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National Energy Policy: ‘100% renewables by 2045’

National Energy Policy: ‘100% renewables by 2045’

The Government has put renewables at the forefront of its National Energy Policy.

https://www.gov.ky/publication-detail/national-energy-policy-2024-2045

They are summarized in an informative article in the Compass, ‘Here comes the sun? Cayman to go fully solar within 20 years,’ here:

Some of the key goals outlined in the National Energy policy include:

  • 100% renewable energy by 2045
  • 100% of all new vehicle sales and imports will be electric by 2045.

The plan also includes more technical policy decisions that are expected to significantly impact the transition to renewable energy, including safeguards to ensure that small businesses participate in solar energy while encouraging innovation:

  • CUC can be ‘required’ to purchase renewable energy once its price is less than what it currently pays for diesel.
  • OfReg will have the authority to approve sustainable energy projects that it regards as ‘innovative’ without CUC’s approval
  • Utility scale defined at 5MW: This means mid-size projects—more significant than a residential rooftop but smaller than a solar farm—may not be required to go out to an open market tender, opening opportunities for community projects (such as integrating renewable energy on farms, car parks, or warehouse rooftop space) that the regulator can approve without CUC approval.
  • CUC was forbidden from competing on smaller projects: The policy limits CUC to only competing at the utility-scale, meaning those smaller and mid-size projects would go to other local businesses.
  • Right to renewable energy: Consumers will be given the right to produce and self-consume their energy through solar panels and battery storage.
  • New programmes: Regulators must introduce new programmes to help facilitate small—and medium-size projects and utility-scale renewable development.
  • Financing: Facilitating solar power options for low-income households, including through ‘on-bill financing’ – where solar loans can be repaid as part of a monthly power bill