Forum on the Outlook for Natural Gas in the Caribbean
Forum on the Outlook for Natural Gas in the Caribbean
Date: February 13, 2014
Place: Santo Domingo, Dominican Republic, Hilton Santo Domingo
Contact: Diana Rodríguez
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Caribbean countries have traditionally depended upon oil-derived products for the bulk of their energy needs often with deleterious effects. Nowhere is the impact more clear than in power generation. Despite increased attention on diversification and deployment of renewable energy, as well as cut-rate oil imports through the Petrocaribe agreement, the volatility of oil prices has greatly impacted economies of most Caribbean nations. The opportunity for cheaper natural gas supplies afforded largely by the United States’ energy revolution has opened a new chapter for the Caribbean’s energy outlook. According to a recent study by the Inter-American Development Bank (IDB), the introduction of natural gas would decrease electricity prices and result in lower economic and environmental costs for countries of the region. The IDB study identified liquefied natural gas (LNG) as the best option for most Caribbean countries, particularly in terms of the potential created through U.S. gas exports and the growing number of LNG contracts linked to the United States Henry Hub natural gas price point.
This one-day policy forum will assess the implications and outlook for natural gas in the Caribbean basin in terms of energy security, economic development, and the role of natural gas as a cleaner fuel source for the countries throughout the region. Panels will assess how natural gas and LNG fit into the energy diversification efforts and how they can support firm power needs and complement renewable energy deployment. The experience and lessons learned from Trinidad & Tobago’s long natural gas history as well as those in the Dominican Republic with regards to the introduction of natural gas into its energy matrix via LNG imports will serve as important reference points for the discussions.
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