Leonard N. Enriquez (President, Cambridge Project Development Inc.) speaks at a press conference related to the 360 Megawat project held at the Terra Nova Hotel yesterday afternoon. Kenneth Allen (Managing Director, Azurest Partnes) looks on. - File Leonard N. Enriquez (President, Cambridge Project Development Inc.) speaks at a press conference related to the 360 Megawat project held at the Terra Nova Hotel yesterday afternoon. Kenneth Allen (Managing Director, Azurest Partnes) looks on. - File The Office of Utilities Regulation (OUR) has confirmed at a press conference, a short while ago that Azurest Cambridge Power is the preferred bidder for the 360-megawatt electricity generating project.
The company now has 15 days to submit a security bond to the OUR.
It is also required to provide evidence of its ability to execute the project.
Energy World International was ranked second and Energise Jamaica third.
The process has been mired in controversy and even more questions have arisen since yesterday’s tabling in parliament of a report by the Contractor General, Dirk Harrison.
In the report Harrison that energy minister, Phillip Paulwell’s intervention in the tender process and the acceptance of Energy World International after the deadline that had been set was improper.
Azurest has promised to cut electricity costs by half by 2015 should it be selected.
It has also promised to sweeten the deal with a 1.5 million US dollar investment to go directly towards scholarships and international training for persons in various sectors and towards city beautification.
Addressing a media briefing in St. Andrew last month, managing director of Azurest Partners, Kenneth Allen said the company could take electricity prices down to between 15 and 20 cents per kilowatt hour using gas from the United States.
Currently, the cost of electricity to Jamaica Public Service customers stands at approximately 42 cents per kilowatt-hour.
EWC Price at posting:
46.5¢ Sentiment: ST Buy Disclosure: Held
