In a significant move aimed at lowering electricity costs and meeting the country’s growing energy needs, Guyana’s Budget 2024 allocates a substantial $80 billion for the advancement of the Wales Gas-to-Energy project.
Finance Minister Dr. Ashni Singh emphasizes the transformative nature of this project, asserting its place as the single most impactful initiative in Guyana’s history.
The gas-to-energy project, set to become operational by the end of the year, receives additional funding to expedite the construction of the flagship 300-megawatt facility.
Minister Singh highlights the importance of associated infrastructure to facilitate the successful implementation of the project.
Looking towards the longer term, the government remains committed to the 165-megawatt Amaila Falls Hydropower Project.
An investment of $1.3 billion is earmarked to complete the mini-hydropower facilities in Kumu and Moco-Moco.
Simultaneously, efforts to increase solar power generation capacity include the advancement of the 0.65-megawatt solar farm in Mahdia, scheduled for completion within the first quarter of the year.
To enhance energy distribution and accessibility, over $350 million is allocated for new mini-grid systems in various areas, including Awarewaunau, Katoka, Maruranau, Nappi, and Yupukari.
In 2024, the distribution of 3,602 solar panels at the household level in off-grid hinterland and riverain communities is planned, with an additional $180 million designated for upgrading primary distribution networks at Ituni, Kumaka, and Kwakwani.
The comprehensive initiatives outlined in the budget, with a total allocation of $95.7 billion for the energy sector, aim to address Guyana’s short-term energy needs.
The overarching goals include doubling the current generating capacity, advancing the transition towards cleaner energy, and revitalizing the transmission and distribution network.
Budget 2024 reflects the government’s strategic vision for a robust and sustainable energy sector, contributing to the nation’s development and environmental goals.