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2010). Electricity generation with about 50% and transportation with over 30% are the two largest consumers of the imported fuel, whereas the fossil fuel combustion for electricity generation accounts for 74% of all CO2 emitted by the country, with transport contributing 14% (Energy Policy Committee 2006). In 2006 the energy consumption per capita was 1,451 kg oil equivalent (Sealy 2007). 4.1.1 Energy Market Actors Electric Utility The company Barbados Light & Power Company Limited (BL&P) is an investor owned electric utility and is in operations since June 17, 1911. With 63%, the main part of the shares belong to Barbadian investors (the largest is the National Insurance Board with 28%) and the remaining 37% belong to the Canadian International Power Co. Ltd. The electricity supply network serves the entire island, with only a few exceptions. The electricity is supplied by diesel generator plants, and most of the electricity is produced from the least expensive residual fuel oil (BL&P 2010a). Some locally available natural gas is burned in the steam boilers but this accounted for less than 1% in 2008 (BL&P 2009a). BL&P has a license till 2028 and has a monopoly for power production, transmission and distribution (Loy 2007). The Barbados electricity market is not liberalized and open for new entities yet. Regulatory Agency In January 2010 The Fair Trading Commission, a regulatory agency, was established to “Safeguard the interests of consumers, to regulate utility services supplied by service providers, to monitor and investigate the conduct of service providers and business enterprises, to promote and maintain effective competition in the economy and for related matters” (Fair Traiding Comission Barbados 2009, p.3). Governmental Institutions The Ministry of Finance, Economic Affairs and Energy is responsible for decisions regarding natural resources, public utilities, the National Petroleum Corporation and the Barbados National Oil Company (Loy 2007). Besides that, the Ministry is gearing toward “promoting energy conservation practices and the use of renewable energy technologies, where possible, and becoming self-sufficient in oil and gas production; plans to develop Case Studies 28PDF Image | CARIBBEAN RENEWABLE ENERGY DEVELOPMENT PROGRAMME
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