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10 Overview of Geothermal Development in the Eastern Caribbean States The five Eastern Caribbean countries in our study have enough estimated potential for geothermal power to meet their baseload demand. Some countries have enough potential to export electricity to neighboring countries. The Eastern Caribbean countries have the opportunity to lower their electricity prices, which are among the highest in the world, and reduce greenhouse gas emissions. The five countries in our study are at different stages of development for their geothermal resources, but overall, the region has advanced slowly towards exploiting its geothermal potential. In the following sections, we provide an overview of the region’s progress towards exploring and exploiting geothermal resources. We start by reviewing the electricity sectors and the legal and regulatory frameworks in the region, to understand the context in which the geothermal projects are being or will be implemented (see Section 10.1). We then present the region’s progress towards exploiting its geothermal resources (see Section 10.2). Other parts of this publication “Realizing Sustainable Energy in the Eastern Caribbean: Achieving an Unrealized Potential” contain a more in-depth description of the electricity sectors in the Eastern Caribbean and their potential for developing sustainable energy. 10.1 Overview of the Electricity Sectors in the Eastern Caribbean Countries Electricity prices in the five countries in our study are among the highest in the world, and therefore reducing electricity prices is the main priority of the governments. Prices are high because the countries are small and have isolated electricity markets that depend on imported fuel oil for electricity generation. The cost of fuel is the largest operating expense for electricity utilities in the Eastern Caribbean, as electricity tariffs move together with oil prices. In many countries, electricity tariffs are indexed to fuel prices, or include a fuel surcharge that passes the cost of fuel directly to consumers. As a result, customers often see high fuel price volatility in their monthly bills. The electricity systems Table 10.1 presents an overview of the electricity systems in the five countries. Separate information is provided for Saint Kitts and Nevis because they are separate islands with separate service providers. The electricity systems in all five countries are small and tariffs are high. Installed capacity ranges from 13.9 MW to 86.2 MW, and peak demand from 9.3 MW to 59.7 MW. All countries produce at least 75 percent of their electricity using fuel oil. On average, fuel costs account for 65 percent of operating expenses for these countries.132 132. Based on DOMLEC, 2014 Annual Report, accessed May 23, 2016, http://www.domlec.dm/index.php/our-company/reports; GRENLEC, 2014 Annual Report, accessed May 23, 2016, http://grenlec.com/OurCompany/AnnualReport.aspx; LUCELEC, 2014 Annual Report, accessed May 23, 2016, https://www.lucelec.com/content/annual-reports; and VINLEC, 2013 Financial Statements, provided by Financial Manager of VINLEC during field visit conducted in December 2014. 75PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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