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ANNEX II - ENERGY SECTOR DIAGNOSTIC All rates quoted in Eastern Caribbean Currency. EC$2.7169 = US$1.00 It is notable that only domestic customers are charged the environmental levy. The fuel surcharge, which all customers pay, is a fuel cost recovery mechanism that was implemented in response to extreme fuel price volatility that followed the global oil price shocks of 1973 and 1979.18 The retail price of electricity19 in Grenada has increased significantly since 2004 and averaged EC$1.06 (39 US cents) per kWh in 2008. After 2005, the fuel surcharge has accounted for more than half of the total retail price. Figure 5. Grenada’s Historical average electricity price in EC$/kWh. Source: Grenada Electricity Services Ltd. The floor area charge appears to function as a type of demand charge, meant to recover GRENLEC’s cost of having capacity available, whether used or not at any given time; to service the instantaneous demand of its commercial customers. As such, this is an arbitrary device20, as there is no universal correlation between floor area and the power demand of a commercial enterprise. The horsepower charge, which is charged based on the installed horsepower (potential power demand) of the facility, has the same function in the industrial tariff. Moreover, the Value Added Tax (VAT) was fully rolled out on February 1, 2010 and applies to the non-fuel charge at a rate of 15% replacing the GCT which was 5%. In the case of Commercial and Industrial users the increase in the tariff at current fuel prices ranges from 4 to 5%. In the case of the domestic, the first 99 kWh units are exempt and as such it is only usage over 150 units that would attract VAT and by extension reflect an overall increase in rates. 18. Most Caribbean utilities implemented some form of fuel surcharge post-1979 19. Calculated as (aggregate sales revenue divided by total number of units sold) 26 20. Which is used in other OECS territories for the same purpose ANNEX IIPDF Image | THE NATIONAL ENERGY POLICY OF GRENADA
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