"Net energy billing or net metering" is an arrangement that allows utility customers to install and operate renewable generating systems for their own use, and receive full retail value for electricity not consumed on site.
"Feed in Tariff (FIT)" is an energy supply policy that promotes the rapid deployment of renewable energy resources. A FIT offers a guarantee of payments to renewable energy developers for the electricity they produce. These payments are generally awarded as long-term contracts set over a period of 15-20 years.
The above-mentioned T&TEC and RIC Acts, governing electricity generation, are currently under review. To this end a UNEP sponsored consultancy was undertaken to develop a Framework for Feed-in-Tariffs. The feed-in-tariff is a policy instrument that is commonly used to support electricity generation via renewable energy sources. For more information regarding this initiative, please see the following link: (Link to: Investors>>Corporations>>United Nations Environment Programme (UNEP)-Pilot Country Project on Feed in Tariffs)
"We all have to sell TT as a sweet spot for green energy," he said. "The country''s potential for green energy is exceptional. If you have the natural capital and the human capital, it has got to be made to work."
"In the south of this country, between Trinidad and Venezuela, there is a wind funnel where it is believed the wind energy on a scale of one-five is about 3.5. Just recently the government put in lidars (light detection and ranging sensors), which are lasers that measure particles that pass above them. Up to 300 metres they could measure the wind strengths."
"To bring this online would take some tens of billions of dollars, but the price of green energy, especially green hydrogen, will be internationally determined. Therefore, development and commercial bank operators will co-operate to put in wind platforms.
"Because the sums of money are so large we are not only talking to the European Investment Bank, we are talking to IADB and CAF. We wish to start this off, the technology is there, we just need to know the science then we need to get the money together.
"The EU initiatives are aimed at mobilising European investment technology and expertise to strengthen critical infrastructure around the world and prioritise renewable energy and energy efficiency," he said.
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