Does Cuba need a redesigned energy sector?

Concerns over Cuba's dependence on Venezuela are translating into the need for a fundamentally redesigned energy sector and more flexibility for investors. The pandemic has accentuated Cuba’s need to diversify and move from oil-generated energy to renewable sources of energy (RES).

Which res companies are based in Cuba?

Some RES foreign companies with a presence in the Cuban market include Iberdrola SA, Hive Energy Ltd, Vestas Wind Systems, Shanghai Electric Group Ltd, Yingli Goldwind International Holding HK Ltd, Indian state-run energy company NTPC Ltd and Havana Energy.

Which Canadian companies are active in the RES sector in Cuba?

Two Canadian companies are currently active in the RES sector in Cuba. Deltro Group Ltd. from Ontario has signed a BOO (build, own and operate) contract with UNE (Unión Eléctrica) to build and run a 100 Mw solar farm and a 50 Mw Battery Energy Storage System.

How will Cuba's relationship with other countries impact the energy transition?

Cuba’s relationships with other countries will be key to realizing the energy transition. Since 2000, Venezuela has been Cuba’s primary source of imported oil. However, political and economic troubles in Venezuela caused oil exports to Cuba to fall by about half, resulting in Cuba increasingly seeking oil imports from Mexico and Russia.

How many wind parks are there in Cuba?

By 2030, Cuba also plans to install wind parks with a 700 MW capacity. 11 Four wind parks are currently operational, with an 11.8 MW capacity. 12 They were built by state companies with cooperation from and with Chinese firms.

Does Cuba have a domestic res industry?

Cuba is developing a domestic RES industry, including solar panels, wind turbines, hydro turbines, poles, and boilers for use in small bioelectric plants. This strategy is expected to enable Cuba to integrate domestic products into RES projects, thus reducing import costs and energizing the economy.