Future Energy Security for Puerto Rico

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Information about Future Energy Security for Puerto Rico
News & Politics

Published on December 7, 2013

Author: FFrancesche

Source: slideshare.net

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Diversification of Puerto Rico Energy Portfolio in dealing with Climate Change

What will „Future Energy Security‟ look like for Puerto Rico in the face of Climate Change? Federico Sotomayor December 6, 2013 Climate Change, Energy, & Dvlpmt. http://www.caribbeanbusinesspr.com/news03.php?nt_id=632 93&ct_id=1 http://www.elboricua.com/BKPuertoRicoMap.html

Climate Change in the Caribbean “The Caribbean region is a chain of small islands that are vulnerable to the negative impacts of climate change and high oil prices (Charles).”  Increased vulnerability from Climate Change  Sea Level Rise  Tropical Storm intensity (changes in precipitation, air temperature, and air pressure)  Climate change will induce volatility of Oil market (↑ price)  “Due to the absence of local fossil fuel resources, transportation costs and the lack of economies of scale, these regions generally rely on imported petroleum for electricity generation (Shirley & Kammen).”  High Electricity Prices - 26¢/kWh (May 2012)  Wind speeds ↑ magnitude from 2070-98 (Angeles, Gonzalez, Erickson III, & Hernandez)  Net Surface Solar Radiation will ↓ from 2041-55 (Angeles, Gonzalez, Erickson III, & Hernandez)

Political Economy and Collaborative Efforts in Puerto Rico “Innovative alternative energy projects show themselves to be both profitable and significant sources of emissions reduction and job creation [in the Caribbean] (Shirley & Kammen).”  Co-Production Model (Risk Perception)  “In the co-production model of knowledge and policy there is recognition that both the goals of policy and the means of securing those goals emerge out of joint scientific and non-scientific considerations (Hulme p.104).”  Cultural Circuits Model (Science Communication)  “A cultural circuits conception maintains that both senders and receivers of information are jointly engaged in shaping and changing the meaning of message about climate change. Science, ideology, and public audiences become entangled in the web of these cultural circuits (Hulme p.221-3).”

Political Economy of Puerto Rico (cont‟d)  Governor (Green Advocates)  Luis Fortuno  Alejandro Garcia Padilla  Law 22/273  Law 22: Law to Encourage the Transfer of Investors to Puerto Rico  Law 273: International Financial Center Regulatory Act (broadens scope of banking activities)  GEF (Green Energy Fund)  “Through the GEF, the government of Puerto Rico will co-invest up to $290M in the development of renewable energy projects on the island. Starting 2011, $20M will be allocated to the GEF, gradually increasing up to $40M by 2020 - Jose Maeso (Kantrow).”  Renewable Portfolio Standard (RPS)  2015-19: 12% , 2020-27: 15% , 2028-35: 20%  REC (Renewable Energy Credits) – Similar to „Cap and Trade‟ concept  PREPA - Long-term PPOA‟s at 12¢/kWh for Wind and 15¢/kWh for Solar

Puerto Rico Electric Power Authority (PREPA) 2000-16 http://www.bgfpr.com/prcc2012/documents/PRElectricPowerAuthorityPRCC2012PresentationvFINAL.pdf

PREPA Renewable Portfolio Standard (RPS) http://www.bgfpr.com/prcc2012/documents/PRElectricPowerAuthorityPRCC2012PresentationvFINAL.pdf

Finance transition towards Sustainable Development?  Development Finance Institutions  Inter-American Development Bank  US Agency for International Development (USAID)  Caribbean Development Bank  Gov‟t Development Bank for Puerto Rico  International Finance Corp. (World Bank)  Privately Owned Spanish Banks  Banco Popular (John Paulson)  Santander  BBVA

BBVA Investment Portfolio (2012) http://bancaparatodos.com/en/information-on-corporate-responsibility-2012/responsible-banking/responsible-finance/

Pattern Energy: Santa Isabel Wind Farm Location: Santa Isabel, Puerto Rico Capacity: 75-95MW Design: 44, Siemens SWT-2.3-108 wind turbines Cost: $200M http://www.caribjournal.com/2012/10/31/new-puerto-rico-wind-farm-project-begins-operations-in-santa-isabel/

AES Solar: Guayama Ilumina Solar Park Location: Guayama, Puerto Rico Capacity: 20MW Design: 100,800 Photovoltaic Panels (235W) Cost: $100M http://www.industrialespr.org/pages/Portals/0/Presentaciones/AES%20Ilumina%20Presentation.pdf

References  Angeles, M., & J.E. Gonzalez, D.J. Erickson III, J.L. Hernandez. The Impacts of Climate Chnages on the Renewable Energy Resources in the Caribbean. Journal of Solar Energy Engineering. 132.3 (Aug. 2010).  Charles, Don. Prospects of the Development of the Solar Energy industry in the Caribbean. International Journal of Green Economics. Vol. 6, No.1, 2012.  Hulme, Mike (2009). Why We Disagree About Climate Change. United Kingdom: Cambridge University Press.  Marino, John. Puerto Rico Sparks an Energy Revolution. American Planning Association. ProQuest Environmental Science Collection. July 2012: Puerto Rico  Puerto Rico Electric Power Authority (2012). Annual Financial Report. Puerto Rico. Available at: http://www.bgfpr.com/prcc2012/documents/PRElectricPowerAuthorityPRCC2012Prnta tionvFINAL.pdf  Shirley, Rebekah, & Daniel Kammen. Renewable Energy Sector Development in the Caribbean: Current trends and lessons from history. Energy Policy 57 (2013) 244-252.

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