Minister of Environment Marc Bean is “bullish” on pursuing natural gas as an alternative energy solution for Bermuda.His comments came as part of his welcoming remarks at the Association of Caribbean Electric Utility Companies, CARILEC, Annual Renewable Energy Forum being held this week at the Fairmont Southampton.“ … we are working closely with our local utility Belco, to assist them in introducing natural gas as the short to midterm solution for our energy requirements,” he said. “I am extremely bullish on natural gas, and have high expectations for its use in electrical generation.”But according to Belco, the idea is still very much in the theoretical stage.“Belco and Government continue to explore alternative energy options, including liquefied natural gas (LNG). We appreciate Minister Bean's comments and agree that LNG has real potential as a fuel source for the Island. We, too, are enthusiastic about the prospects. That said, discussions about LNG are in very early stages, and there is considerable work to be done to determine the viability of LNG for Bermuda,” the company said in a statement.In an interview with this newspaper in late August, new President and CEO of Ascendant Group Walt Higgins, who has been a US energy industry leader and nuclear engineer, said it would cost hundreds of millions of dollars to transport liquid natural gas and build a LNG terminal and infrastructure in Bermuda.While natural gas is the cheapest and cleanest fossil fuel and is available in abundance, the fuel would need to be transported to Bermuda in its liquid form and a LNG terminal would need to be constructed to receive, cryogenically store and re-gasify the LNG for distribution. The construction of the terminal and associated infrastructure, said Belco, have a high capital cost.Mr Higgins, though, said that along with solar thermal heating and commercial scale solar photovoltaic projects, natural gas is the best alternative energy option for Bermuda.During his remarks to more than 30 Caribbean country representatives at the forum, Minister Bean added Government’s “two-pronged approach” to energy security — focusing on natural gas and other renewable energy sources — was on the cusp of great progress.“Combined with the complimentary energy generation via wind, solar, and tidal, I am convinced that our strategy for Bermuda will not only ensure energy security, but also, social and economic stability,” he said.Minister Bean also stressed that the Government was actively looking to the private sector to start the renewable energy process — inclusive of wind, solar, and tidal methods — rather than forcing change via government initiatives.“We must look to the private sector, who use economic calculation as the basis of their decision making, to innovate, develop, and produce technologies that stimulate demand in the market. It is my position that Government’s role is to facilitate the private sector to becoming the lead agent of this change,” he said. “Examples abound of state-led renewable energy initiatives that, ultimately, have led to increasing production cost, misallocation of scarce resources, and even the bankruptcy of some firms. It has been, in my opinion, a road to hell with good intentions.”To help facilitate growth in the industry, the Senate approved the Companies Amendment Act 2012 in July that allows for certain publicly traded companies in certain industries — including energy — to apply for relief from the rule that requires a minimum of 60 percent Bermudian ownership.The move lowers entry barriers for overseas investment in firms like Ascendant Group.