A sum of $8.9 billion will be allocated in 2019 to improve the energy sector and GPL will receive $3.6 billion, Finance Minister Winston Jordan said in his national budget presentation on Monday.
“To date, our energy matrix has been almost entirely reliant on imported fossil fuels, creating a high dependency on heavy fuel oils, which results in susceptibility to volatile prices, and contributing to the high cost of electricity. To compound matters, the anticipated rapid expansion of the economy would see our energy demand doubling over the next decade,” Jordan told the National Assembly.
Noting that current energy generation and transmission systems restrict growth and socio-economic development, Jordan said, the government’s Green State Development Strategy envisions the country no longer being hostage to an unreliable, unclean and undiversified energy mix.
