Geothermal energy could be exported, bring in up to $200m annually – Thompson

The Director of Special Projects in the Prime Minister’s Office is confident that the introduction of geothermal energy to St Vincent and the Grenadines (SVG) will not only lower the cost of electricity significantly for citizens, but will also generate up to $200 million in revenue by exporting it to neighbouring islands.{{more}}

Speaking at a renewable energy workshop last Wednesday, Dr Jerrol Thompson said that with geothermal energy plans well on the way, the Government feels that this venture will be a “game changer” for the economy of SVG.

“So, instead of thinking about drilling for oil, we are drilling for the potential of geothermal energy… the value of it is going to be in the region of $150 – 200 million each year – the potential. That we feel is a game changer!” enthused Thompson.

“That, we believe, is the right way to go.”

He explained that not only does the consumption of fossil fuels contribute to climate change and its resulting negative effects on the environment and health, but it also costs the nation some $65 million each year to import.

“Over the last decade we have realized that the cost of energy is just now so beyond our reach that it stymies our whole development unless we are able to do something different. So, that is a major challenge!”

Thompson recalled that SVG was the first OECS country to introduce a national energy policy in 2009; and the first in the Caribbean to have an energy efficiency policy in 2011.

He explained that through these policies, the Government was able to identify 70 government buildings that would benefit from utilizing renewable energy sources. However, due to financial restraints, it has only been able to implement such measure in five buildings.

One such building is the Financial Complex, in which solar panelling, energy efficient lightbulbs and more efficient air-conditioning units were installed.

Thompson noted that before these measures were introduced, the monthly electricity bill usually totalled $60,000. However, afterward, that bill was reduced by a third.

“The eventual goal, as we add additional features… we are hoping that we will bring it down by two-thirds!”

He further observed that the Government has established relationships with organizations such as the Centre for Renewable Energy and Energy Efficiency (CREEE), Latin American Energy Organization (OLADE), the International Renewable Energy Agency (IRENA) and Japan International Cooperation Agency (JICA).

In particular, the Government has received a soft loan of $15 million from IRENA to be used towards renewable energy, which Thompson said he expects will be converted into a grant.

Also giving brief remarks at the workshop was Dr Alston Stoddard, a renewable energy specialist, who provided a brief overview of the project, looking at how St Vincent and the Grenadines (as well as the region) has advanced in terms of renewable/clean energy.

“In the 90s… energy was an issue that took the backstage in our national development. As a matter of fact, the whole issue of energy… started way back, after 1973 when we had the oil embargo.”

He added: “The world was awoken to the fact that one day, the whole issue of energy security would confront every nation – no nation can depend on the fossil fuel based energy. And so, many countries started by developing energy policies. We in the Caribbean were probably the last to start.”

Stoddard said that in terms of the development of renewable energy, SVG is currently behind the rest of the region, but moving to rectify that.

“We are catching up slowly; this workshop today is one of those workshops designed to provide that awareness, to get people to understand the issues – technically and from a quality point of view.

“The Government is moving in an area where one day – and very soon too – a sizeable proportion of our people would be able to invest in some of the technology for their domestic and other uses.”

The afternoon session of the workshop, which was executed under the theme ‘Renewable Energy: towards a sustainable future,’ saw presentations from three visiting lecturers.

Dr Indra Haraksingh, a lecturer in Environmental Physics at the University of the West Indies (UWI) St Augustine Campus, focused on photovoltaic technology and applications for the sustainable development of St Vincent, as well as solar energy thermal applications.

Sandra Britton, a consultant lecturer at the University of Guyana, presented on the transition towards an energy efficient economy; and Dr Graham Ryan, a research fellow (volcano and geothermal geophysics) at the Seismic Research Centre in Trinidad, presented on geothermal energy.

This workshop was the third and final leg of a national project/workshop, facilitated through the UNDP’s Global Environment Facility and the Energy Unit within the Ministry of National Security, Air and Sea Ports Development. (JSV)