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government portfolios. The growing concern of climate change and the oil price shocks of the recent decades have led to a heighted focus on energy matters. Until recently, the approach generally was based on the maintenance and incremental expansion of existing capacity—which has been diesel, fuel oil, or other distillate. Two notable exceptions are Dominica and St. Vincent and the Grenadines, where geography has allowed hydropower to be used to some extent. The relatively high cost of undersea transmission, the small difference in cost of power from one island to another, the islands’ dependence on imported fuels, and the limited formal dialogue among neighboring independent states around regional energy integration and security (among other reasons) led to island-isolated grids and natural monopolies, with a single utility on each island responsible for production, transmission, and distribution of electricity. The simple production technology and lack of competition meant that utilities largely could pass on their only variable cost— fuel—to their customers via a simple surcharge. As oil prices have increased in the last decade, however, this situation has led to dramatic rises in the price of electricity and increased public concern. As oil prices rose dramatically from 2004 to 2008, a series of bilateral market agreements between each Caribbean state and Petróleros de Venezuela, S.A. (Petroleum of Venezuela) (PDVSA), the Venezuelan state oil company, were established. These agreements, known collectively as PetroCaribe Treaties, have enabled Caribbean states to purchase oil on conditions of preferential payment (PDVSA 2009). Attempts to minimize price volatility have proven more difficult, as the island governments and utilities do not have significant profit margins or financial means to decrease the fuel surcharge. Island governments can reduce the price impact by relieving import taxes on fuels, as was done temporarily in the Bahamas in 2008 (Wilson 2009, p. 21). The only utility confirmed to practice hedging against volatile fuel prices is St. Lucia Electricity Services Limited (LUCELEC), but it only began doing this as part of the normal course of doing business in 2009 (LUCELEC 2009, pp. 14–15). The result of both the Bahamian and St. Lucian efforts to reduce price impacts presently are not known. To address of the need to efficiently satisfy the region’s energy need, in 2008 the Caribbean Community (CARICOM) established an energy program tasked with coordinating regional initiatives in energy-sector development. Thus far, the energy program is drafting a regional energy policy, has assisted some countries with the development of national energy policies, and has sought out both governmental and nongovernmental international development partners for support. The energy program also has developed a framework for the Caribbean Sustainable Energy Roadmap and Strategy (a regional sustainable energy plan), which is meant to be a platform for engaging stakeholders in discussion about potential technologies, investment requirements, and policy gaps. In 2008, the Organization of American States also launched its European Union–funded Caribbean Sustainable Energy Program designed to accelerate the transition toward cleaner, more sustainable energy use in the seven countries being assessed in this study through a comprehensive approach to mitigate the governance and management obstacles (including addressing the need for national energy policies and action plans) that impede the development and use of sustainable energy (renewable energy and energy efficiency) in the region. Several island nations have begun the process of addressing their energy constraints and needs. Barbados, for instance, developed a national energy policy (NEP) in 2007, and Jamaica finalized one along with a national renewable energy policy (in 2010). These policies mandate that the utilities incorporate local energy resources into their integrated resource planning. The policies also call for the diversion of funds to viiPDF Image | Energy Policy and Analysis Caribbean
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