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STRENGTHS N Appears to have good renewable energy resources, particularly in the form of geothermal, solar and wind N Preliminary seismic data (2444kms of 2D data) and an analysis of the offshore geology indicate the likelihood of significant quantities of hydrocarbons offshore. N Has an established network of petroleum suppliers and distributors N Has a well-established power production and distribution system with almost all of the population having access to electricity N 95% of the power company’s diesel plant is less than 20 years old N Relatively low electricity distribution losses N Has private sector and public participation in the own- ership of the county’s electric utility, with shares pub- licly traded on the Eastern Caribbean Stock Exchange WEAKNESSES N Complete dependence on imported fossil fuels N No proven indigenous fossil fuel resources N High and growing energy import bill N High cost of electricity relative to nearby competitive markets N Lack of a well-defined institutional structure for planning and implementing renewable energy projects N Lack of a well-organised data-gathering infrastructure for energy supply and consumption data N Growing stock of older, energy-inefficient motor vehicles THREATS – EXTERNAL ENVIRONMENT N Continued very high dependence on imported petro- leum products N Continued volatility and long-term upward trend of oil prices N Grenada’s status as a price-taker N Potential impact of natural hazards on the energy sector N Geo-political influences on international energy supply and demand N Potential impact on local economy of high energy prices N Potential impact on international economic competi- tiveness caused by chronically high energy costs N Pressure on financing for renewable energy projects N PetroCaribe has the potential to adversely affect national debt management strategies and ultimately impact on sustainable economic development N On-going litigation and dispute resolution can delay a successful offshore licensing round. N Maritime boundaries are still to be resolved with southern neighbours – Trinidad & Tobago and Venezuela. N “Green” image drawbacks due to hydrocarbon programme N Exporting crude oil does not promote energy security since resources are being exploited for an international market and will maintain the need to import refined secondary fossil fuel products. OPPORTUNITIES – EXTERNAL ENVIRONMENT N Existence of proven technologies to exploit renewable energy resources N Favourable relations with energy rich countries in the Caribbean and Latin America N Favourable and ongoing relations with multilateral development institutions N Potential to earn carbon credits for utility-scale renewable energy projects N PetroCaribe represents a means of financing the consumption of energy products and services N Major Oil companies will be attracted to the potential offshore hydrocarbons N There is scope for negotiating a Joint Development Zone or Unitization Agreement, as appropriate, in order to protect the environment, maximise offshore hydro- carbon resources, create efficiency in the management of the resources. 31 Figure 7. Energy Sector SWOT Analysis THE NATIONAL ENERGY POLICY OF GRENADAPDF Image | THE NATIONAL ENERGY POLICY OF GRENADA
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