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Date: 11/6/2015
Author(s): Winston Moore, Mika Korkeakoski, Jyrki Luukkanen, Laron Alleyne, Abdullahi Abdulkadri, Noel Brown, Therese Chambers, Orlando Costa, Alecia Evans, Sindonia McKenzie, Dwight Reid and Luis Vazquez Seisdedos
Barbados spends approximately seven percent of annual gross domestic product (GDP) on imported fuel, a significant amount in a foreign exchange constrained economy. In addition, to the foreign exchange burden of imported fuel, the relatively high cost of electricity is a major constraint impacting on the external competitiveness of local businesses. This paper uses a model of long-run energy development for Barbados to evaluate whether there are gaps in the medium to long-run vision for energy development in Barbados. It is expected that the study would be able to identify any potential shortfalls in future energy supply under various scenarios of economic development.