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The ESA and its amendments establish the formula used to determine the tariffs that LUCELEC charges its customers.402 The goal of the tariff formula is to cover the reasonable cost of providing the service while allowing a fair return on the capital invested in the business. The tariff is defined as the sum of two components: a basic energy rate and a fuel surcharge. The energy tariff is designed to allow LUCELEC to recover the cost of generating with diesel fuel. It does not have an explicit component that would allow LUCELEC to recover costs associated with generation from renewable energy or other thermal generation.403 If geothermal generation were introduced in Saint Lucia, the government would need to modify the tariff formula to allow for cost recovery with other types of generation technologies. FIGURE 15.2 LUCELEC, the vertically integrated utility, is responsible for providing electricity and has the exclusive right for the generation, transmission, and distribution of electricity. The Cabinet of Saint Lucia and the Ministry of Sustainable Development, Energy, Science, and Technology are responsible for developing policies for the electricity sector and for electricity sector planning. The electricity sector is overseen by various government agencies that are responsible for monitoring LUCELEC to ensure it complies with the regulations established in the ESA. Figure 15.2 presents the relationships between the key entities in Saint Lucia’s electricity sector. Structure of the Electricity Sector in Saint Lucia 15.1.3 Institutional structure of the electricity sector Other Private Shareholders First Citizens Bank Limited Emera Saint Lucia Limited 14.4% 20.0% 20.0% 16.7% Board of Directors LUCELEC exclusive rights to generate, transmit and distribute Customers 16.3% 12.4% Gabinet of the Government of Saint Lucia Ministry of Sust. Development, Energy and Technology Ministry of Finance, Economic Affairs and Social Security Ministry of Infrastructure, Port Services and transport Oversees GRENLEC and develops policies for sustainable energy Inspects electricity installations Manages natural resources and develops environmental legislation Approves applications for land use oversee 402. Government of Saint Lucia, “Electricity Supply Act,” Chapter 9.02, Revised Edition of 2008, Part IV, Section 28. 403. In the ESA, Chapter 9.02 Revised Edition of 2008, Schedule 2 and Schedule 3 determine that the fuel to be used in the calculations is diesel fuel. 404. Micah George, “P.M. Calls on LUCELEC for Concessions,” The Voice, accessed June 29, 2012, http://www.thevoiceslu.com/local_ news/2008/july/10_07_08/PM_Calls_on_LUCELEC_for_Concessions.htm. 405. Judith Ephraim, “Geothermal Development in Saint Lucia” (Costa Rica Study Tour: March 2014). 175 Government Controlled Shareholders Privately Owned Shareholders National Insurance Corporation Castries City Council Government of Saint LuciaPDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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