Nicaragua Turning To Renewable Energy For Power

Country Overview

The Republic of Nicaragua in Central America is bordered by Honduras, Costa Rica, Pacific Ocean and the Caribbean Sea. The population of Nicaragua is approximately 7.09 million people.

In 2022, Nicaragua’s economy was ranked 127th in the world in gross domestic product (GDP). The country’s economy is dependent on the export of gold, knit t-shirts, insulated wire, coffee, and frozen beef.

Environment Policies

In October 2017, Nicaragua signed the Paris Climate Agreement. Nicaragua initially refused to sign the agreement to protest that each nation’s greenhouse gas emission commitments were nonbinding.

Power Generation Capabilities

In 2021, 86.3% of the people in Nicaragua had access to electricity.  In 2021, utilities used renewable energy (54.6%) and refined petroleum (45.4%) to generate electricity in Nicaragua. Geothermal, wind, hydropower, and biomass are the dominant types of renewable energy used to generate electricity in Nicaragua.

Recent renewable energy projects in Nicaragua include:

  • 100 MW Solar Project – Germany solar company, Soventix is continuing work on the Nicaragua Solar PV Park project at a site approximately 10 miles northeast of the nation’s capital, Managua. The project is forecast to be commissioned by year-end 2024.
  • 100 MW Hydropower Modernization Project – In December 2021, the government of Nicaragua announced the completion of the successful rehabilitation and modernization of the Centroamérica and Santa Bárbara hydroelectric plants.
  • 38 MW Wind Project – Chilean company, Consorcio Eolico Amayo are continuing work on the third phase of the Amayo onshore wind project, which is located approximately 30 miles southeast of Managua.

Conclusions

Nicaragua imports all of the nation’s refined petroleum for transportation and power generation. In 2021, the nation imported U.S. $696 Million of refined petroleum.

On 24 February 2022, Russia invaded Ukraine, prompting the European Union, United Kingdom, United States, Canada, Japan, South Korea, Australia, and New Zealand to place economic sanctions on Russian imports and exports. As a result, the crude oil and natural gas prices increased by over 50% from May 2021 to May 2022.

Nicaragua has significant undeveloped renewable energy resources, including solar, hydropower, geothermal, onshore wind, offshore wind, and biomass. Nicaragua is now replacing costly oil-fueled power plants with clean, low-cost renewable energy projects.

Jack Kerfoot

Website – “Our Energy Conundrum”

www.jack kerfoot.com

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