Prime Minister, Dr. the Right Honourable Keith Mitchell has affirmed the correctness and legality of Governmentโs buyback of majority shares in GRENLEC.
Posed with a question about the legality of the action during a live interview Thursday,ย Dr. Mitchell said Government did not break any laws in concluding the buyback arrangement. The Prime Minister said this will be borne out during next weekโs sitting ofย Parliament, which will discuss the GRENLEC issue.
Dr. Mitchell said Government made a concerted effort to dot the Iโs and cross the Tโs. Heย expressed satisfaction with the handling of Governmentโs negotiations with respect toย GRENLEC and commended Governmentโs lead negotiators, Honourable Gregory Bowenย and Honourable Oliver Joseph.
The Prime Minister stated, โIn the parliamentary session, we will provide details to theย nation regarding the acquisition of those shares and the basis upon which it was done. Itย is unfortunate that the opposition, without attempting to ask a question, will talk aboutย illegal acts. We will demonstrate the correctness and legality and the beneficial aspect ofย that particular acquisition which was done in the best interest of the country.โ
He reiterated that Government was forced into the buyback position because it sought toย make changes to the energy sector which led the company to initiate force majeureย proceedings against the Government.
Dr. Mitchell is confident that reclaiming ownership of GRENLEC will translate intoย significant benefits for electricity consumers and for stimulating greater activity in theย manufacturing sector.
He said, โIt is about more than reducing electricity rates. Remember, the world is movingย towards reducing the use of fossil fuel and adopting more renewable sources of energy. Under the WRB arrangement, Grenada was not able to utilise the availability of alternativeย energy, which would help protect the environment.โ
The Prime Minister reaffirmed that Government does not intend to maintain possessionย of the majority shares in GRENLEC for any long period.
