A proposal to set national goals for getting the country off fossil fuels sounds desirable to many, but the country’s electric regulator is asking how much will that cost?
A bill written by M-L-A Winston Connolly seeks a diesel-free future by 2035 and acknowledges that energy providers will have to make investments in solar, wind and other technologies.
The Electricity Regulatory Authority (ERA) has issued a statement saying it supports the concept behind Mr. Connolly’s motion, however has reservations about the feasibility due to cost.
“The ERA fully supports the final development and adoption of a National Energy Policy by government. Most, if not all, of Mr. Connolly’s resolved items for consideration by government should be covered in such a policy. However the ERA is of the view that any policy needs to be supported by detailed technical and economic analysis before any targets are adopted in order for the plan to be realistically achievable whilst meeting the desired environmental, sustainability, security and economic goals in given timeframes.”
We’ve reached out to Mr. Connolly to see what he can tell us about payback on investment in renewable energies. He told Cayman 27 he’s reviewing the ERA statement right now.