Louisiana Light • 2 days | 90.66 | -1.96 | -2.12% | |||
Bonny Light • 1 day | 94.49 | +0.54 | +0.57% | |||
Opec Basket • 1 day | 93.56 | -1.43 | -1.51% | |||
Mars US • 17 hours | 87.38 | +0.41 | +0.47% | |||
Gasoline • 10 mins | 2.256 | -0.104 | -4.42% |
Bonny Light • 1 day | 94.49 | +0.54 | +0.57% | |||
Girassol • 1 day | 95.40 | +0.27 | +0.28% | |||
Opec Basket • 1 day | 93.56 | -1.43 | -1.51% |
Peace Sour • 2 hours | 82.98 | +0.41 | +0.50% | |||
Light Sour Blend • 2 hours | 85.13 | +0.41 | +0.48% | |||
Syncrude Sweet Premium • 2 hours | 92.23 | +0.41 | +0.45% | |||
Central Alberta • 2 hours | 83.38 | +0.41 | +0.49% |
Eagle Ford • 1 day | 85.71 | +0.41 | +0.48% | |||
Oklahoma Sweet • 1 day | 85.75 | +0.50 | +0.59% | |||
Kansas Common • 7 days | 84.00 | +3.25 | +4.02% | |||
Buena Vista • 7 days | 98.88 | +2.54 | +2.64% |
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The World Bankâs Multilateral Investment Guarantee Agency, or MIGA, has allocated $110 million to Kenya to finance increased production of geothermal power.
The World Bank released a statement commenting, "MIGA has increased its coverage against the risks of transfer restriction, expropriation, and war and civil disturbance to cover an additional equity investment of $110 million for phase three of the project," Nairobiâs Business Daily reported.
The geothermal plant, scheduled for completion in two yearsâ time, is intended to support Kenyaâs economic recovery and reduce the countryâs dependency on current hydroelectric power generation projects. Given the countryâs current energy shortfalls, Kenya Power is presently rationing its 90 megawatt daily output in a program that is constraining the countryâs industries.
The World Bankâs MIGA agency has insured OrPower 4 Inc's Olkaria III power plant for the past decade, which became the first private geothermal power plant in sub-Saharan Africa in 2000. Ormat Holding Corporation President, Mr Yehudit Bronicki said, "MIGA's continued participation in the project is critical. With its involvement, the political risk profile of the project is much lower."
In a press release MIGA noted, "An increase in indigenous geothermal generation will guarantee a more reliable supply of energy while also reducing carbon emissions."
By. Charles Kennedy, Deputy Editor OilPrice.com
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