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ANNEX I - COUNTRY PROFILE The Ministry of Finance estimates that as a result of the general global economic downturn, Grenada’s Gross Domestic Product (GDP) declined by over 7% in 2009 and is predicted to grow by only 0.9% in 2010. Value Added Tax (VAT) was introduced on February 1st, 2010 and its introduction may be reasonably expected to have an influence on the price of energy, products and services, although it is too soon to say if and to what extent energy consumption might be affected. Like other Caribbean countries, Grenada is waiting to see what the full implications of the BP oil spill in the Gulf of Mexico will be for the marine environment and the supply of goods. Grenada is also taking a keen interest in the resulting US moratorium on deep sea drilling and a pending review of their offshore regulatory regime. Lessons learned will be incorporated into Grenada’s offshore hydrocarbon programme. In June 2006 Grenada became a signatory to the PetroCaribe Agreement with Venezuela and is one of thirteen Caribbean signatory countries. Under this agreement petroleum products are accessible to signatories on a concessionary loan-financed basis.13 This long term supply agreement with Venezuela’s state company, Petroleos de Venezuela (PDVSA) meant that Grenada would receive 340,000 barrels of gasoline, fuel oil and diesel annually. The Government is resolute that future economic development will rest on both hydro- }carbon and renewable energy resources and acknowledges that it must make a serious thrust toward securing these resources. In that regard this policy will speak to an energy framework that contemplates the exploitation of the renewable energy resources as well as of exploring and developing hydrocarbons if they are found in commercial volumes. In that event, emphasis will be placed on oil and gas exportation in so far as resources allow. Preliminary seismic data of the geology offshore of Grenada is highly prospective and strongly suggests that the island’s Exclusive Economic Zone (EEZ) may contain hydro- carbons. The GoG intends to embark on an exploration and exploitation programme. In mid-2010, the GoG completed its maritime boundary demarcation negotiations with Trinidad. Negotiations with its other southern neighbour Venezuela are also to be resolved. Government recognises the potential for the creation of a Joint Development Zone and the unitization of offshore hydrocarbon reserves if there are common reservoirs on the boundaries of these neighbouring States. With regard to renewable resources, preliminary geochemical data has indicated that Grenada may possess geothermal resources of medium enthalpy in the Mount St. Catherine area and the government has signalled its desire to aggressively pursue this resource. The decision to anchor Grenada’s development on renewable energy technologies is made both urgent and relevant by the experience of Hurricane Ivan and other extreme weather events which literally devastated and decimated every aspect of Grenada’s natural landscape, physical infrastructure, economic activity and way of life. 13. Product is partially (60%) paid for after delivery with interest accruing at 1% on the balance and paid for over 25 years. 19 THE NATIONAL ENERGY POLICY OF GRENADAPDF Image | THE NATIONAL ENERGY POLICY OF GRENADA
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