1.  NGC acquires Heritage gas assets

The National Gas Co of TT Ltd (NGC) deepened its presence and participation along the local natural gas value chain, with acquisition of shareholdings in upstream gas assets – offshore blocks in North-Coast Marine Area (NCMA) four (20 per cent), block 22 (10 per cent) and block nine (100 per cent).

NGC also acquired the 19.5 per cent shareholding of Heritage in Point Fortin LNG Exports Ltd (PFLE). Gas is sold to NGC for the domestic market and to PFLE for the liquid natural gas (LNG) export market.

The collective acquisition will enable NGC to collaborate more closely with joint venture partners along the natural gas value chain and positions the company for strategic growth from future upstream development near these blocks. It strengthens the NGC stake in the LNG business and allows the government to maintain its participating interest in strategic gas infrastructure in the NCMA.

NGC president Mark Loquan said, “NGC is intent on becoming an integrated global energy player, with a diverse portfolio of assets and investments. As this acquisition attests, expansion for us does not just mean venturing into new business territory such as the clean energy space, but also strengthening our core.”

“Natural gas and LNG have an important role to play as low-carbon fuels of the future and if we are serious about supporting the clean energy transition, we must continue to build our gas-based business and asset base. We are optimistic that this acquisition will bolster our profitability and multiply the value we can add to the economy and the domestic and LNG energy sector.”

2. Trifactor promotes solar power

Trifactor Technical Sales and Services Ltd, a renewable energy equipment provider, caters to the needs of farmers, residents and industrial clients.

For all clients, pressurised solar water heating systems, solar perimeter lights, all-in-one complete solar system packages are offered while rotating machinery, pumps, compressors, pipes and valves among other tools for its oil and gas, petrochemical, manufacturing, and renewable energy customers.

Trifactor earned over $5 million in its last financial quarter though its monthly sales, relatively low in TT for solar generating systems as reported by managing director, Lennox Oudit.

“This is primarily due to the fact that the implementation of renewable energy solutions in the local economy is still in its early stages and requires regulation and cost-effectiveness.”

For its residential clients, the solar-powered equipment is more affordable compared to solar off-grid generating systems, but cost still remains a challenge as extensive battery storage requirements are costly.

“While there have been recent procedures for licensing solar systems, we still face limitations in implementing the most popular and cost-effective solution of grid-direct solar systems paired with net metering and relevant tax incentives.”

The company is working with Massy Wood Group Ltd in designing, supplying, installing and commissioning a 21.8 kilowatt (kW) grid-fallback solar generating system. This comes success in providing energy services to clients including the UN and those in Barbados and St Lucia.

“We have also installed grid-fallback solar systems ranging from five to 15kW for the UN Development Programme under the Global Climate Change Alliance Plus (GCCA+) initiative. We are also nearing completion of a solar street light installation project at E-IDCOT (Eco-Industrial Development Co of Tobago Ltd).”

Although Trifactor is successfully supplying services, clients still face obstacles in the absence of appropriate legislation and grid infrastructure.

“Access to affordable and practical solar systems aligned with our company goals remains a persistent challenge. To overcome these barriers, it is crucial to establish supportive regulations and enhance the grid infrastructure to enable wider adoption of renewable energy solutions.”

This is also hindering the sector’s ability to meet growing demand for renewables.

“Without proper frameworks in place, the market faces challenges in accessing the right solar systems that suit their needs. Additionally, while there is a surge of companies entering the solar business, there is a notable shortage of formal training for proper design and installation of solar generating systems.”

Oudit said his workers have encountered numerous cases where customers have sought their assistance to rectify poorly designed or installed systems in their homes. He also emphasised the importance of thorough research when engaging with local solar companies to ensure it has qualified personnel, a solid solar background and documented experience to handle inquiries properly.

“While solar and renewable energy may still be treated as a niche market, we remain optimistic about its potential for rapid expansion in the coming years. As the demand for clean energy continues to grow, it is essential for authorities to establish the necessary legislative and regulatory frameworks while promoting proper training and qualifications within the industry. This will enable the solar market to solidify its position as a rapidly expanding and reliable business sector.”

