After being left with just “crumbs” from the agriculture and tourism sectors, Barbadians have a real chance to invest and enjoy returns from the burgeoning energy sector, says Minister of Energy, Business Development and Commerce Kerrie Symmonds.
He and other members of his ministry joined his brother Bishop Andre Symmonds yesterday morning at Calvary Temple Community Church in Groves, St Philip, to usher in Energy Awareness Month.
Symmonds said Barbadians will be offered the chance to invest in 125 megawatts of battery storage, a joint venture between Government and the Barbados Light & Power Co Ltd, estimated to be in the region of $200 million in investment.
It will be done via a trust unit, as promised in the Barbados Labour Party’s most recent manifesto, he said.
“That unit trust basically means that you, as an individual, can buy a share, a unit – that unit might be $500; that unit could be $100,” he told the congregation.
‘Pool together’
“Or, alternatively, you can pool together as a church and put in $1 000, pool together as a church and put in $10 000, pool together as a credit union and put in $25 000, $30 000, $40 000.”
The Senior Minister with responsibility for the productive sectors, said it will change the way in which energy is viewed in Barbados.
“When those wind turbines [at Guinea, St John] start selling their power into the Light & Power grid, then Light & Power has to pay you for the energy that is being generated, and you are a shareholder, a unit holder, in the process.
“All of a sudden, energy has a different relationship with you and you have a different relationship with energy, because you can now earn money from that generation that is taking place while you’re busy off at work doing something else.”
He said that previously, Barbadians were not able to enjoy such benefits from agriculture or tourism.
“We don’t want to do this like how we have done all the other things in our economy. You know, every time there’s been a new technology or a new advancement in the economics of Barbados, a few people get all the fruits; other people get a few crumbs, if you are lucky,” he said.
Agriculture, tourism
“You just need to think about the agriculture sector and how you have some large plantations, and then you’ve got some people whose only relationship with agriculture is to do the hard work. And tourism, you have the big, big, big hotels and other people whose only relationship with tourism is to do the hard work.”
Symmonds said 60 of the 125 megawatts were already in train.
On the issue of rising energy and the overall impact on the cost of living, the minister again stated that the current administration had shielded the public from the worse of the crisis caused by wars in both Ukraine and Iran. He said compared to 2025, Barbados spent $90 million more on importing petroleum products between January and September.
“And it tells you something, because you all don’t feel that. You have seen a little increase, yes, at the price of gasoline and diesel, I can see that . . . . I’m going to be very honest with you – that $90 million, about close to $60 million of that $90 million has been shielded by the Government of Barbados.”
He told his listeners to imagine what could have been done with that $90 million given that the island is marketed with a tourism budget of $75 million. (SAT)