The often-stated universal Caribbean objectives are to reduce energy cost and fossil fuel dependence, and increase system reliability. To achieve these goals it is essential to integrate renewable energy technologies in an holistic energy system that has the ability to utilize supply & demand in order to fully achieve the entitlement of benefits that these technologies promise. In order for island grids to successfully receive a high penetration of renewables, it will be necessary to:
- Mitigate the potentially destabilizing variability these renewables bring with smart grid technologies that leverage demand & supply side management solutions
- Leverage regional island energy supply & demand resources that are pooled together in a regional grid operating system in order to maximize the value and benefit of each respective resource
- Create a market-based grid that creates an environment to competitively bid supply & demand resources in order to maximize economic benefit to all participants, as well as attract investment
- Design the initial phases of the Caribbean network in such a manner that will allow it to operate successfully today, with the additional segments to be expanded in the future
- Establish a Regional Independent System Operator that will develop the network segments, manage bids into the system, and assure the market based functions; much like the Independent System Operators in North America