After years of waiting it appears OTEC Cayman still won’t get off the ground just yet.
This as Cayman’s energy regulator says the energy rate being proposed for the project was too high for consumers here.
The issue was raised by East End MLA Arden McLean as he put the heat on OfReg in the Legislative Assembly last Thursday (22 November.)
OfReg Executive Director for Energy Gregg Anderson said while the project is good on paper the cost to consumers is not economical.
But he said the project has not been rejected outright.
“We want them to propose a rate that is going to be acceptable to consumers. Our goal at this point in time is that the rates that we want to see as a yardstick for consumers have divided the cost of fuel or preferably less,” Mr. Anderson said.
OTEC Cayman has been on the cards for some time. The project had proposed building a floating power platform off the north shore. The aim is to create steam-generated electricity.
Mr. Anderson said careful consideration still needs to be done.
“We do not want to put ourselves in a situation where we are going to introduce a renewable source that has not been commercially proven that it is going to increase the cost of electricity to consumers, as opposed to driving it in the opposite direction,” Mr. Anderson said.
He said OfReg is committed to reviewing alternative energy sources for Cayman.