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sublicense granted by GRENLEC. The government would need to amend the ESA to implement its plans of reducing the term of GRENLEC’s license to a 30-year period, and allowing for competitive bidding in the generation segment.281 The ESA establishes a clear tariff regime for GRENLEC. The ESA sets the tariff structure and establishes electricity rates that GRENLEC can charge its customers. The ESA also presents a methodology that GRENLEC must use to adjust its tariffs. The current tariff structure only allows GRENLEC to recover the cost of service when generating with diesel or heavy fuel oil. The ESA does not establish a mechanism for GRENLEC to recover the costs of generating electricity with other fossil fuels or renewable energy. Therefore, if geothermal generation were introduced in Grenada, the government would need to amend the tariff to allow for cost recovery. One of the major challenges for geothermal development is the lack of legislation governing the development of geothermal resources. The government, in collaboration with the Organization of American States (OAS), prepared the Geothermal Resources Development Bill and the Geothermal Resources Environmental and Planning Regulations, which are intended to fill this gap.282 If the government passes the Geothermal Bill and the Geothermal Regulations,283 they would establish the regulatory framework for exploring, exploiting, and protecting Grenada’s geothermal resources. The Geothermal Bill defines what a geothermal resource is, who owns it, and establishes the process for granting rights to explore and exploit geothermal resources. The Geothermal Bill defines two procedures for granting rights on geothermal resources: a negotiated track and a competitive track. The negotiated track assigns a developer a right to explore and exploit the resource, and is used when a geothermal resource is not proven and until GRENLEC’s monopoly license expires. The competitive track awards a concession to develop a geothermal resource through a competitive bidding process. The competitive track is used when a geothermal resource is proven.284 The Geothermal Regulations also establish rules on how the EIAs must be carried out. GRENLEC, a privately owned and vertically integrated utility, holds an exclusive license to supply electricity in Grenada until 2073. GRENLEC provides electricity to Grenada, Carriacou, and Petite Martinique. GRENLEC is overseen by the Ministry of Finance, Planning, Economic Development, Trade, Energy and Cooperatives (“the Ministry of Finance”), who is also responsible for setting policies for the energy sector. Figure 13.2 presents the relationships between the key entities in Grenada’s electricity sector. 13.1.3 Institutional structure of the electricity sector 281. The Prime Minister, Hon. Keith C. Mitchell, identified these actions as part of his administration’s plans for reducing electricity prices during his speech on November 7, 2013, at the event Launch of ECERA. 282. Government of Grenada, “2012 Budget Statement,” March 9, 2012, accessed July 18, 2013, http://www.gov.gd/egov/docs/budget_speech/ budget_statement_2012.pdf. 283. Government of Grenada, “Geothermal Resources Environmental and Planning Regulations,” December 21, 2011. 284. Government of Grenada, “Geothermal Resources Development Bill of 2011,” December 21, 2011. 126PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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