RESTATING their backing for Guyana’s energy transition endeavours, the executives of the Georgetown Chamber of Commerce and Industry (GCCI) conveyed their belief in the gas-to-shore project during Wednesday’s meeting.

Speaking at a news conference, GCCI’s President Kester Hutson emphasised the significance of reducing electricity costs for economic development.

“When I took the seat of presidency, we recognised that SMEs [Small and midsize enterprises] have been suffering greatly because of not accessing cost effective energy,” Hutson said.
Meanwhile, Senior Vice President, Mr. Richard Rambarran disclosed that the GCCI has done its own analysis and would have had continuous engagements with the government officials.

An engagement with the Minister within the Ministry of Public Works, Deodat Indar was recently held, and this saw technical officials from the ministry and representatives of the Chamber meeting.
“We have done our analysis of it and we are standing on what we analysed about the project,” he said.
In order to evaluate the gas-to-shore project’s viability, Rambarran pointed out that the business organisation had also analysed publicly available data.

He expressed confidence that the government wouldn’t need to subsidise the project’s operations in order to fulfill its pledge to slash energy prices by 50 per cent.
He anticipates power rates will drop by more than half of what they are now as the massive improvement is expected to assist businesses in becoming cost competitive, as power represents 30 to 40 per cent of operating costs.

Meanwhile, GCCI’s Secretary, Ms. Kathy Smith, emphasised the importance of investing in Guyana’s energy future and the impact of energy costs on small and medium-sized businesses, particularly women-owned businesses.

Last week in a letter addressed to Reta Jo Lewis, President of the Export-Import Bank of the United States, the GCCI expressed its endorsement of the project, which seeks funding from the U.S. EXIM Bank.
The initiative, championed by the Guyanese government, aims to leverage natural gas resources to reduce reliance on fossil fuels, lower electricity costs, and promote sustainable energy practices.

Unlike GCCI, other’s share a different perspective, International Lawyer Melinda Janki wrote to the United States Export Import (US-EXIM) Bank to withhold funding for the project.
Janki, on behalf of public-interest litigants, Elizabeth Deane-Hughes and Vanda Radzik, wrote to the bank on January 12, 2024.

At a recent news conference, Guyana’s Vice President Bharrat Jagdeo said Guyanese stand to save over US$100 million per annum as a result of the reduction in electricity prices after the Gas-to-Energy Project comes on stream.

The government of Guyana has applied for funding from the U.S.Exim Bank to support the massive energy project.
The project’s anticipated impact includes contributing to the country’s energy transition, decreasing dependence on fossil fuels, and promoting sustainable practices.