THE Prime Minister is seeking coastal locations for wind farms around TT as he pushed a mix of renewable energy, hydrocarbons (oil and gas) and green hydrogen, addressing the Energy Conference hosted by the Energy Chamber at the Hyatt Regency in Port of Spain on Monday.
Noting global uncertainties over energy demand, production and price, Dr Rowley vowed a balanced approach to managing TT's energy resources, declaring, "as a Government we are doing our part."
He cited the findings of Government's Roadmap for a Green Economy launched last November with the IDB and National Energy.
"Of all the potential renewable energy sources in TT, offshore wind offers the largest potential for the country with a projected output of approximately 25 gigawatts of levelised energy. The initial goal of the roadmap is the establishment of a wind pilot project, demonstrating visible end-use applications of green hydrogen in TT." Green hydrogen burns to produce just water and carbon dioxide as end products and it is "green" if it's production by the splitting of water molecules (by hydrolysis) is powered by renewable energy such as sunlight, known as solar power.
"Towards this end, the Ministry of Energy in collaboration with National Energy and the European Union will be conducting a National Wind Resource Assessment, to identify potential sites for wind farm development in TT."
Rowley gave figures to suggest TT as an energy producer has had a good past year with good production levels of hydrocarbons alongside high global prices for oil, gas and petrochemicals. However the future was a bit more complex with predictions of a high demand for energy, yet at lower prices.
Rowley said the US Government's Energy Information Agency (EIA) has predicted a 50 per cent rise in global energy use by 2050, largely from Asia.
He said the global energy supply now included 27 per cent liquid fuels (crude oil derivatives), 27 per cent renewables, and 22 per cent natural gas, (with the remainder presumably nuclear power and coal.) The World Bank, he said, predicted global growth will fall from 2.9 per cent in 2022 to 1.7 per cent in 2023.
[caption id="attachment_997355" align="alignnone" width="1024"] Prime Minister Dr Keith Rowley, second from left, visits one of the many booths on display by energy-sector companies at the TT Energy Conference, Hyatt Regency, Port of Spain on Monday. Photo by Sureash Cholai[/caption]
Likewise, the IMF predicted a drop from 3.2 per cent in 2022 to 2.7 per cent in 2023.
Rowley said global volatility in energy prices had reduced energy revenues within TT's GDP from 46.8 per cent in 2011 to 26.8 per cent in 2021., but expected to rise to 33.7 per cent for 2022 due to new major upstream projects and buoyant prices.
"However for 2023, the outlook is not as buoyant as oil and gas prices are predicted to be average to moderate, due to the global economic slowdown, tight hydrocarbon markets and OPEC’s conservative production strategy."
He said the EIA predicted the WTI oil price will fall from US$95 la
