new sustainable practices to safeguard residents from global shocks to the energy sector.

The revelation was made during the recent Caribbean Renewable Energy Forum (CREF) held in Miami on April 26th -28th, Otis Morris, Minister of Home Affairs with responsibility for Energy and Utilities led a delegation to the event.

According to updates via the official government Facebook page; during a CREF Ministerial panel Morris stood alongside other regional counterparts to detail the energy situation locally and address whether the Caribbean was delivering on energy security and climate resilience for the region, two of the regions greatest threats.

“Energy security is a critical issue for the Turks and Caicos Islands which relies heavily on imported fossil fuels for its energy needs. It is no secret that we, just like many other countries in the region, struggle with a higher-than-normal cost of energy,” he continued.  “The Turks and Caicos Islands is on a journey to a sustainable energy future and that journey has not always been a smooth one but we know that fundamental to any success we will achieve will be ensuring a strong regulatory framework is in place to guide the process and that the cost of electricity is affordable for all”.

The lack of a proper regulatory structure was cited as one of the major drawbacks to sustainable energy transition.  The facilitators of a CREF side event: Island Resilience Action Challenge (IRAC 2023) said without strict regulations which provide accountability and transparency about how climate funding is used investors could remain wary of putting cash toward the cause.  A 1 year solution to these issues was presented; it included steps toward accountability, employing consultants and more; placing utility regulators alongside investors to hammer out workable solutions for resilience and resilience funding.

“IRAC 2023 provided a platform for key stakeholders and industry practitioners to work towards SMART goals to overcome critical regulatory barriers for bankable sustainable energy projects.” Zepherinus Norbert, TCI RESEMBID SEP Project Officer explained.

The government provided a subsidy for residents late 2022 to cap electricity prices after bitter complaints about doubling and even tripling bills in summer of that year caused by the rising inflation and fuel shortage exacerbated by the Russian Invasion of Ukraine so sustainable energy sources are desperately needed.

The effect of that geopolitical tension was also discussed, TCIG says, along with ‘the pressure to decarbonize, and the critical need for energy independence.’

Along with Norbert, Morris was accompanied by: TeAnn Thomas, Deputy Permanent Secretary Delano Arthur, Energy and Utilities Commissioner; and Eric Salamanca Energy Analyst.