Abstract
The energy security of each Caribbean Community (CARICOM) member state is a key issue specifically addressed based on the energy demands of each nation. St. Vincent and the Grenadines (SVG) has the potential to strengthen its energy sector through the exploitation of immense untapped natural geothermal resources. Currently, SVG is planning to integrate base load power through a 10 Megawatt-electric (MWe) geothermal power plant (GPP1). The paper aims to highlight a detailed resource assessment profile of the renewables across SVG and the projected benefits of the proposed 10 MWe geothermal power potential, such as the positive economic development (displacing 149,000 bbls of crude oil), and the transition to a more climate-sensitive nation (displacing an estimated 0.172 million tCO2e/year). In addition, a volumetric method (Monte Carlo simulations) has been applied to reveal that the geothermal reservoir can sustain a minimum of 31 MWe, 34 MWe and 92 MWe over the lifespan of 25–30 years, for well 1 (SVG01), well 2 (SVG02) and well 3 (SVG03) respectively. Given the findings of the assessment and simulations, several policy approaches are identified as potential means of enhancing geothermal resource development and leveraging the resource for the islands’ sustainable energy demands. These include incentivization for public-private partnerships, information certainty, regulatory processes, and strengthened institutions.
Highlights
A shared interest in emerging global economies and nations is that of energy security
This study provides novel insights to enhance the understanding of the St. Vincent Geothermal Project (SVGP) through environmental, economic and electrical grid benefits, power potential analysis and significant policy interventions
Three cases are used to further display the variation of the price per bbl at US$50.00, US$75.00 and US$100.00 accounting for roughly, US$3.74 million, US$5.61 and US$7.48 million/year respectively through a 10 MWe geothermal injection. Future studies on this aspect can be linked to Key Performance Indicators (KPIs) such as Net Present Value (NPV) and Rate of Return (RoR), where a full economic evaluation of the project can be assessed for other potential wells across the island
Summary
A shared interest in emerging global economies and nations is that of energy security. There have been economic winners and losers when factoring the contribution of energy costs into national development agendas, but some countries such as Trinidad and Tobago, an oil-rich nation of fewer than 1.5 million people, has built stability on the exploitation of oil, leading to it to be ranked third for per capita carbon dioxide (CO2) emissions (The World Bank, 2021) Other islands such as St. Vincent and the Grenadines (SVG) did not have the economic buffers of native oil supplies and fuel imports continue to see the country face an electricity rate of US $0.26/kWh (Gay et al, 2018) with little change in recent years. This study provides novel insights to enhance the understanding of the SVGP through environmental, economic and electrical grid benefits, power potential analysis and significant policy interventions
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