Minister Maharaj: Wind Could Power 10% Of T&T
Minister of Trade, Industry and Tourism, Satyakama Maharaj, is urging local entrepreneurs to tap into two major opportunities in Trinidad and Tobago – namely wind energy and the manufacturing of lithium-ion batteries.
Speaking at an AMCHAM ESG Conference on Tuesday, he noted that T&T has untapped potential for wind energy at Galeota, « with wind speeds as high as the most recognisable ones in Morocco, UK, and Texas. »
He said the wind tunnel at Galeota could generate enough green energy to fuel up to 10% of T&T’s energy needs but noted that the high cost of infrastructure had stalled the project.
However, he proposed an idea to repurpose offshore wells, which could dramatically cut costs and fast-track the country’s wind energy ambitions.
« We have entrepreneurs in this country that have gone out, seen the opportunity, recognised this powerful wind tunnel. But the project had failed, never got off the ground because of the cost of erecting the structures. To the entrepreneurs here, do you know there are around 35 abandoned wells in the sea that could be repurposed to put up these turbines and create this energy? You’re not killing any birds, so you’re not going to get any trouble with the PETA people or anything like that. That’s 90% of the cost there. »
The Minister also addressed the future of lithium-ion batteries, explaining that the previous administration had reduced duties to encourage adoption.
« It’s a higher upfront cost, but at least you don’t have the lead going into the environment. So to encourage people to switch from lead to lithium, the previous administration agreed to lobby CARICOM to remove the duty on the lithium-ion batteries, making it less expensive than the lead battery. So people started switching. »
But Minister Maharaj is now pushing for local manufacturing of these batteries.
« So when I came into office, I saw this, you know, and they applied for it to be renewed for another two years. I said, okay, I agree with that, but on the condition – only for two more years – during which time I want someone to start assembling and manufacturing lithium-ion batteries in Trinidad for worldwide export. »
The Minister encouraged this, highlighting that locally manufactured products are exempt from duties, unlike imported goods, which incur duty charges.
