The Caribbean and its geothermal ambitions
New developments in geothermal in the Antilles, Nevis, St. Vincent or Dominica are mainly driven by the staggering costs of diesel power generation in the Caribbean.
In a recent article on Ozy.com, the Caribbean islands are described as “ideally positioned for geothermal energy development”, referring not only to its potentially, but first and foremost on the high cost for diesel-fueled power generation.
There is a significant amount of different projects sprouting left and right in the area, such as the developments in geothermal in the Antilles, Nevis and St. Vincent are trying to bring private geothermal investment for new projects, the European Union is financing a kickstart initiative for geothermal in Dominica among others.
Geothermal is abundant in the region and has great potential yet it has not been developed appropriately until recently. Now thanks to rising costs in fossil fuels such as diesel, being the preferred fuel for energy generation in the Caribbean, other greener and more cost effective alternatives are coming into play. The article mentions that some countries spend up to 15% of their GDP in diesel to fuel power plants, making it a massive drag on the economy, adding a staggering weight of cost and competitiveness.
Even though the costs of drilling for geothermal can be high in some cases, the benefits are also promising in many ways and can help the region steer towards a green energy future.
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Source: OZY Website