THE EDITOR, Sir:
The concern being raised by private-sector groups and the comments being made by The Gleaner about the lack of competence of the Office of Utilities Regulation are missing the fundamental point that Jamaica's economic and financial profile is not attractive to investors with adequate means for a more than US$650m project that generates Jamaican-dollar revenues.
Those potential investors have more attractive alternatives with much lower risks. Criticism by the contractor general of the bidding procedures does not go to the fundamental issue of why there were no bidders with strong financial means.
We should give attention to these issues and consider the possibility that current debt-servicing and foreign-exchange flows in Jamaica are not attractive for investors. The project should, therefore, be restructured into smaller increments despite the fact that larger plants are generally more efficient.
We must go for a more effective approach rather than the most efficient that is not implementable in these circumstances.
C. COURTNEY JACKSON