Korea East-West Power Company Limited (EWP) has negotiated a deal with the Jamaica government, which has agreed for Marubeni to transfer 50 per cent of its shares in the Jamaica Public Service Company (JPSCo) to EWP.
Jamaica currently cannot afford modern, efficient plants fuelled by cheaper energy sources, which are its only real route to lower energy costs, said Jamaica’s energy and mining minister Clive Mullings, speaking in support of the deal.
“EWP is wholly owned by the Government of South Korea, and is the largest thermal power company in that country, owning and operating over 9000 MW,” he said.
“Its experience will allow us to pursue the best strategy to significantly reduce the high prices local consumers have to pay for electricity.”
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