Oudit explains that the products are heavily technologically-powered and uses: solar panel technology; Schneider electric solar power electronics _ devices that ensure efficient energy conversion, reliable backup power performance, and ease of installation and use_ advanced protection systems that includes smart rapid showdown devices for fire protection; remote monitoring and control and artificially intelligent (AI)-optimised air conditioning systems _ this uses AI and programmable-logic controllers to optimise the performance of air conditioning systems, reducing energy consumption and lowering electricity bills.

Through its own testing of AI-optimised air conditioning systems the company achieved 40 per cent in air-conditioning energy consumption.

While Trifactor does not get government assistance, it does work with the government and international agencies in conducting projects in the renewable energy sector.

“Although the government provides financial incentives for the renewable energy sector, we have not accessed these particular incentives. Our focus is on securing projects through competitive-bidding processes, rather than relying on direct financial assistance from international agencies or governments.”

By actively bidding for projects, Trifactor_s capabilities, expertise and commitment to the renewable energy sector is displayed.

“We compete on a level playing field, ensuring that our proposals align with the project requirements and deliver the most cost-effective and efficient solutions.”

The Energy and Energy Industries Ministry said, on its website, that it is also currently developing a national energy policy green paper. This allows for the recognition of renewable energies combined with energy efficiency and utilisation of compressed natural gas in the transportation sector among other uses, as important strategies for the promotion of sustainable development of the nation.

A solar-powered system provided by Trifactor Ltd comes in three sizes. – Angelo Marcelle
All solar panels are imported and the international market is proving a challenge but Trifactor works proactively to adapt to the evolving economic conditions. The company is affected by market volatility- economic fluctuations can affect consumer confidence and spending patterns; demand for cost-effective solutions; emphasis on renewable energy; government policies and incentives and financial considerations.

In addition to adapting, Trifactor will begin producing its solar products locally in the near future.

“Our aim is to contribute to the growth of the renewable energy sector in TT by promoting local manufacturing and reducing reliance on imports. We recognise the importance of developing domestic manufacturing capabilities and are actively exploring opportunities to achieve this goal.“

 

3.  TT Chamber: “Business must be proactive and responsive”

2023   06/28

President of the T&T Chamber of Industry and Commerce Kiran Maharaj said the business landscape is constantly evolving, and entities must adapt to these changes to succeed.

She told the Chamber’s Business Outlook 2023/2024 themed, “The Future is Now: Insights and Trends.”

“We need to be both responsive and proactive. We know that as a Chamber we must identify the needs of our members and respond with innovative solutions and support businesses to adapt for sustainability with a focus on building markets, bearing in mind value chain development and export promotion.

“If we are serious about improving the ease of doing business, we must be relentless in communication on how we solve some of the current bug-bears and employ strategies to set us on the right path. We must follow up with implementation and viable strategies to reap long-term rewards, ”  Maharaj told the business leaders.

Digital transformation at both the private and public sector levels is critical to this country’s society and economic development. Like many other countries, T&T has to contend with continuing supply chain disruptions, which are driving up prices of goods and services, and the resulting inflation.

This has affected manufacturers who depend significantly on imported inputs for their processes; likewise, prices of building materials have also shown relatively significant increases.

“Retail and distribution have also been affected by increased costs of shipping and lower availability of foreign exchange. This has had an obvious effect on prices and consumer trends.”

Stating that energy continues to be the backbone of the economy, the Chamber President said how to leverage the sector_s revenues towards a more diversified economy remains a challenge. Ccountries are moving ahead with the energy transition which is a multi-faceted issue.

“It is about global energy security, fuelling the transition to clean energy for the climate and the interconnection between the energy crisis and food security.”

Supportive policies and business commitment to drive transformation are required to ensure high emission sectors are not left behind and employees are ready for future labour markets.