Bahamas signs LNG terminal agreement to lower energy costs

• The Bahamian government has taken a major step toward energy reform by signing an agreement for the country’s first Liquefied Natural Gas (LNG) terminal at Clifton Pier. The signing, announced by Prime Minister Philip Davis on March 20, is part of a broader effort to create a cleaner, more stable, and more affordable energy future for The Bahamas.
• The LNG terminal, which will be developed in partnership with FOCOL and Shell, is expected to reduce energy costs, improve the reliability of power generation, and significantly cut carbon emissions by shifting away from diesel and oil. Phase one of construction is set to begin before the end of the year.
• The LNG terminal is part of a multi-pronged energy strategy that includes: Equity Rate Reduction, which has already resulted in 58,000 households paying less than $125 on their electricity bills as of January, Utility-scale solar projects set to launch in Abaco, Andros, Eleuthera, Exuma, New Providence, Long Island, and San Salvador and Utility-scale solar projects set to launch in Abaco, Andros, Eleuthera, Exuma, New Providence, Long Island, and San Salvador.
• Beyond environmental benefits, the LNG initiative is expected to spur economic growth and create new jobs. With the development of a new energy sector, Davis anticipates opportunities for Bahamian workers and businesses to participate in the transition to a more sustainable energy future.
• Davis expressed gratitude to key stakeholders, including FOCOL, Shell, Minister of Energy JoBeth Coleby-Davis, and Attorney General Ryan Pinder, for making the agreement a reality. With this signing, the Bahamas is moving decisively toward energy reform, positioning itself for a more sustainable and cost-effective power future.

(Source: Caribbean National Weekly)