The Grenada Government presents a picture that the generating capacity at GRENLEC, the country’s lone electricity supplier, needs urgent attention.
Officials of the Government made the claim at a News Conference this morning.
Public Utilities Minister, Gregory Bowen and Foreign Minister, Oliver Joseph, presented the Government’s side of the story, pertaining to the Settlement agreement under the arbitration award by the International Centre for the Settlement of Investment Disputes, as it relates to repurchasing the company.
They were at the forefront of negotiations, where it was noted that the Government had no choice but to buy back control of the majority shareholding, prior to which the Grenada Government had passed legislation liberalizing the energy sector.
WRB cried foul considering the 1994 Share Purchase Agreement, under which it acquired control of the majority stake in GRENLEC.
Now, Bowen, however, discloses that the plant is not so much in a healthy state, especially where the maintenance reliability is concerned.
Bowen says it’s urgent there be a remedy, and management in this case is key.
Bowen gives reasons why the Government did not make a press statement, as WRB did on the issue, citing a signed framework agreement of confidentiality.
Public Utilities Minister, Gregory Bowen, speaking at a News Conference this morning on the Government’s GRENLEC repurchase issue.
