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Policies: N Formulate legislation and contracts governing the energy and related sectors, consistent with the needs and duties of a modern developmental energy sector; N Continuously review, keep inventory and rationalize existing energy contracts; N Establish a regulatory body for licensing, oversight, regulation and rate setting for the electricity and transport sector; N Regulations and legislation in relation to the exploration and development of offshore hydrocarbons and geothermal resources are to be prioritized; N Adequate and timely legislation is to be developed which gives effect to the provisions of this policy; N Resolutions of contractual and legal issues relating to maritime boundaries with Trinidad and Tobago and Venezuela are to be investigated; N Initiate discussions on the creation and assessment of Joint Development Zones or Unitization Agreements, as may be appropriate, with countries which share a maritime boundary with Grenada. 3.3 HYDROCARBONS The Government of Grenada aims to use a two-pronged approach to reduce the depend- ence on imported hydrocarbons. The GoG acknowledges the finite nature of its potential petroleum and natural gas reserves, for which it intends to exploit in the most efficient way and with a long-term transition vision in mind; using fossil fuel revenues for the development of strong and comprehensive strategies that promote efficiency and renewable energy development. 7 Policies: N To explore and confirm indigenous hydrocarbon reserves and exploit these in the most efficient way and in compliance to the principles of this Energy Policy; N Use, if deemed financially and socio-environmentally viable, hydrocarbon reserves as a means to generate revenues as an export commodity to allow for the long-term transition towards achieving a sustainable energy development; THE NATIONAL ENERGY POLICY OF GRENADAPDF Image | THE NATIONAL ENERGY POLICY OF GRENADA
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