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15 Saint Lucia The Government of Saint Lucia is still in the early stages of geothermal development. Previous extensive exploration works in Sulphur Springs and commercial agreements with project developers have had limited success. In 2014, the government restarted its efforts to explore and develop geothermal energy in the country. It received US$2.8 million in grants from the World Bank and the New Zealand government to support these efforts.393 Surface exploration began in early 2015. The government has an agreement with Ormat to carry out surface exploration in Soufriere. Yet, the government and Ormat have not finalized agreements to carry out the later stages of the project nor have they determined the project structure they may use. If the government decides to go ahead with developing the power plant, we recommend the government do so by signing a concession agreement with an SPV to develop the resource and design, build, construct, own, operate, and finance a geothermal plant. The SPV should be owned by a qualified project developer. Also, the government would also need to amend the legal and regulatory framework to allow the proposed project to be implemented. Multilateral development banks may be able to play an active role providing funding for a geothermal power plant in Saint Lucia. If the government decides to build a plant in Sulphur Springs, the multilaterals could support the procurement of the concession and provide contingent grants, grants, and loans for the project. If the resource in Sulphur Springs is not commercially viable, the best role for the multilaterals may be to help fund investments in the exploration of new areas. The planned project and possible role for the multilateral development banks is described in more detail in the following sections: • Overview of the Electricity Sector in Saint Lucia (Section 15.1) • Status of Geothermal Development (Section 15.2) • Recommended Financial and Legal PPP Structure (Section 15.3) • Recommended Changes to the Legal, Institutional, and Regulatory Framework (Section 15.4) • Economic and Financial Analysis of the Geothermal Project (Section 15.5) 15.1 Overview of the Electricity Sector in Saint Lucia Saint Lucia Electricity Services, Ltd. (LUCELEC), a privately owned and vertically integrated utility, is the sole provider of electricity in Saint Lucia. Saint Lucia has near universal coverage; over 96 percent of the population has access to electricity. LUCELEC provides service to 65,842 customers. At the end of 2013, LUCELEC’s installed capacity was 86.2 MW and all electricity in Saint Lucia was generated with diesel generators, with the exception of 100 kW of solar generation. In 2013, peak demand was 59.7 MW, which means that LUCELEC’s reserve margin— calculated as the difference between installed capacity and peak demand divided by total peak demand—was 44 percent.394 The Electricity Supply Act of 1994 establishes the structure of and regulates the electricity sector. There is no independent regulator and, instead, LUCELEC is overseen by various government agencies. The Cabinet of Saint Lucia and the Ministry for Public Service, Sustainable Development, Energy, Science, and Technology are responsible for developing policies for the energy sector and for energy sector planning. In June 2010, the Cabinet of Saint Lucia approved the National Energy Policy, which presents the government’s plan to reform the energy sector and to lower the cost and price volatility of electricity. 393. “St. Lucia Receives $2.8 mn for Geothermal Project,” Fox News Latino, December 16, 2014, accessed January 5, 2015, http://latino. foxnews.com/latino/news/2014/12/16/st-lucia-receives-28-mn-for-geothermal-project/. 394. LUCELEC, 2014 Annual Report. 172PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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