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FORMER energy minister Stuart Young has raised warning flags on the current issues in the energy sector, saying current strategies being used by the government to “try to extort” companies would eventually make TT uncompetitive.

“In TT we have to remain competitive in a global environment. We are not the only place that has natural gas. We’re not the only place seeking to attract global investment and these plants, there are many other countries in the world with more gas reserves than we have and more competitive terms potentially, that could attract these global companies away from TT,” Young said.

“So when you come now and you unilaterally increase electricity rates, as we just saw in the last budget, that increases the cost to these companies, then you go now and you try to extort and increase other rates related to the estate. What does it do? It makes us very, very uncompetitive.”