Prime Minister, Dr. the Right Honourable Keith Mitchell has affirmed the correctness and legality of Government’s buyback of majority shares in GRENLEC.
Posed with a question about the legality of the action during a live interview Thursday, 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 week’s sitting of Parliament, which will discuss the GRENLEC issue.
Dr. Mitchell said Government made a concerted effort to dot the I’s and cross the T’s. He expressed satisfaction with the handling of Government’s negotiations with respect to GRENLEC and commended Government’s lead negotiators, Honourable Gregory Bowen and Honourable Oliver Joseph.
The Prime Minister stated, “In the parliamentary session, we will provide details to the nation regarding the acquisition of those shares and the basis upon which it was done. It is unfortunate that the opposition, without attempting to ask a question, will talk about illegal acts. We will demonstrate the correctness and legality and the beneficial aspect of that particular acquisition which was done in the best interest of the country.”
He reiterated that Government was forced into the buyback position because it sought to make changes to the energy sector which led the company to initiate force majeure proceedings against the Government.
Dr. Mitchell is confident that reclaiming ownership of GRENLEC will translate into significant benefits for electricity consumers and for stimulating greater activity in the manufacturing sector.
He said, “It is about more than reducing electricity rates. Remember, the world is moving 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 alternative energy, which would help protect the environment.”
The Prime Minister reaffirmed that Government does not intend to maintain possession of the majority shares in GRENLEC for any long period.
