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Energy costs driving away investment, retarding growth — Paulwell

BY CANDIESE LEVERIDGE Online reporter leveridgec@jamaicaobserver.com

Wednesday, July 25, 2012 | 2:49 PM    

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KINGSTON, Jamaica — MINISTER of Science, Technology, Energy and Mining Phillip Paulwell says that without addressing the cost of energy, Jamaica will not see any meaningful growth in the near future.

According to Paulwell, with the current costs of about 30 US cents per Kilowatt/hour, Jamaica will not be able to attract new business.

“We have determined that a range of between 15 to 18 US cents per Kilowatt/hour is a range that we would need for Jamaica to become competitive… that is a substantial reduction from where are today,” he said.

Speaking at the weekly Jamaica House press briefing this morning Paulwell argued that energy was the single most critical issue facing the country.

“The low level of growth over the period from the first energy crisis to now…the average growth rate has been about one per cent, so that energy issue has retarded our growth, I think, over the last 40 years,” he said.

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