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6 Knutsford Boulevard
For over 85 years, the Jamaica Public Service Company Limited (JPS) has worked steadfastly to satisfy Jamaica's energy needs. Growing from a modest network serving fewer than 4,000 customers in the early years, we have expanded our generation, transmissio ... more
Institute of Chartered Accountants of Jamaica
Jamaica Public Service Company | Meet Our Leaders
Jamaica Public Service Company | Executive Leaders
About The Jamaica Public Service Limited
Dan Theoc - Chief Financial Officer
Dan Theoc - Finance
But, based on current price differentials and the fact that Bogue will only represent approximately 12 to 15 per cent of the generation mix, it is expected that total savings - based on this price differential - will be marginal (less than five per cent), all other things remaining equal, Theoc told the Business Observer.
Spot prices for LNG on the Henry Hub (HH) index registered US$2.82 per million Btu in July after starting the year at US$2.28 in January and falling to US$1.73 in March.
Crude, on the West Texas Intermediate index, started the year at US$30.32 per barrel and crested at US$44.65 in July.
"Unfortunately, we cannot say definitively what the impact of natural gas will be in the future because of the volatility in oil prices relative to natural gas prices," Theoc said.
JPS will be buying natural gas from Fortress under a 20-year exclusive gas supply agreement and they will be responsible for all of the supply chain logistics and infrastructure costs.
That includes the mode of delivery to the island, the frequency of delivery, the storage of the LNG, the regasification and the distribution by pipeline to the property.
Theoc noted, "We will pay for gas based on the Henry Hub Index plus an agreed margin (which we cannot disclose), similar to how we buy fuel today from Petrojam based on the US Gulf Average Mean Index plus an agreed margin."
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