LNG CASE STUDY
Partnering for
the long term
Millions of people visit Jamaica each year – drawn in large part by the year-round sunshine, gorgeous beaches, exciting entertainment, breathtaking landscapes, and incredible hospitality.
We admit we’ve also fallen in love with the Jamaican culture and attractions! However, in 2015, we weren’t drawn to Jamaica to kick back and soak up the positive energy. Instead, we were there to kick up the opportunity to make a positive difference in the country – and the world – by partnering with officials to introduce Jamaica to liquefied natural gas (LNG), a cleaner, more affordable energy supply.
“This important and strategic partnership between the Government of Jamaica and New Fortress Energy to transition Jamaica’s energy sector to natural gas will assist in enabling the Government to hold significant benefits for the Jamaican people; job creation opportunities, greater stability in the sector, innovation for our people and generally a brighter future for Jamaica,” said Andrew Holness, Jamaican Prime Minister. “Ultimately, Jamaica’s energy, efficiency, and security will be strengthened.”
Indeed, Jamaica has historically relied upon oil for as much as 97 percent of its energy needs.(1) Since our Montego Bay Terminal began operations in 2016, the country has diversified its energy supply for the first time, reducing its dependency on oil-based energy production to just 16 percent.(2) This diversification is important for Jamaica, as natural gas is more affordable and price-stable than oil-based fuels, in addition to being better for the environment. Our two terminals provide liquefied natural gas (LNG) for more than 450 megawatts of efficient, modern, gas-fired power, meeting approximately two-thirds(3) of Jamaica’s average daily electricity demand.
Since we first invested, Jamaica has incorporated more than 80 megawatts of renewable energy4, with plans to reach 50 percent(5) renewable energy by 2030. We’re proud that our investments are helping pave the way for these powerful economic and environmental milestones.
Moreover, since our liquefied natural gas (LNG) company arrived in Jamaica, the country’s economy has seen an impressive boost. Its gross domestic product has increased 12 percent(6), the unemployment rate has decreased 4707 basis points, and its credit rating has increased three notches6.
“It was a game-changing event when New Fortress Energy entered the local energy sector in Jamaica in 2015 as part of the vision to diversify the sector with the introduction of alternative energy sources,” said Peter D. Phillips, PhD., a Member of Parliament, and Leader of the Opposition in the Jamaican government. “The decision taken by the then Administration to shift Jamaica’s energy production to include liquefied natural gas (LNG) and other renewables was critical to developing our economy.”
We’re also excited that this partnership is helping create opportunities to earn scholarships, build stable careers, and help communities in Jamaica unlock the power of their potential in a brighter, cleaner, and more prosperous world – all built on the kind of positive energy for which this beloved island has always been known.
