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ANNEX II - ENERGY SECTOR DIAGNOSTIC GRENLEC will charge and pay VAT. It is expected that the VAT which the company pays will be deducted from the VAT collected through the rate charges above. GRENLEC’s first return was due on March 21st 2010. At this stage however, issues relating to the mechanics are not fully ironed out and there is not full national understanding of all elements relating to the VAT, its collection and returns. The company will discuss any concerns about the VAT with Government and through those discussions resolve any elements of uncertainty. Energy Supply Alternatives Offshore Hydrocarbon Programme Grenada being in close proximity to the oil producing countries of Trinidad and Tobago and Venezuela may in fact share subsea hydrocarbon reservoirs. The Government of Grenada is seeking to structure a strong exploration and production programme for offshore hydro- carbons. Previous attempts to initiate such a programme were constrained by: N unresolved maritime boundaries; N ongoing litigation and; N an incomplete geological data package The Government has expressed the desire to follow the Norwegian “Oil for Development” model in an attempt to avoid the “Dutch Disease” if the offshore hydrocarbon exploration and exploitation programme is successful. An appropriate legislative and institutional framework will be required to regulate the offshore sector. The Government expects to ini- tiate a competitive licensing round for offshore hydrocarbon exploration and exploitation rights. Although revenues may be generated by the sale of prospectivity data, if oil and gas reserves are discovered, it will take at least seven to ten years to develop the infrastructure to bring these resources to the market (circa 2020). Geothermal Grenada is ranked eighth in the Lesser Antilles chain of islands in order of development potential21 and preliminary geochemical data indicate that Grenada may possess geothermal resources of medium enthalpy in the Mount St Catherine area. GRENLEC has recently indicated its interest in geothermal energy development and has submitted a proposed development strategy to the government. GRENLEC has suggested that a possible scenario would be the installation of a 20 MW geothermal plant to be operational by the last quarter of 2013, with a longer term plan to increase geothermal capacity to 40+ MW. This is a positive development which aligns with Government’s policy. The company’s capacity projections22 through 2015, short and long term business plans, future Annual Reports and the company’s formal documentation must now be made to reflect this stated intention if it is to be regarded and accepted by the wider public as part of GRENLEC’s intended business approach. It is also expected that GRENLEC will indicate where its priorities in renewable energy investments will be placed. To ensure the transition to renewable energy in the electricity sector, the government will set renewable portfolio standards in a revised Electricity Supply Act. 21. Gerald W Huttrer, 1998 22. Provided to these consultants following discussions with GRENLEC senior management 27 THE NATIONAL ENERGY POLICY OF GRENADAPDF Image | THE NATIONAL ENERGY POLICY OF GRENADA
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