Government is simultaneously negotiating with the Barbados Light and Power Company for a renewal of its license to generate and supply electricity while putting in place new laws to break the BL&P’s effective monopoly on power generation in this country.
This was outlined by Minister of Energy and Water Resources, Wilfred Abrahams, as he introduced in the House of Assembly today amendments to the Electric Light and Power Act.
He told Parliament that while BL&P’s current license has another ten years to run before it expires, the license is being renewed now to give the company the confidence it needs to invest the large sums required to upgrade its aging power grid. He says that as much as $200 million in new investment is being held up.
But the opportunity is also being taken to amend its operating framework to suit changing times where renewable energy will become more prominent with many players local and foreign keen to get involved.
Mr. Abrahams spoke of plans for a massive increase in renewable energy production and use in Barbados supplied by multiple players.