Regional Energy Talks Focus on Rising Fuel Costs

The Latin American and Caribbean Energy Organization, OLACDE, a regional body that promotes cooperation and efficient energy use across Latin America and the Caribbean, joined the Ministry of Public Utilities, Energy and Logistics for their annual technical meeting today. The event centered on growing concerns over rapidly rising petroleum and electricity prices, and saw the Minister of Public Utilities Michel Chebat respond to questions over the rising costs and the way forward.  

As it relates to a surge noted on electricity bills, CEO Leroy Almendarez explained that May is traditionally one of the hottest months of the year, resulting in increased use of air conditioners, fans, and other electrical appliances across the country. Almendarez noted that Belize imports more than fifty percent of its electricity supply, primarily from Mexico, and those imports rise significantly during periods of extreme heat. According to Almendarez, imported electricity can at times cost as much as one U.S. dollar per kilowatt hour.

It was noted today that the cost of imported electricity is heavily influenced by international oil prices, creating unpredictable fluctuations in energy expenses. Officials also pointed to ongoing global tensions, including developments surrounding the Strait of Hormuz, which continue to affect oil-indexed electricity prices worldwide. As temperatures continue to rise and international energy markets remain unstable, Belizeans are being urged to prepare for continued pressure on electricity prices in the months ahead.