Gov’t aims to reduce energy cost by 60%

His Excellency Dr Mohamed Irfaan Ali, President of the Cooperative Republic of Guyana, says the government is committed to significantly reduce energy rates within the next three years.

“The objective here is to bring down the cost of energy in three years’ time by almost sixty per cent. We must have a net surplus of energy; enough energy to develop a proper manufacturing and processing sector, whilst we bring down the cost of that energy by almost sixty per cent,” the President stated.

The Head of State was at the time addressing the 28th Annual General Meeting of the Private Sector Commission (PSC) on his government’s plans for creating an environment that is more conducive to businesses in Guyana.

In addition to having better energy solutions, the focus will also be on delivering timely permit approvals, the President stated.

“The time to get business registrations, electricity connection, water connections; these are what some may consider soft issues but issues that are inhibited to Private Sector growth and development and frustrating to investors coming into Guyana,” the Head of State pointed out.

To boost development, the President said that sustainable energy solutions will be adopted, including the reintroduction of a hydropower project.

“We need to address the issue of energy and the cost of energy. So, we’re committing to having the hydro-project back on the agenda, supported by a natural gas facility and also alternative energy programme for the hinterland and riverine communities.”

The president explained that talks have been ongoing with the Indian Government for a $US10M programme in the hinterland, as his Administration continues to bridge the gap between hinterland and coastal communities.

To further foster private sector development, a single-window system for permit approvals, which will require legislative and institutional change, is on the front burner.

The approval timeline for construction permits will be shortened from the current slothful period of one year to at least three months.

President Ali assured that the Government is focused on positive Private Sector development.

“My Government will facilitate a more robust Private Sector. That brings new investments, expanded production, increased exports, improved competitiveness and stimulates innovation.”