The Eastern Caribbean island is mobilizing committed multilateral financing behind a volcanic energy reserve that could redefine its economy, and offer a replicable model for small island states worldwide.
Residents of Nevis currently pay more than 40 US cents per kilowatt-hour for electricity, among the highest rates in the Western Hemisphere, and roughly three times the United States average. According to the Nevis Island Administration, nearly every cent of that cost flows out of the island to foreign oil suppliers, leaving households and businesses exposed to price swings driven by conflicts and crises thousands of miles away.
