St Vincent Electricity Company (Vinlec), stands to benefit greatly from a discount on all fuel imports under the revised PetroCaribe program.
On Thursday, Finance Minister Camilo Gonsalves stated that Vinlec will spend 35 percent less on diesel imports.
A move by the government to waive the custom service charge for fuel Vinlec imports was also announced on Thursday.
Vinlec can pass on the savings to businesses and households as soon as the shipment begins, Gonsalves said.
Vinlec will receive more fuel per day with the restart of the program than what they currently use.
“The electricity company uses 500-600 barrels of fuel per day, with the new initiative Vinlec will receive 1000 barrels”.
“The Cabinet will now discuss what to do with the excess fuel. It can include granting relief to drivers, but all of that will be discussed”, the Finance Minister said.
As of March 2020, VINLEC served just over 46,000 customers, making the service accessible to 98% of the population.
Electricity is generated at the Company’s diesel Power Stations that are located at Cane Hall, Lowmans Bay, Bequia, Union Island, Canouan and Mayreau. Approximately 18-20% of electricity is produced annually at the Hydro Plants that are located at Cumberland, Richmond and South Rivers, while our solar farms account for approximately 2% of annual production.
A network of approximately 350 miles of 33kV, 11kV, 400V, and 230V power lines provides electricity to Vinlec customers.
