The Cayman Islands will have a modern energy infrastructure ensuring that energy supplies are produced and distributed competitively, safely, reliably, efficiently and affordably supported by a governance framework of effective and responsive regulation, fuel security, environmental sensitivity and sustainable development.
This goal provides the underpinnings of the NEP’s key targets towards environmental sustainability.
Given the overarching target of reducing GHG, it is critical to accelerate the usage of renewable energy from the current 0.9% to70%of total electricity generation by 2037.
Analyses suggests that achieving a minimum level of renewable energy delivered to the electricity supply system of at least 60%is entirely achievable, but in keeping with the aspirational nature of the vision of this Policy, and the expectation that technological developments will drive costs down and open up new technologies, the belief is that, with sustained commitment, 70% is not only a realistic target but the thrust should be towardsattaining100% in electricity generation beyond the life of the Policy. Furthermore, the NEP anticipates DG will be a significant contributor to achieving these targets.
This goal recognizes and promotes the importance of a credible and balanced legal/regulatory framework seeking to ensure that all stakeholders’ interests are considered. Accordingly, investors’ interests should be balanced with the interests of consumers, who are entitled to receive reliable and National Energy Policy efficient services at affordable costs. At the macroeconomic level, the framework shall also be sensitive to adverse consequences of the supply mix on the general price level, economic growth and employment in the Cayman Islands.
The reliability of the national grid is of paramount importance to the integrity of the economy of the Cayman Islands and therefore, even as the target of 70% renewables is being realized, system reliability cannot be compromised. As a consequence, the need to consider investments in options such as transitional fuels, as well as transmission and distribution systems enhancements are recognized in the Policy as important strategies.
Analyses suggest possible limitations in the availability of acreage for renewable energy generation development. However, careful assessment of available lands (including landfills and mined-out quarries, as well as available roof tops), should yield a sufficiency of sites conducive to the development of utility-scale and DG opportunities.
In the medium to long term the development and application of viable alternatives and emerging technologies such as OTEC must be pursued, as these could in the long run become real options and substitutes for what may be a diminishing access to the development of renewable energy resources requiring significant acreage.
Each Goal is supported by a comprehensive set of Strategies and the Policy is organized such that specific strategies are identified as mission critical in seven (7) sectors. Strategic aims associated with each of the Strategies provide further detail regarding the initiatives to deliver on the established goals.