The Utility Regulation and Competition Office, known as OfReg, is asking for public feedback on a new auction scheme for renewable energy.
According to a news release, the agency said the renewable energy auction scheme is designed to increase the use of alternative energy while maintaining stable energy costs to consumers.
The proposal calls for potential bidders to first submit a statement of qualifications. That would be followed by a call for qualified bids on specific projects.
Once bids are awarded, the chosen companies would sign a purchase agreement with the Caribbean Utilities Company for the guaranteed purchase of all generated electricity at an agreed-on price, for the duration of the contract.
The OfReg statement said the proposal “will contribute to Cayman’s transition to low carbon and environmentally sustainable energy supplies, in line with the National Energy Policy (NEP) goals”.
As more renewable systems come online, it said, more homes will be powered by clean energy, providing more rate stability for consumers. The new scheme will help the Cayman Islands achieve its national goal of generating 70% of its energy through renewable sources by 2037.
The new scheme is set to be in place until 2045, or until Cayman reaches that 70% goal.
A full copy of the consultation document can be found at the following link: https://bit.ly/2n4p9PQ.
Submissions should be made in writing and must be received by 5pm, 21 Oct. 2019.