There needs to be “a shift in the culture” at the Fair Trading Commission (FTC) to allow for renewable energy investments to be made to mitigate against the rising fuel prices.
That’s the view of Member of Parliament for St George South Dwight Sutherland who said yesterday during debate on the 2026 Budgetary Proposals and Financial Statement
in the House of Assembly that with global prices soaring internationally by “a massive 66 per cent” resulting from the war in Iran and crude oil prices increasing from US$64 to $106 a barrel, the “elephant in the room” was whether Barbados could afford to continue the “wonderful short-term measures” announced by Minister of Finance Ryan Straughn on Monday.
“This Government, and I credit this Government for putting in place a long-term hedge against rising oil prices and fossil fuel over the past six years, but investment in renewable energy offers protection while we hope to secure low or stable global oil prices. That is the continuous risk exposure.
“Since coming to office over the past six years, there’s been an increase in the number of renewable energy systems licensed to go on the electric grid. My research, as a former Cabinet Minister, I have some of the information, that hasn’t changed much, shows that 135 megawatts of licenced systems interconnect with the renewable energy storage that are yet to be installed on the grid. That’s the elephant in the room . . . and I will list some of them.
“Fifteen megawatts of battery storage approved with tariff and rates by FTC since the first of April 2025. Fifteen megawatts of battery storage approved for Barbados Light & Power to install on the grid, which they can now proceed with, given that their licences have been approved, so they can go and access finance for the project. Where are we with that?
“Sixty megawatts of battery energy storage system – BESS – we know about that . . . . Going through the procurement process currently with RFP (request for proposal) set to be completed by April of this [year] and awarded by the first quarter of 2027,” he said.
Reminding the Lower Chamber that back in 2021 he piloted the Bill “to amend the FTC Act to address renewable energy players in the market and to set rates for renewable energy producers” Sutherland queried the status.
“Today, I am unsure if there exists a comprehensive framework for the licensing application. We require FTC to be more nimble and timely in [the] decision-making process. The lack of the regulatory timelines, in addition to delayed decision making, this impacts large-scale investment in renewable energy sector. That’s the elephant in the room, so there needs to be a shift in culture at FTC.
“Engaging outside of your formal statutory duty to consult does not mean that there’s a dilution or dereliction of FTC’s independence, consult. We are dragging our foot in this area.
They must set timelines to help Government address this major crisis,” Sutherland said. (GBM)