KINGSTON, Jamaica — Phillip Paulwell, Opposition spokesman on mining and energy is calling Financee Minister Audley Shaw’s proposal to divest the Government of Jamaica’s 19.9 per cent share in the Jamaica Public Service (JPS) ill-advised and untimely.

Paulwell says the transaction at this time would deprive the country of the opportunity to maximise the expected increase in value of JPS assets when the modernisation and energy diversification of the company is completed. 

The former minister of energy believes this would cause the Government to miss out when the value of the full programme is being realised.

Paulwell is contending that while the timelines for the divestment project and method of sale have not yet been disclosed, JPS, which has assets of nearly US$1 billion and revenues of some US $760 million as at the end of 2015, is now being positioned to increase its asset base, achieve energy efficiency and significantly grow its revenues. 

He views the use of liquefied natural gas (LNG) and the ongoing investment of over US$230 million to build new generating capacity as underscoring the potential for growth of JPS.

He adds that the current provisions, including the 20-year 190 megawatt power purchase agreement enjoyed by the JPS, reinforces the Opposition’s stance that it would be foolish to proceed with the divestment at this time.  

Paulwell is urging the Government ‘not to squander the country’s assets on the whim of expediency’ but in the event that the divestment moves forward, is encouraging the Government to ensure that Jamaicans are given the opportunity to acquire the publicly held shares in the company.