The energy sector led the growth of foreign investment during the first quarter of 2023, above tourism and commerce, according to a report by the UN and the Central Bank.
In a televised interview, the executive director of the National Energy Commission (CNE), Edward Veras, affirmed that the above is due to the legal stability, as well as the transparency and efficiency with which this Government has handled the processes of granting contracts and concessions, under the umbrella of Laws such as 125-01 and 57-07.
In this aspect, he emphasized that 7 projects have been interconnected to the electrical grid, and that the construction of 18 additional renewable projects is currently being supervised, with the participation of local capital and renowned foreign companies.
He specified that the development of the renewable energy sector in the country guarantees that by 2025 more than 25% of the national demand will be covered with this type of energy. He also said that this helps to reduce dependence on imported fossil fuels, environmental pollution and the price of energy.
The official also addressed the issue of financial blackouts in the past, explaining that at that time, renewable energy only represented 8% of the demand. However, with the efforts made in collaboration with the private sector, large-scale generation and distributed generation now cover between 15% and 16% of demand.
In summary, the CNE executive director highlighted the significant achievements in the Dominican Republic’s energy sector, where foreign investment in renewable energy has reached unparalleled levels, backed by sound regulations and an ambitious vision for the country’s energy future.