Parliament yesterday approved $4b in supplementary funds for operational costs for the Guyana Power and Light through the Office of the Prime Minister for the period from April 1 to July 30, 2024.
It was part of an overall package of $40.7b which was approved.
This allocation was made at the 85th Sitting of the National Assembly of the 12th Parliament of Guyana ironically in the midst of a widespread power outage which also affected the Arthur Chung Conference Centre where Parliament was held.
Opposition Member of Parliament David Patterson sought a comprehensive breakdown of the $4 billion allocated for power generation expenditures. The response from the Prime Minister revealed that a substantial portion of this funding was directed toward fuel procurement.
According to the Prime Minister’s office, the $4 billion covered the purchase of 547,000 barrels of fuel. This fuel was supplied to Guyana Power and Light Inc. (GPL) and utilized through the Demerara-Berbice Interconnected System, which services the regions where GPL operates its generators.
In addition to fuel costs, the expenditure also included $400 million for oil and lubricants, which were necessary for maintaining the operational efficiency of the power generation equipment. This cost was not part of the initial fuel expenditure.
The Prime Minister emphasized that the funding was intended to ensure the continuity of electricity supply without increasing electricity rates. He highlighted that, despite financial challenges, the government has managed to keep electricity rates stable for the past four years. The funding request according to the Prime Minister aims solely to sustain current service levels and avoid imposing additional costs on consumers.
