LOCAL MARKET NEEDS. Meeting the needs of the local energy markets will require that attention be given to the following:
1. Reduce energy cost, particularly electricity cost.
2. Upgrade and increase the capacity of the PETROJAM refinery, including increased storage capacity. This will allow the facility to:
i. Lower operations cost
ii. Reduce the volume of imported finished products
iii. Increase the amount of lighter fractions produced thereby increasing efficiency and profitability from each barrel refined, possibly satisfy national needs begin exporting said products
iv. Possibly develop a petrochemical complex that would further increase business opportunities, reduce the importation of certain fertilizers and other products, and earn increased export income. The benefits derived from this operation could be passed on to consumers in the form of lower cost products.
3. Provide low cost funding on concessionary terms to support wide-scale build out of energy efficiency and renewable energy technologies and equipment. The National Housing Trust (NHT) should increase the amount of resources made available to clients for said purpose. Funding through the Development Bank of Jamaica (DBJ) for SMEs11 must be consistent and sufficiently large to achieve the required results.
4. Encourage private banks to become more aggressive in financing renewable energy and energy efficiency projects, be willing to lower interest rates and to modify loan requirements and repayment terms to facilitate the required take-up.
5. Protect the interests of all stakeholders in the energy market. The poor and vulnerable who need energy services to help improve their quality of life must be points of focus. The state must employ measures and policies that incentivize and compel the petroleum marketing companies and tanker drivers and petroleum marketing companies and their franchise holders to improve their relationship and pursue policies that are less confrontational than formerly and which ensures that both parties are justly and adequately compensated for their investments. It must be appreciated that the consumer must not suffer from disagreements between these parties.
6. Require that „watchdog‟ entities such as the Consumer Affairs Commission (CAC), the Bureau of Standards Jamaica (BSJ) and the Office of Utilities Regulation (OUR) are 11 Small and Medium Size Enterprises sufficiently resourced to implement their mandates, particularly consumer protection. Matters such as fuel quality, obtaining ...
