Mr. Fredrik F. Gottelib (Chairman of the Bahamas Electricity Corporation): "I am Given to Understand That S.D.E Company is one of the Leaders in the Technology and Construction of Ocean Wave Producing Stations"

Jan 20, 2010, 10:59 ET from SDE Ltd

TEL AVIV, Israel, January 20 /PRNewswire/ -- S.D.E has been in contact with Governmental officials from the Bahamas for a long period of time. The immediate past chairman of the Bahamas Electricity Corporation Mr. Frederik F. Gottlieb has told S.D.E that: "the Bahamas Electricity Corporation is currently exploring viable/suitable alternative (renewable) energy generating systems, for the commonwealth of the Bahamas." Therefore, "The Bahamas Electricity Corporation is interested in entering into discussions with representatives of S.D.E Company with a view to determining the viability/suitability of constructing an ocean wave power producing plan/station in the Bahamas." He has added that he had written this specifically to S.D.E due to the fact that he was given to understand that S.D.E Company is "one of the leaders in the technology and construction of ocean wave power producing stations".

The Bahamas Electricity Corporation has been inviting proposals for renewable energy power purchase agreements in several technologies. Although there has been lots of talk before, this marks a dramatic policy shift.

This shift is driven by two factors. The first one is the understanding that escalating oil prices and supply problems could disrupt the Bahamian economy and the second are the International concerns about pollution and climate change.

Another sign for this policy shift is the new government-appointed committee, headed by Philip Weech, the chairman of the BEST Commission, which is looking into changing the legal and financial framework to promote investment in the renewable energy field.

The pending Request for Proposals follows the appointment of a special committee at BEC to research the most viable renewable energy technologies for the Bahamas at utility scale.

The special committee has identified the most promising alternative methods to produce electricity for the Bahamas and said that "... this may come sooner rather than later given the escalating cost of fuel. Our challenge is to get up and running to prepare for that point. The committee has put a lot of effort into this - we are not just dabbling. It is a part of this government's strategy and it is being actively pursued."

BEC supplies 85 per cent of all Bahamian consumers, with an installed capacity of about 400 megawatts and Grand Bahama Power Company has an installed capacity of about 140 megawatts. As a result, the cost of imported oil to generate electricity in the Bahamas is now around $800 million a year.

The committee's preliminary recommendations also called for BEC to explore wave technology.

Oil prices are expected to remain high and geopolitical issues are likely to cause supply disruptions, so it is more urgent than ever for Small Island developing states like the Bahamas to begin shifting their energy economy away from fossil fuels.

The plain fact is that within 20 years The Bahamas may be unable to afford to buy the oil to run their economy. The Bahamas is currently spending almost one sixth of their GDP on fuel imports, and that price tag will only go up.

The correlation of wave motion to wind activity will produce the same efficiency in the utility of both systems, and with this in mind the implementation of S.D.E's sea wave power plants throughout the Bahamas offers the perfect solution for meeting future energy needs, while ensuring that valuable foreign reserves will not wasted on inefficient fossil powered plants.

As opposed to erratic changes in escalating oil prices, S.D.E's sea-wave power technology remains the most cost-efficient technology, with a construction cost of only 650,000$ USD per 1MW, and electricity production cost of only 2 cents per KW. In addition, the sea wave power plants are a non-polluting green energy source, that are very much suitable for the Bahamas, due to the frequency of wave activity and the average height of the waves in the region.

S.D.E wishes therefore to establish a presence in the Bahamas partnering with the Bahamas Government to build sea wave power plants in the region, providing stable costs for the future, and green energy efficient solutions for the Bahamian people.

For further details Please contact Ms. Inna Braverman, International Marketing Manager of S.D.E, or Mr. Shmuel Ovadia, CEO.

Phone number: +972-3-7397107

Fax Number:+972-6319239

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