Trinidad and Tobago Leads Oil & Gas Industry in the Caribbean Region, Claims GlobalData
14 Jun 2013 • by Natalie Aster
Trinidad and Tobago is the leading producer of oil and gas and net exporter of petroleum products in the Caribbean region. Natural gas is the primary fuel for power generation in the country. The power sector is regulated and the government-owned Trinidad and Tobago Electricity Commission (T&TEC) has a monopoly in the transmission and distribution system, whereas power generation is dominated by Independent Power Producers (IPPs).
According to the report “Snapshot of Trinidad and Tobago Power Market 2012” by GlobalData, Trinidad and Tobago is totally dependent upon natural gas for power generation. The government of Trinidad and Tobago is currently in the process of developing renewable energy as a source for power generation. Notwithstanding the importance of the country’s hydrocarbon reserves for long-term economic growth and development, the government recognizes renewable energy as a clean source of electricity production. The increased use of natural gas as a prime source to meet growing energy demand has resulted in increased greenhouse gas emission. The deployment of renewable technology could enable the country to mitigate climate change issues.
Considering the importance of petroleum reserves for long term economic growth and the global threat of climate change, the country is looking to develop renewable technologies for power generation. The development of renewable technology in the country is currently in the nascent stages. A number of initiatives and pilot projects were undertaken in the past, focusing primarily on solar and wind.
Snapshot of Trinidad and Tobago Power Market 2012
Published: June, 2013
Price: US$ 500.00
More information can be found in the report “Snapshot of Trinidad and Tobago Power Market 2012” by GlobalData.
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