JIS News

Story Highlights

  • Minister Paulwell said that the “significant profit of just over J$210 million earned by state owned Wigton Wind Farm for 2013/14 fiscal year was big boost for potential investors in renewable energy.
  • Wigton Windfarm Limited recorded revenues of J$1.679 billion for the 2013-14 fiscal year representing a 27% increase when compared to the previous fiscal year.
  • Wigton’s operations continue to have a positive impact on the country’s economy and environment as the clean energy generated reduces the country’s carbon footprint.

Science, Technology, Energy and Mining Minister, the Hon. Phillip Paulwell said that the “significant profit of just over J$210 million earned by state owned Wigton Wind Farm for 2013/14 fiscal year was big boost for potential investors in renewable energy and a vote of confidence for the country’s energy diversification programme.

According to the recently released Audited Financial Statements prepared by PricewaterhouseCoopers, Wigton Windfarm Limited recorded revenues of J$1.679 billion for the 2013-14 fiscal year representing a 27% increase when compared to the previous fiscal year. For the similar period, expenses increased to J$1.469 billion recorded in fiscal 2013/14 from the J$1.393 billion recorded in fiscal 2012/13, an increase of 5%. However net profits before tax for the 2013/14 fiscal year was J$210 million which represents an upturn from the previous year when the company recorded a loss of J$68 million.

Throughout the year, Wigton experienced high plant availability at both generating facilities. Wigton Two operated at an availability rate of 97.2% resulting in 63,735,201 kWh being sold to the national grid. At the same time, Wigton One experienced 89.6% availability and sold 56,429,249.00 kWh to the grid.

During the year Wigton supplied a total of 120 GWh to the JPSCo grid with Wigton Phase One exceeding its budgeted kWh production of 52,154,474.18 by 4,274,774.82 with an actual production of 56,429,249.00 kWh. On the other hand, Wighton Phase Two exceeded its production target by 18,340,621.55, of 45,394,579.45 to record production of 63,735,201.00. Total production of the combined operations was 120,164,450.00.

 

Economic Impact

Wigton’s operations continue to have a positive impact on the country’s economy and environment as the clean energy generated reduces the country’s carbon footprint and lessens the consumption of imported fuel whereby lowering the national oil bill. In 2013/14 approximately 93,745 tonnes of carbon dioxide were avoided.

In addition, oil consumption was reduced by 70,687 barrels which resulted in savings of US$7 million on the country’s energy bill.

Over the past 10 years of Wigton’s operation, the wind farm has saved Jamaica close to J$3 billion by reducing oil consumption by approximately 405,687 barrels.

During the previous fiscal year Wigton submitted a successful bid to the Office of Utilities Regulation (OUR) for the supply of electricity generating capacity from renewable energy sources.  As a result, the company began implementing plans to expand its wind farm with an additional 24 MW wind energy plant.

The expansion will be financed with 20% equity and the balance via a loan from the PetroCaribe Development Fund.  The expansion project will provide approximately one hundred and twenty five (125) temporary jobs during its construction phase and three (3) additional engineers will be permanently employed after commissioning.

Projected plant output is 63,072 MWh per year which should further reduce the national oil consumption by more than 37,100 barrels annually and result in yearly savings of approximately J$400 million.

In addition, the increased generating capacity will: Provide power for 31,963 homes (based on average household usage of 1971 kWh/yr.); generate revenue of US$8.4M annually, using a projected rate of US13.3 cents/kWh; earn 45 Metric Tonnes of Carbon Credits annually.

Wigton’s expansion project will contribute favourably to the achievement of the Government of Jamaica’s target of 20% renewable energy input to the national grid by 2030.  The 24MW Wigton III will increase the installed renewable capacity from 7.00% to 9.36%.

Based on a recent national Wind Resource Assessment study, Wigton has identified four locations suitable for wind energy development in addition to its existing operations. The sites are Winchester at the foot of the John Crow Mountains in St. Thomas, Kemps Hill in Clarendon and Rose Hill and Top Lincoln in Manchester.

These locations have combined potential generating capacity of 212 million KWh annually which, if exploited, could reduce national oil consumption by at least 124,706 barrels per year which would trim close to J$1.27 billion off the annual fuel  bill. Of the proposed areas, Rose Hill is already slated for development and is the site for Wigton III.

Wigton is now in expansion mode now that the Power Purchase Agreements (PPA) for Wigton III has been executed. In addition the company continues to pursue the “Verifications for Issuance of Carbon Credits” under the new Emissions Reductions Purchase Agreement.