The country’s three main commerce groups have welcomed the government’s announced intention to reform Jamaica’s electricity framework noting that the reform is not optional but essential.

This comes in the wake of reports that the government will not be renewing the licence under existing terms for the Jamaica Public Service (JPS) when it expires in July 2027.

In a statement, the Jamaica Chamber of Commerce, the Jamaica Manufacturers and Exporters Association, and the Private Sector Organisation of Jamaica (PSOJ) commended the government’s transparency and decisive action.

Citing concern about the impact of high-energy costs on businesses and households, the groups said the government’s objective to renegotiate licensing terms in pursuit of more competitive pricing and improved national energy security is aligned with long-standing calls from the business community for structural transformation.

The groups expressed support for the government’s commitment to developing a modern, efficient and sustainable electricity system —one that leverages the global decline in renewable energy costs and prioritizes affordability, reliability and environmental responsibility.

PSOJ President Metry Seaga said any new license or regulatory framework must be anchored in some core pillars.

These include fuel mix and diversification, as well as affordability.

Seaga added that issues relating to electricity theft and having a sustainable grid, must be addressed.

He noted that with the process being a consultative one, the private sector will participate in the discussions about what the new electricity framework should entail.