Jamaica's energy sector is set to undergo major transformation this year with initiatives which are expected to considerably slash electricity costs.
Finance Minister Dr. Nigel Clarke, spoke about the changes at Mayberry's Monthly Investor Forum on Wednesday.
“At current levels of oil prices, JPS spends just less than $20-million per month with Petrojam. When that plant is commissioned and kicking, their purchases will drop to less than $5-million.”
The Finance Minister also announced plans to launch an Initial Public Offering, (IPO), for Wigton Windfarm in the first quarter of this year.
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