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Drafting, reviewing, and approving the laws and regulations that would address these changes takes time to implement. The Geothermal Bill and Geothermal Regulations were prepared in 2012 and by November 2015 had yet to be approved by Parliament (see Section 13.1.2). Another way to address some of these changes is to establish regulation through contracts. For example, to ensure that tariffs for end customers reflect the (lower) costs of producing electricity through geothermal generation, the PPA that the SPV signs with GRENLEC could establish the formula used to determine the tariffs GRENLEC charges customers. Similarly, the agreements between the government and the private partners could include obligations that ensure the protection and sustainable development of the geothermal resource. For example, the agreement can mandate that an independent expert carry out periodic evaluations to monitor the environmental impact of the power plant. If the PURC is established, the PURC could monitor the SPV’s compliance with contractual obligations. If the PURC is not established in the short term, a committee can be established for this purpose. Any dispute arising from failure to adhere to contract obligations could be handled by a regular court, an administrative court, or a special expert panel as applicable. Establishing regulation through contracts would only serve as a short-term solution to prevent delays in project implementation. There are some regulatory functions that cannot be covered through contracts and for which regulations and laws will need to be established. For example, the government will still need to develop the process through which licenses to establish a geothermal plant are obtained. 13.5 Economic and Financial Analysis of the Geothermal Project In this section, we assess whether the geothermal project in Grenada is economically and financially viable. We first perform a cost-benefit analysis to determine whether the geothermal project generates net economic benefits to the country. We then use the discounted cash flow method to evaluate whether the geothermal project is financially viable to investors. We conclude that the geothermal project is economically and financially viable. Therefore, we recommend the government and investors proceed with developing it. We present our analysis and results as follows: • Cost-benefit analysis (Section 13.5.1) • Financial analysis (Section 13.5.2) 138PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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