Greg Michaels, Chairman of SCT&E, and CEO of its subsidiary North Energy Central (NEC), spent the last week in the Dominican Republic on a business trip where he met with investors and financiers to discuss the US$2 billion vertically integrated energy projects. During the same trip, Mr. Michaels attended a Gas Summit and Round Table for the present and future needs of Natural Gas in the Dominican Republic and Latin America. NEC was featured in an article on the cover of “GAS Magazine Latinoamérica,” a well-known industry magazine presented at the Gas Summit.
Mr. Michaels’ vision of a vertically integrated gas solution was welcomed as a “breath of fresh air” by many government officials and business leaders seeking relief from the pending energy crisis facing the Dominican Republic. Recently, the cost of energy has risen dramatically for the country and the Caribbean in general. With LNG contracts secured, SCT&E has provided the Dominican Government with a real solution, answering the need for greater access to cheaper energy. Additionally, Michaels is in negotiations with various gas generation and distribution companies in the region for the purchase of the LNG contracts the company controls.
While in the Dominican Republic, Michaels had prosperous discussions with financial organizations interested in the development of the vertical integration of: a US LNG Export Terminal, shipping of US LNG to the Dominican Republic, an LNG storage terminal, and a 400 MW LNG power plant to be located in the northwest corner of the Dominican Republic near Manzanillo. The integration of these projects is expected to exceed an investment of USD$2 billion. Michaels was asked on Thursday about the vertical integration solution and stated, “Vertically integrating these projects creates a control of the LNG supply chain through generation delivering energy at prices that are predictable, stable, and reliable over 20 years or longer.”
LNG World News Staff, June 14, 2013; Image: AES Dominicana