JPS Co and EWI forge deal to build 360-MW LNG Plant together - The Wolf of Wall Street makes an American Hustle to Energise Jamaica's Energy Future

“The partnership details are now just being worked on, but what it will entail is that JPS will be a joint owner ... ..We would have a percentage ownership of the company”

President and CEO of Jamaica Public Service, Kelly Tomblin in an interview with The Jamaica Gleaner on Friday January 3, 2014 

Now prepare for more good news….or bad news, depending on how you look at it! JPS Co has entered into an agreement with EWI (Energy World International) to build to build the 360 MW LNG (Liquid Natural Gas) Power Plant as reported in the article “JPS/EWI partnership forged”, Published Saturday January 4, 2014, The Jamaica Gleaner. 

I’m guessing that means their previous partnership with   Amourview Holdings Limited,   Mussons Jamaica Limited and Tank-Weld to form Energise Jamaica Limited as originally reported in my blog article entitled “OUR opens 360MW LNG Power Plant Bids as JPS Co forms Energize Jamaica with 3 of the bidders - Friday August 9th 2013 is Jamaica's Power Emancipation Day” will be working to turn thing up a notch and kick this construction project into high gear!

For those with weak memories, EWI won the bid to build the 360-MW LNG Power Plant for approximately US$737 million on the project after successfully posting their Bid Bond as reported in my blog article entitled “360 MW LNG Power Plant and 115 MW Renewable Energy Project Bidders have submitted Bids - Congratulations to the Energy Bidders as Liberated Energy Sector is Power to the People”.

Last year JPS Co (Jamaica Public Service Company), the company everyone loves to hate, entered into an agreement on Friday December 5^th 2013 with EWI (Energy World International) to buy electricity from them at a rate of US$0.12.88 cents per kWh as stated in “JPS, Energy World International make power purchase agreement in 360MW project”, Published Thursday December 5, 2013 11:23 am, The Jamaica Gleaner. Dear reader, this is approximately 56% less than what it usually costs to generate electricity, which is about US$0.30 cents per kWh.

The deal, which was approved by the OUR (Office of Utilities Regulation) back in December 2013, will mean that Jamaicans SHOULD be seeing a 30% reduction in electricity rates by early 2016, assuming the project start NOW and is completed within 24 months as stated in the article “EWI, JPS agree on energy price - Energy minister expects 30 per cent reduction in bills”, Published Friday December 6, 2013, The Jamaica Gleaner.

So this new development is interesting!

Hopefully, it means the plant will be built faster and the same cost reduction will STILL be guaranteed. Now that Solar Power Generators in the form of WindStream Technologies SolarMill, now going mainstream as per their recently signed distribution agreement as reported in “JPS’s big distribution deal”, published Friday, January 10, 2014, BY STEVEN JACKSON Business Writer, The Jamaica Observer, after having sorted out some Engineering Design issues, lower electricity prices may be the possible by New Years 2016!