No Agreement with Karpowership or Fulcrum LNG Before Elections – Jagdeo
By Antonio Dey | HGP Nightly News
GEORGETOWN, GUYANA – Vice President and People’s Progressive Party Civic (PPPC) General Secretary Dr. Bharrat Jagdeo has made it clear that no final agreements will be signed with Karpowership or Fulcrum LNG before the 2025 General and Regional Elections, scheduled for September 1.
Speaking during a press briefing at Freedom House on Thursday, Dr. Jagdeo stated:
“We are not going to have any movement on the gas monetization project before the elections.”
The announcement comes as the Turkish company Karpowership continues to provide nearly 100 megawatts of power to the national grid from floating power barges stationed in the Berbice and Demerara Rivers.
Gas-to-Energy Delayed; New Floating Plant Proposed
With the Wales Gas-to-Energy Project now facing a mid-2026 completion date, Karpowership has proposed installing a floating power plant capable of generating 300 megawatts using natural gas from the Stabroek Block. This would significantly bolster supply amid persistent electricity shortages.
However, Dr. Jagdeo emphasized that any such agreements, including prospecting licenses for oil and gas development, will not be signed until after the elections.
50% Electricity Cut in Doubt
Dr. Jagdeo also hinted that the government’s long-promised 50% reduction in electricity costs may no longer be feasible.
“We’ve been promoting this benefit, but the expected reductions may not materialize,” he said.
Former Public Infrastructure Minister David Patterson responded sharply to the revelation.
“It’s a poorly planned project from the beginning,” Patterson said, pointing to GPL’s inefficiencies and transmission line delays.
He added that due to these shortcomings, consumers may now face an additional 11 US cents per kilowatt-hour instead of seeing savings.
Energy Future Remains Uncertain
As Guyana faces increasing demand and aging infrastructure, stakeholders are closely watching the government’s next moves in the energy sector, particularly whether future deals will ensure sustainable, affordable power or deepen dependency on foreign suppliers.