energy

Energy dependence and vulnerability are serious issues in the Caribbean, where residents suffer from high and fluctuating electricity costs, frequent blackouts and poor service. Electricity prices are some of the highest in the world, averaging US$0.33 per kilowatt hour compared to $0.09 per kilowatt hour in the United States. Oil reliance is stifling the Caribbean’s economy and the region must work towards diversifying its matrix if it wants to be competitive.

In the latest in power outage to hit Venezuela this year, a blackout on Monday night left a large portion of Caracas in the dark, with other parts of the country affected as well.

Eight Indian companies—OVL, Reliance Industries, Essar Oil, BPCL, Oil India, Videocon Industries, Assam Company, and Indian Oil Corporation—are part of 12 joint ventures in Venezuela, Brazil, Colombia, Ecuador, Cuba, and Peru.

Six people were reported dead after a massive gas explosion at a natural gas storage plant near Puebla, Mexico yesterday.

On September 18, only 11 companies signed up to participate in the auction of Brazil’s pre-salt Libra oil field, one of the largest offshore oil discoveries since 2007. This outcome fell sharply below the Brazilian government’s expectations.

With 68 percent to 70 percent of our exports going to the U.S., Canada clearly cannot lose sight of the importance of our principal market—but we cannot remain static in our own trade initiatives.

The first nine months of Peña’s administration have kept the press busy and all of the country’s eyes and ears focused on what will happen next. He’s been characterized as bold, action-oriented and dynamic but clearly, not a team player.

Likely top stories this week:  Six people die in “La Bestia” train accident in Mexico; Colombia-FARC peace talks resume in Havana; Venezuela and Palestine sign energy deal; Roberto Azevêdo will become the new WTO director; and public consultations on energy reform begin in Mexico.

The conditions for renewable energy in Latin America are favorable. From the photovoltaic potential of the Atacama Desert in Chile to the many rivers that feed into hydroelectric dams in Brazil to the fields of African palm oil in Colombia, developers have been drawn to the region due to a unique geography that offers great potential for renewable feedstocks.

Arguments to watch out for.

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