ST JOHN’S, Antigua, Nov 5, CMC – A new regional alliance is seeking to reduce the Eastern Caribbean’s dependence on imported fossil fuels, expand the use of renewable energy and bring down electricity costs for households and businesses.
Spearheaded by energy company Octopus Energy, the Eastern Caribbean Alliance was announced during the Commonwealth Heads of Government Meeting in Antigua and Barbuda.
It brings together Octopus Energy, the Organisation of Eastern Caribbean States (OECS), the Eastern Caribbean Central Bank (ECCB), Global Citizen and the Sustainable Markets Initiative.
The partners say they will work together to identify affordable clean energy solutions for homes, businesses, industry and transport, while helping to attract investment and pool regional and international expertise.
Their plans include exploring ways to make better use of the region’s renewable energy resources, expand electric vehicle use and battery storage, and apply technology to manage energy supply more efficiently.
The initiative comes as Caribbean countries face increasing pressure to strengthen their energy security and reduce exposure to fluctuations in international oil prices.
Around 90 per cent of electricity generation in the Caribbean comes from imported oil and diesel, according to the announcement. This dependence leaves the region vulnerable to global price shocks and contributes to high electricity costs.
The alliance argues that reducing reliance on imported fossil fuels could free up resources for governments to invest in other areas of their economies.
The initiative builds on an existing partnership between Octopus Energy and the Government of Antigua and Barbuda to explore ways of making the country’s energy supply more affordable, cleaner and more secure.
Zoisa North-Bond, chief executive officer of Octopus Energy Generation, said small island nations faced significant challenges from dependence on fossil fuels and the effects of climate change, despite having considerable renewable energy potential.
“Building on our landmark Antigua and Barbuda deal and their leadership, we’re partnering across the Eastern Caribbean to scale cheap clean energy and electric transport. Together, we can break the price hike cycle, boost energy security and lower bills for communities,” she said.
OECS Director General Dr Didacus Jules described the partnership as an opportunity to accelerate a clean energy transition that is affordable and responsive to the needs of the region’s people.
“The people of our Member States cannot continue to bear the economic burden of high energy costs and dependence on imported fossil fuels,” he said.
Jules said bringing together regional institutions, development partners and international expertise could help attract investment and turn the region’s renewable energy potential into tangible benefits for households, businesses and national economies.
Eastern Caribbean Central Bank Governor Timothy N.J. Antoine also welcomed the initiative, saying energy security was closely linked to economic security.
“Done well, it can ease energy costs for families and businesses and make our economies more competitive,” he said.
Antoine described the alliance as the kind of collaboration required to advance the region’s development ambitions, adding: “Now, from discussion to delivery for our people.”
Global Citizen co-founder Michael Sheldrick said access to reliable, affordable and clean energy should be universal, and that achieving this would require cooperation among governments, businesses and philanthropic organisations.
He said financing mechanisms, including equity, debt and blended finance, would be important in mobilising the capital and expertise needed to accelerate the transition.
Sustainable Markets Initiative chief executive officer Jennifer Jordan-Saifi said the alliance demonstrated the potential of public- and private-sector partnerships to attract investment, strengthen energy security and support sustainable growth across the Eastern Caribbean.
CMC/ed/2026