ST. GEORGE’S, GRENADA Friday, January 04, 2013: The Government of Grenada has articulated a clear and compelling vision for Grenada’s economic transformation by identifying five transformational pillars for building a new and modern economy, thereby laying the foundation for sustained growth and development. These pillars are viewed as having the greatest potential to contribute to the economic transformation of Grenada.

Energy Development is one of the pillars of this new and modern economy.

‘”The vision of the Government of Grenada is that by 2030, 100% of our primary energy demand for electricity generation and for transport will be provided by renewable energy sources”

This was articulated by Prime Minister Hon Tillman Thomas in promoting the GREENada vision 2030.

Government is convinced that the ultimate solution to the drain on the country’s foreign reserves caused by the high costs of energy is to transition to a low carbon economy based on the use of indigenous sources of renewable energy and on energy efficiency. A National Energy Policy, which was approved March 2011, makes provision for Grenada to explore energy development in the following areas: – Wind, Solar, Geothermal, Waste Material ,and Hydrocarbon.

Given the recent opportunity presented to Government with the sale of shares in GRENLEC by the major shareholders, Government has developed a new framework for Grenada’s Electricity Sector. This framework proposes a number of changes which include:

-   An exclusive license will be granted to GRENLEC to generate electricity from fossil fuels only and for all transmission, distribution and supply for a period of 45 years. However, no future owner of GRENLEC will have any exclusive licence for longer than 30 years;

-   The GoG (Government of Grenad) will legislate Renewable Electricity Portfolio Standards in the amended ESA (Electrical Supply Act), with penalties for non-compliance. These standards will determine the amount of renewable energy that GRENLEC must use to generate electricity at different times in the future;

-   Renewable Energy Special Purpose Vehicles (RESPVs) will be established for electricity generation from renewable energy sources including geothermal, wind, solar and waste materials;  and

-    A new Interconnection Policy that articulates, among other things, the opportunity for private ownership of small generating systems based on a number guidelines.

In this regard, the Minister of Finance will hold discussions with a wide cross section of stakeholders on the recent sale of the GRENLEC shares and the New Developmental Framework for Grenada’s Electrical Sector on Tuesday January 8, 2013, at the Players Conference Room, Level I, Grenada national Stadium, from 9:00 am to 12 noon.

 

Persons who are interested in attending this forum can contact the Ministry of Finance at (473)435-0057 or atfinancegrenada@gmail.com.