Gas-to-Energy Project Set to Slash Electricity Costs in Half, Prime Minister Affirms Progress
Prime Minister Brigadier (Ret’d) Mark Phillips provided a promising update on the long-anticipated gas-to-energy project, confirming that it remains on schedule to meet its deadline.
Speaking at an end-of-year press conference on Monday, the Prime Minister assured the public that the project is progressing smoothly, and electricity generated from the initiative is expected to begin flowing in the third quarter of 2025.
The gas-to-energy project has been hailed as a landmark development for Guyana, with the goal of significantly reducing electricity costs for consumers.
When asked about the project’s timeline, PM Phillips confidently stated, “The simple answer is yes, we are on track.” He explained that much of the necessary equipment for the project is already in the country, with some additional materials on their way. “It’s just a matter of putting everything together,” the Prime Minister added.
Once operational, the gas-to-energy project is expected to have a transformative impact on the country’s energy sector. According to Vice President Dr. Bharrat Jagdeo, the initiative will provide massive financial savings for consumers. He noted that once completed, the project will save Guyanese $250 million U.S. dollars annually by significantly lowering electricity rates.
Currently, the price of electricity in Guyana stands at approximately $0.22 per kilowatt-hour, but with the gas-to-energy initiative in full operation, the price is set to drop to $0.11 per kilowatt-hour—effectively halving the cost.
This drastic reduction in electricity prices is anticipated to ease the financial burden on households and businesses alike, contributing to greater economic activity and improved living standards across the nation.
The project’s benefits extend beyond cheaper electricity. Vice President Jagdeo also highlighted the potential revenue from gas liquids produced during the energy generation process. Byproducts such as cooking gas could generate an additional $250 million annually if sold at current market prices, further bolstering the country’s economy.
The pipeline installation for the gas-to-energy project was completed in 2024, marking a significant milestone. Looking ahead, the government expects the integrated gas processing facility to be completed by the fourth quarter of 2025, with a partial start-up planned for earlier in the year.
As the project moves forward, it is clear that this initiative will play a pivotal role in shaping Guyana’s energy future, offering a solution to high electricity costs while opening up new economic opportunities for the country.
With the government’s continued focus on energy sustainability, the gas-to-energy project stands as a major step toward ensuring a more affordable and secure energy supply for all Guyanese.
