By Delicia Janneire | January 22, 2025
The Gas-to-Energy project is expected to pave the way for the development of new industries as it begins generating power later this year.
This was highlighted by Minister within the Ministry of Public Works, Deodat Indar, during an episode of the program Budget in Focus.
The project, which aims to significantly reduce electricity costs, is projected to stimulate growth in sectors like processing and warehousing.
Minister Indar emphasized that with cheaper power, investing in industries such as milk or fruit processing, which rely heavily on energy for operations like heat exchanges and cold storage, will become more financially viable.
The flagship energy initiative is poised to benefit both commercial and residential consumers.
It is expected to save Guyanese consumers approximately 250 million USD annually.
Businesses, particularly those in energy-intensive sectors, will experience a significant reduction in their electricity tariffs.
Minister Indar explained that businesses currently pay tariffs as high as 56 dollars per unit, but once the power from the gas-to-energy project enters the system, these rates will be cut in half, bringing substantial savings to households and companies alike.
In December, the US Exim Bank approved a 527 million USD loan to support the project, which will mark a key step in the country’s energy transition.