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Recommended Changes to the Legal, Institutional, and Regulatory Framework in Nevis To implement the geothermal project successfully, there are two types of functions that the legal, institutional, and regulatory framework must allow. First, it must establish a clear process for exploring, exploiting, and protecting the geothermal resource. Second, it must ensure that electricity tariffs allow for the recovery of costs from geothermal generation. The legal, institutional, and regulatory framework in Nevis has the laws and bodies that govern the development, exploitation, and protection of geothermal resources, and the sale of the electricity generated. The NIA has the Geothermal Ordinance of 2008, which establishes the legal and regulatory framework that governs the exploration and exploitation of geothermal resources in Nevis. Nevis also has the Electricity Ordinance of 1998, which governs the electricity sector in Nevis and the operation of IPPs. In addition, the Nevis Ministry of Natural Resources oversees the use of natural resources on the island. Since the NIA has not published these laws, we have not been able to review and evaluate them in detail. However, we recommend that, at a minimum, the NIA ensure that these laws are consistent. In addition, the NIA should ensure that the legal, institutional, and regulatory framework: • Establishes a process for geothermal developers to obtain a license that is consistent across all relevant laws. A clear process for developing geothermal resources reduces uncertainty, makes the project more attractive to investors, and facilitates raising financing. The NIA must therefore ensure there is a clear and established process in place that geothermal developers can follow to obtain a license. All relevant legislation should be consistent. In particular, the NIA should ensure that the process for obtaining an IPP license, included in the Geothermal Ordinance, is consistent with the Electricity Ordinance. In addition, the NIA should ensure that the Electricity Ordinance provides guidance to the IPPs on the purchase conditions and the process they must follow to sell electricity to NEVLEC. 14.5 387. REEGLE, “Policy and Regulatory Overviews: Saint Kitts and Nevis (2012),” accessed November 5, 2014, http://www.reegle.info/ policy-and-regulatory-overviews/KN. • Establishes regulations and assign responsibility for monitoring the geothermal resource to prevent overexploitation. Nevis should have a regulatory body in charge of monitoring geothermal resources. This regulatory body would be responsible for setting the regulations and monitoring the use of the geothermal resource and ensuring that it is not overexploited. The NIA would need to ensure that the Geothermal Ordinance determines which body will have this responsibility. • Sets tariffs that reflect the cost of producing electricity with geothermal generation. The tariffs in Nevis are set by NEVLEC (see Section 14.1.2).387 The NIA should ensure that tariffs reflect the full costs of producing electricity with geothermal resources. More specifically, we recommend it ensure that the tariff allows NEVLEC to recover the cost of providing electricity at least-cost, regardless of the technology or fuel used, and that any potential reductions in the cost of electricity generation are passed on to customers. • Establishes a regulator. Establishing a regulator responsible for carrying out the regulatory functions described above, among others, would make all rules and processes clearer and more transparent. For example, the regulator would be responsible for setting and regulating NEVLEC’s tariffs. The regulator could also be responsible for monitoring the geothermal resource, although environmental regulation is not always within the jurisdiction of the 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 that these functions are executed capably. To obtain savings in expenditures related to setting up the regulator and its administration, a sole regulator could be established with jurisdiction over the electricity sectors in both Saint Kitts and Nevis. 163PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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