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Belize’s electricity consumption and generation are coupled with population growth (correlation of 93%). Figure 6 shows this correlation. 0.25 0.2 0.15 0.1 0.05 350000 300000 250000 200000 150000 100000 50000 Correlation - Population and Electricity 00 Total Electricity Net Consumption (Billion Kilowatthours) Total Electricity Net Generation (Billion Kilowatthours) Population Figure 6 – Correlation between population and electricity generation-consumption Based on this data, over the course of the next 20 years, Belize will have to increase electricity generation by 80% with regard to current generation levels to satisfy future demand. Exploring alternative options, including energy efficiency, would alleviate the task of meeting growing future electricity needs. Figure 7 shows a forecast scenario of future electricity needs (red line) if conditions remain unchanged. 0.5 0.4 0.3 0.2 0.1 0 Forecast - Minimum electricity needs Total Electricity Net Consumption (Billion Kilowatthours) Minimum Electricity Needs Figure 7 – Forecast of minimum electricity generation to satisfy future demand According to Belize’s Electricity Act, cost of power expense is regulated by the PUC to stabilize rates. For the period July 1, 2007 to June 30, 2008, the reference cost of power was of US$ 0.506 per kWh. For the period July 1, 2008 to December 31, 2009 the reference cost of power was of US$ 0.624 per kWh. Variances between the actual and the reference cost of power are deferred to the Cost of Power Rate Stabilization Account and a cost of power tracking account (CPRSA) established by the PUC as part of an automatic cost of power adjustment mechanism not yet fully implemented. 9 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043 2046 2049 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Billion KWh Billion KWh Thousands of peoplesPDF Image | ENERGY POLICY ASSESMENT OF THE ENERGY SECTOR IN BELIZE
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