A proper capitalised Electricity Disaster Fund requires structured contributions, not ad hoc responses – Morrison

Implementing a properly capitalised electricity disaster fund requires structured contributions, not ad hoc responses assembled under pressure after an event.

That’s the comment from Group Chief Executive Officer of the Jamaica Stock Exchange, Livingstone Morrison, as he proposed specific areas of action to develop a practical financing framework for Jamaica to cushion external shocks.

Mr. Morrison was speaking at the Office of Utilities Regulation’s 12th Annual Director-General’s Stakeholders’ Engagement at the Jamaica Pegasus hotel, in Kingston.

The engagement was held under the theme, “Utility Resilience, Innovation, and Readiness for Extreme Events”.

Mr. Morrison pointed to the electricity disaster fund, designed to assist the Jamaica public service company with restoration costs following major damage.

Around 5 of the US$50 million in the fund was accessed to support restoration after the passage of Hurricane Melissa last October and Hurricane Beryl in July 2024.

Mr. Morrison noted, however, that despite its existence, the fund is insufficient to cover the response to major, catastrophic damage.