Senator Carlos James says the planned coming on stream of the geothermal energy project here in St. Vincent and the Grenadines is a hallmark project, which will result in a reduction in the cost of electricity.
Speaking yesterday on the Shakeup program here on WEFM, Senator James said the high costs of electricity here, has been a major obstacle to facilitating private sector investment and growth.
A 2010 World Bank Enterprise Survey had ranked electricity costs as one of the biggest obstacles to doing business in St. Vincent and the Grenadines.
According to Senator James, the development of geothermal energy therefore, is expected to facilitate a more efficient electricity market, and underpin a more enabling business environment.
Senator James said he is happy the government has commenced works towards the development of geothermal here and he looks forward to the realization of it very soon.
The Government of St. Vincent and the Grenadines is partnering with two tried and tested global partners, Emera-a Canadian company with an extensive Caribbean presence in power generation-and Reykjavik Geothermal of Iceland, in regards to geothermal development here.