The News is out and about, dear readers!
Hong Kong based Energy World International held the
No. 2 spot and Energise Jamaica, the JPS Co, Tank Weld Limited and Mussons
Jamaica Limited consortium came in Third after the lengthy Bidding Process.
Azurest Cambridge Power now has fifteen (15) day to submit the US$6.9-million
($703m) Security Bond or Bank Draft and thus seal their claim on the Project.
Azurest Cambridge Power will also have to provide a Security
Bond or Bank Draft for at least 50% of the US$690 million to show that they
have the required money to undertake the project. Clearly Azurest Cambridge
Power will have a problem here…as they don’t have all the money yet!
Otherwise Azurest Cambridge Power will default to the Second place winner as
stated in the article “Azurest
to pay US$6.9m deposit for 360mw Energy project”, published Friday,
September 20, 2013 BY STEVEN
JACKSON Business writer, The
Jamaica Observer.
Interestingly they don’t have the full money or even
all of the Bid Bond upfront. They plan to raise the money via the floatation of
a issue via
Sterling Asset Management from the local and International Bond market. In essence,
we Jamaicans will have to fund their project to the tune of
The
411 on Azurest Cambridge
Power – Power to the People via a Bond Flotation
Azurest Cambridge Power, which plans to invest a
total of US$690 Million over the next five (5) years, is actually a consortium
of what may represent the best of Power Engineering in the United States of America :
1. Cambridge
Project Development Corporation, a US-based engineering and Energy and
environmental consultancy
2. Inergix
Corp, a US-based Energy sector-focused project management consultancy
3. Waller
Marine, a US-based ship engineering company
Azurest Cambridge Power is confident that they can
deliver on the 30% reduction in electricity rates from a high of US$0.42 per
KWh to US$0.20 KWh or possibly close to US$0.10 per KWh as they’ve stated in “Azurest:
We Are Confident That We Can Cut Power Cost”, published Friday September
20, 2013, by Anastasia Cunningham, News Coordinator, The Jamaica Gleaner.
According to this report, they’ve begun negotiations
for the IPP (Independent Power Purchase) Agreement necessary to supply power to
the JPS Co Grid from their soon-to-come-online system, which consist of Power
Barges running on LNG, not much different from the Jamaica Energy Partners who
currently rent the Doctor Bird I and Doctor Bird II Power Barges in Old Harbour
Bay !
As a quick reminder Azurest Cambridge Power is
proposing the following:
Azurest Cambridge Power is pursuing
as their means of financing their project, no different from a Mobile Telecom
Provider. Quite fitting too, that their LNG Power Barge idea can be in essence
considered to be a form of Mobile Power! This is both in terms of the use of
Power Barges and the fact that the LNG will be offloaded from a Regasification
Gas Plant rather than one that located on Land as argued in my blog article
entitled “Samsung
C&T Corp of Korea secured for LNG Regasification Plant and Pipelines -
Jamaican Contractors to Konshens Do Sup'm in National Project to Secure Jamaica
Energy Future”.
Azurest Cambridge Power is thus presenting Jamaicans
with a unique opportunity to OWN our Power as opposed to it being owned by
uncaring foreigners and multi-Nationals. As is the case with JPS Co, currently
owned by a partnership with Marubeni from Japan
and EWP (East West Power) from South
Korea with the GOJ owning only 19% of the
company as stated in the article “Paulwell
wants a bigger stake in 360MW plant”,
published Wednesday April 25, 2012, The Jamaica Gleaner.
Not that they don’t mean well, but as cheaper Electricity
and eventually Energy for everything else is important to Jamaica’s long term
future, we should own it, not foreigners as was originally argue by Minister
Phillip Paulwell as per my blog article
entitled “Phillip
Paulwell wants as bigger stake in the LNG Plant - Mr. Vegas Bruk it Down as
Jamaica Courts Trinidad and Tobago for LNG”.
Thus a of this size, while a very destabilizing procedure
due to the amount of foreign currency it’ll take out of our Economy, is an
indication of the level of investment required to achieve what we want. In
other words, in Jamaican patios “If we waan good, we nose haffi run”!
CCGT (Combined Cycle Gas Turbines)
is a non –issue, as Gas Turbine Engines can eventually be retrofitted to use
Hydrogen Gas in the Future as argued in my blog article
entitled “Senator
Phillip Paulwell chooses LNG over Coal - Power Engineers in Steven King's
Graveyard Shift”.
Energy World International Limited,
one of the bidders Contractor
General) Dirk Harrison as stated in the article “OCG Flays
Paulwell Over Hong Kong Energy Project Bidder”, published Tuesday September
17, 2013 7:07 by Jerome Reynolds, Staff Reporter, The Jamaica Gleaner.
Apparently Energy World International Limited has submitted their bid too late and
because of that, they’d been excluded from the bidding process. Apparently, the
accusation is that Energy World International Limited despite breaking with protocol that
forbids a Minister of Government to interfere with the internal working of a
Public Sector Body. They work with the
Azurest
Cambridge Power! I’m hoping to see the LNG Barges and Regasification Barge
anchored off the Coast somewhere in Jamaica in five (5) years time!
No comments:
Post a Comment