WILLEMSTAD - In response to media reports and the involvement of the Regulatory Authority of Curaçao (RAC) in determining the rates for the power supply by Global Oil Management Group (Global) to Aqualectra, Global deems it appropriate to inform the community of Curaçao about its position on this matter.
Global is an American company with over 40 years of experience in the production and trading of asphalt and refined products with international counterparties. This is the core business through which Global generates its income, not the production and supply of electricity to Aqualectra.
By leasing the asphalt production facilities from Refineria di Kòrsou (RdK), Global also took over gas turbines 09 and 10, which are necessary for the power supply required for asphalt production. However, generating electricity is highly capital-intensive and risky, recalling the community's past experiences with the BOO plant. Despite significant investments and financial risks, RdK found Global willing to take over the power supply for asphalt production. Currently Global is overhauling the facilities for asphalt production to start up soon.
Additionally, Global has been supplying electricity to Aqualectra since July 2023. This is because of our first experience with the power supply in Curaçao as of June 8, 2023, at the signing of the lease and service contract with RdK, when there was a significant power outage on the island for an extended period. At Global we do not want the community to experience this again and therefore, we are supporting Aqualectra with the supply of power to the community of Curaçao, when requested.
Recently Aqualectra approached Global to provide power on a regular basis during 2024 and 2025. The method of power production proposed by Aqualectra involves starting our gas turbines daily to generate electricity for four hours. This daily start/stop operation, several times a day, puts a high technical stress on the turbines. According to factory manuals, the turbines are meant for continuous 24/7 operation with fixed maintenance cycles. The start/stop operation accelerates the aging of the machines, shortens the lifespan, increases maintenance cycles and increases the risk of catastrophic failure due to high technical stress on the machines, amounting to approximately ANG 18 million per gas turbine.
The financial implications of the power supply under Aqualectra’s conditions were converted in a rate per kWh in close collaboration with RdK and Aqualectra. On some points we have a difference of opinion with Aqualectra, prompting Prime Minister Mr. Pisas to engage the RAC as an independent expert to advise on these differences. During our contacts with the RAC, new perspectives allowed Global to lower its rate by 30%. Since Global does not supply electricity to Aqualectra on commercial grounds, we are willing to implement this adjusted rate for the supply of power.
The RAC recently issued its advice, and Global will address the implementation constructively and humbly with Aqualectra. Global would like to express its gratitude to the Prime Minister, the RAC, and RdK for their professional and constructive efforts to guide the process in the right direction.
Global, as a responsible corporate citizen committed to the wellbeing and development of our community, looks forward confidently to a positive outcome, keeping the interests of the community of Curaçao in mind.