- The Minister of Energy and Mines and CUED president highlighted that oil-based power generation has fallen from 88% to below 10%, alongside increased investment.
The Dominican electricity sector has undergone a transformation that has reduced the amount of petroleum derivatives used in electricity generation from 88% to less than 10%, a change that the Minister of Energy and Mines and president of the Unified Council of Electricity Distribution Companies (CUED), Joel Santos Echavarría, described as a “revolution” and an important support for the country’s economic stability.
During an interview at the HOY Economic Meeting, Santos explained that in 2000, 88% of electricity generation depended on oil derivatives, while that share is currently below 10%.
He pointed out that this transformation has come with a significant growth in renewable energies, which currently supply around 25% of the national electricity demand, while the country continues to incorporate new solar and wind generation projects.
Santos stressed that the reduction of dependence on oil also contributes to cushioning the impact of international fuel prices on the cost of electricity.
He explained that, while the country must import fossil fuels, it has resources such as sun and wind to generate renewable energy.
Investment
In the interview, the official highlighted that the electricity sector has become one of the main recipients of foreign direct investment in the Dominican Republic, with more than US$1,000 million annually in recent years, even ranking above tourism in the first six months of this year.
Santos believes the change in the energy matrix constitutes a highly impactful transformation, reducing the country’s vulnerability to petroleum derivatives and contributing to sustaining national economic stability.
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