–private sector says, as plans progress further for 300-megawatt power plant
THE manufacturing capacity of the country will soon be significantly enhanced as Guyana moves ahead with plans to construct a 300-megawatt combined cycle power plant and natural gas liquids (NGL) plant at Wales, West Bank Demerara.
This is the belief of Halim Khan, Head of the Region Three Private Sector Inc. (R3PSi), who, on Thursday said that the project will be a ‘big boost’ to the region.
Cabinet gave its no objection to ranking CH4/Lindsayca as number one for the construction of the 300-MW combined-cycle power plant and natural gas liquids (NGL) plant.
“We have many manufacturing companies here in the region, and this would help to bring down the cost of electricity for residents, and not just for businesses,” Khan said.
With the plant located in one of the central areas in the region, Khan anticipates a big boom in the manufacturing sector.
He said that the region has been recently tapping into the agro-processing industry, but stakeholders have not been able to reach their full potential.
So, in Khan’s view, the much-anticipated power plant will see the region becoming much more attractive, thereby paving the way for large investment opportunities.
Head of the Rupununi Chambers of Commerce and Industry, Daniel Gajie said: “Guyana has waited many decades for a relief in the supply of electricity in terms reliability and affordability. The announcement made today by the President is certainly refreshing and most welcoming.”
He noted that the cost of electricity in the hinterland regions like Region Nine (Upper Takutu –Upper Essequibo) is much higher compared to the coastland.
“We in Region Nine are extremely happy that the cost for electricity will be affordable; the cost to manufacture our goods will be greatly reduced because electricity is a main input item to production,” Gajie said.
During a live broadcast on Thursday, President Ali announced that contract negotiations for the project will begin, in the hope of the project being delivered by December 2024.
In reaffirming the viability of the project recently, former President and current Vice- President, Dr. Bharrat Jagdeo highlighted that the initiative could see Guyana saving approximately US$150 million on power generation annually.
“What this brings is long-term stability to the price, so we are immune from future market fluctuations, especially the upward movement of the cost of the Bunker C and other fossil fuels,” Dr. Jagdeo told a recent press conference.
Once realised, he said, the project could also mean less blackouts, and a more reliable supply of power across the country.