Bridgetown.
Barbados needs to reduce the $400 million it is spending in foreign exchange to purchase oil this is the view of Minister of Energy Senator Darcy Boyce.
Speaking at the third regulatory forum of the Caribbean Electric Utility Service Corporation, (Carilec) at the Hilton Hotel, Boyce said the move to develop the renewable energy sector, is but one way to reduce the outflow.
The Minister said Barbados is in no position financially to subsidize the price of energy, whether from fossil fuel or renewable means.
Boyce said the government intends to permit the integration of renewable energy into the island's economy but made it clear that it is not government's intention to embrace renewable energy, if it will result in higher electricity prices.
H
