Gas to Power & Implications for Economic Diversification in Guyana 

Abstract

Due to Guyana’s poor electrical infrastructure and vulnerable energy supply, Guyanese experience an average of 31 days of power outages per year. there is little to no access to the electricity grid in the hinterland regions. To further compound the problem future required generation capacity is estimated to double by 2035, without accounting for the power needs of oil production. We discuss the implications for Guyana’s economic development of the proposed gas to shore project which aims to increase peak generation capacity to 400 megawatts as compared to last year’s peak of 135 megawatts.

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Presenter

Dr. Justin Ram,

Justin Ram Advisory, CEO & Former Director of Economics at the Caribbean Development Bank

Panelists

Dr. Lorraine Sobers, University of the West Indies

Roger A. Kranenburg, Eversource Energy, CFA

Dr. David E. Lewis, Caribbean Policy Consortium & Manchester Trade Ltd. Inc. (Moderator)

Dr. Terrence Blackman, Medgar Evers College at the City University of New York, Guyana Business Journal (Moderator)

Key Quotes

  • “The benefits far outweigh the downsides. The benefits of having a stable, reliable electric grid can really transform Guyana.” – Dr. Terrence Blackman
  • “There is no reason, why in the next 5-10 years, Guyana does not develop the most modern, technologically advanced utility in, not only the Caribbean, but globally speaking.” – Dr. David E. Lewis
  • “Natural gas can support and complement the process of changing the energy mix to renewable and sustainable sources. It is important to see natural gas as the bridge to renewables and Guyana’s Low Carbon Development Strategy.” – Dr. Justin Ram
  • “The use of natural gas for power generation, we really have the opportunity to have broad based benefits being enjoyed throughout the economy.” Dr. Justin Ram
  • “I see huge benefits to this, Guyana should get going on the project. The biggest pitfall that I can see is inaction. The near term benefits are so immense.” – Roger Kranenburg
  • “The technological risk is very low, these things are already very well understood and are being done all over the world.” – Roger Kranenburg
  • “Guyana is an incredible carbon sink. There is great value in being able to say that Guyana’s products are net zero or carbon neutral.” – Dr. Lorraine Sobers
  • “Bringing gas to shore is definitely exciting. It’s a part of the energy mix and it’s a fair energy mix for Guyana in addition to hydro and solar. It’s much cleaner than what we have in place right now.” – Dr. Lorraine Sobers

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