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13.4 Recommended Changes to the Legal, Institutional, and Regulatory Framework The government has progressed significantly towards developing the legal, institutional, and regulatory framework needed to develop Grenada’s geothermal resource. As mentioned in Section 13.1.2, the government prepared the Geothermal Bill and the Geothermal Regulations. Moving forward, we recommend the government carry out the following actions: • Reach an agreement with GRENLEC regarding the ESA and the structure of the sector. The government is in the process of revising the ESA. The objective of the revision is to expand renewable energy by allowing competition in the generation segment and removing GRENLEC’s monopoly. Until the government is able to reach an agreement with GRENLEC it will be difficult for GRENLEC and the SPV to agree on a PPA. Numerous development institutions have expressed their willingness to support discussions between the government and GRENLEC by providing independent facilitators. • Establish a framework governing geothermal resources. We recommend that Grenada should have a legal framework that assigns ownership of geothermal resources, establishes a process for granting a license to develop geothermal resources, and assigns responsibility for monitoring geothermal resources to a government body. As mentioned above, the government has advanced significantly in this area, drafting the Geothermal Bill and the Geothermal Regulations with funding from the OAS. The government has also drafted the Public Utilities Regulatory Commission Bill, which assigns responsibility to the PURC for approving PPAs between GRENLEC and IPPs. If Parliament approves this legislation, it would establish the legal, institutional, and regulatory framework for exploring, exploiting, and protecting Grenada’s geothermal resources. • Ensure tariffs reflect the cost of producing electricity with geothermal generation. The tariffs in Grenada are set through a formula established in the ESA. The tariffs only allow GRENLEC to recover the cost of generating with diesel or heavy fuel oil. If the Public Utilities Regulatory Commission Bill is approved and the PURC is established, the PURC will be responsible for setting tariffs according to the rate-setting regulations that will be issued under the revised ESA. We recommend the government take actions to ensure that the formula, or other mechanism used to set tariffs, allows GRENLEC to recover the full cost of the service provided at least- cost, regardless of the technology or fuel in use, and also that it reflects any reductions in the costs of electricity generation. We recommend that the government and GRENLEC agree on the adjusted tariff formula before the resource agreement is signed. • Establish a regulator. We recommend the government proceed with its plan of establishing the Public Utilities Regulatory Commission (PURC). The PURC would be responsible for some of the regulatory functions addressed above as well as other responsibilities. For example, the PURC would set and regulate GRENLEC’s rates and approve PPAs between GRENLEC and IPPs. The regulator could also be responsible for monitoring the geothermal resource, although environmental regulation is not always within the jurisdiction of the economic regulator. Establishing a separate regulator responsible for these functions is one way to centralize these responsibilities. If the regulator has sufficient autonomy from other government agencies and has the resources to carry out its work, centralizing these functions will ensure these functions are executed capably. 137PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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