Posted By ministry of finance On Friday 04 January, 2013, 7:13 pmPage Views: 1633
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 at financegrenada@gmail.com.
© Copyright WeeFM Grenada. All Rights Reserved.
By accessing this web site, you are agreeing to be bound by these web site Terms and Conditions of Use, all applicable laws and regulations, and agree that you are responsible for compliance with any applicable local laws. If you do not agree with any of these terms, you are prohibited from using or accessing this site. The materials contained in this web site are protected by applicable copyright and trade mark law.
In no event shall www.weefmgrenada.com or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption,) arising out of the use or inability to use the materials on www.weefmgrenada.com's Internet site, even if www.weefmgrenada.com or a www.weefmgrenada.com authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you.
The materials appearing on www.weefmgrenada.com's web site could include technical, typographical, or photographic errors. www.weefmgrenada.com does not warrant that any of the materials on its web site are accurate, complete, or current. www.weefmgrenada.com may make changes to the materials contained on its web site at any time without notice. www.weefmgrenada.com does not, however, make any commitment to update the materials.
www.weefmgrenada.com has not reviewed all of the sites linked to its Internet web site and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by www.weefmgrenada.com of the site. Use of any such linked web site is at the user's own risk.
www.weefmgrenada.com may revise these terms of use for its web site at any time without notice. By using this web site you are agreeing to be bound by the then current version of these Terms and Conditions of Use.
Any claim relating to www.weefmgrenada.com's web site shall be governed by the laws of the State of Grenada without regard to its conflict of law provisions.
General Terms and Conditions applicable to Use of a Web Site.
Your privacy is very important to us. Accordingly, we have developed this Policy in order for you to understand how we collect, use, communicate and disclose and make use of personal information. The following outlines our privacy policy.
We are committed to conducting our business in accordance with these principles in order to ensure that the confidentiality of personal information is protected and maintained.
What information do we collect?