Three weeks passed …
— promised company will produce power at US five cents per kW

KAIETEUR News publisher, Glen Lall, is yet to apologise to the nation after he failed to deliver on his end of a commitment to find an investor who will produce electricity at a cost of US five cents per kilowatt hour for Guyana within three weeks.

Mr Lall, in an interview with Vice-President, Dr Bharrat Jagdeo, on September 13, 2022, told his listeners that “the cost to produce electricity in today’s world is about [US] three cents” but the Vice-President, in pointing out how unrealistic Lall’s estimate is, challenged him to find an investor who would produce at a much higher figure of five US cents instead. Lall agreed to do so and also committed to issuing a public apology for misleading the nation if he failed to accomplish the feat within three weeks.

“So, at five cents per kilowatt hour delivered to the government and if three weeks pass and you can’t get this company,” said the Vice-President and before he could complete his sentence, Lall interjected, saying, “I will apologise to the nation”.

He later agreed to broadcast his apology on his radio station and have it published in his newspapers.

However, five weeks have since passed and the Kaieteur News publisher, who has no formal education in the field, yet styles himself as ‘oil and gas expert’, has shown no evidence of even searching for a company that will produce electricity at US five cents per kilowatt hour for Guyana.

He has so far also refused to apologise for misinforming the nation.

During the interview, the Vice-President, in pointing out that Lall’s claim is not feasible, noted that many countries are building more gas power plants and exploring the market for more oil and gas supplies to compensate for the resources lost as a result of sanctions imposed on Russia.

The Vice-President went on to say that it is clear that the world cannot achieve “net zero carbon emissions” without gas being used as a transitional fuel. This, he said, has been accepted by the US, Europe, and several other nations.

“What you’re speaking of is dated information; you’re talking about eight months ago before COP26. All of this has changed,” Dr Jagdeo said, adding that many of the nations that have attempted to dissuade Guyana and other developing nations from going into this have also begun to invest more in the transition.

“There is unlimited demand,” the Vice-President related. He reiterated that net zero could never be achieved without a transitional fuel and the world has accepted that gas will be that fuel.

“In Guyana’s case, we have decided to monetize this gas and are making an investment that would be paid back from the liquids from the Liquefied Natural Gas (LNG) plant, and will generate enough power which will allow the government to sell it at half of its current price and further have stable power,” Dr. Jagdeo said.

Lall, during the interview, had also claimed that he could build a three-story hospital for $48M but is yet to attempt to show how he will accomplish such a feat.