A new energy strategy will be presented during the current fiscal year, as Government moves to transform the sector to improve the country’s competitiveness.
Governor-General, His Excellency the Most Hon. Dr. Patrick Allen, delivering the Throne Speech to open the 2009/10 Parliamentary Year in Gordon House this morning (April 7), said that work carried out last year in assessing the feasibility and availability of alternative energy sources and the appropriate energy mix, would form the basis of the strategy.
As part of the move, a Special Task Force was established to evaluate the bauxite plants, in terms of identifying the changes that must be made and investment required to achieve global competitiveness.
Dr. Allen said that although investments in new solutions would take three to four years for fruition, the process must begin this year.
“The shutdown of three of our four alumina plants in the face of the weak global demand for aluminum emphasises the need to address the inefficiencies inherent in the bauxite/alumina industry,” he pointed out.
According to the Governor-General, identifying alternative energy sources, would address the increasing cost of oil, which was a major obstacle to efficient production and competitiveness. Last year, a barrel of oil peaked at more than US$120, pushing up prices of commodity goods and petrol in the island.