Vice President, Bharrat Jagdeo on Monday assured that the much talked about gas-to-energy project will be completed next year, guaranteeing cheaper and more stable electricity.

The project was slated to be completed at the end of last year, but it has been dogged by multiple delays.

It involves the transporting of gas from offshore through a pipeline to an onshore facility at Wales, West Bank Demerara, where it will be processed and used to power a 300-megawatt (MW) power plant and a Natural gas plant.

During an interview on 94.1FM on Monday afternoon, Mr. Jagdeo said the project will also address the country’s decades-old power outage problems.

The project which is being heavily criticized by the Opposition over the billions being spent on it, is a flagship project of the governing PPP.

“The (gas to energy plant) is under construction and is slated for completed by mid-next year, when that happens, we would cut electricity price by 50%, then we would have a base load station, and for the lights to stay on permanently you need to upgrade the transmission system too and that is why we have awarded a $420M project to transmit the power on these steel towers,”Mr. Jagdeo said.

Mr. Jagdeo said for too long the country has been battling with unstable electricity which has faced repeated shutdowns.

“So once it goes on those steel towers then you can have a stable grid and you have redundancy on the grid, that is the second phase of the investment, that is why we are also hiring the supervision firm to supervise that same project to ensure quality,” the Vice President stated.

The Vice President said he is not fazed by critics of the project as he is aware of the benefits it will bring.

“When that same project comes on we will be producing all the, we would start exporting cooking gas because we now import gas, but we will also be able to cut the cooking gas price maybe about 50% so that will be good for everyone in terms of cost of living,” Jagdeo stated.

Once completed, the Vice President calculated that Guyanese will save more than US$500m annually in cost.

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