The Jamaica Public Service Company Limited and a consortium of companies led by Fueling Tech Incorporated (FTI) International Group have entered into an agreement to bring natural gas to the Bogue Power Station in St. James. The main objective of the the project is to reduce the price of electricity to consumers by fuel diversification.
This development is in keeping with the Memorandum of Economic and Financial Policies ‘IMF Agreement’ (MEFP ¶17) which outlines the strategic investments that the Government of Jamaica have committed to implement. Specifically the section that says the Government is to implement energy sector initiatives to achieve fuel source diversification, facilitate energy conservation and promote liberalization in delivery to achieve progressive reduction in the cost of energy.
Read more about the JPS Natural Gas Deal here and diG even further for more details from the IMF Agreement on the government initiatives for the energy sector here.
For more information on the IMF Agreement check out diGJamaica’s IMF Special Report. Fueled by research it is the first and only online information portal about Jamaica’s relationship and interaction with the IMF, providing valuable news, data, timelines and resources.