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The Grenada Electricity Services Limited building (Photo: The World News)

Gov’t of Grenada prepares to divest Grenlec shares to the public

The Grenada Electricity Services Limited building (Photo: The World News)

It may not be too long from now that Grenadians will own a stake in their country’s energy sector.

The Government of Grenada has indicated that it is in the processing of determining “principles that will guide the divestment of its majority shares in the newly repurchased Grenada Electricity Services Limited (Grenlec)”, according to a release from the Grenada Information Service.

An overhead shot of a Grenada Electricity Services Limited (Grenlec) plant in Grenada. The Government has said there are opportunities to come from repurchasing shares in Grenlec including creating jobs and training people in renewable energy. (Photo: WRB Enterprises)

“It is Government’s desire to see that as many locals as possible have an opportunity to invest in this national asset,” the release continued.

In an effort to garner consensus on the matter, the Government recently held a meeting with representatives from the Grenada Trades Union Council (GTUC) to discuss how it will divest the utility company’s shares.

In this 2013 photo, President of the Grenada Trades’ Union Council Madonna Harford addresses members of the press at a news conference while President of the Grenada Union
of Teachers Lyon Lewis, President of the Public Workers’ Union Adrian Francis, and President of the Commercial and Industrial Workers’ Union, George Mason, look on.
(Photo: Grenada Advocate)

Hoping for new opportunities

Among the issues they discussed were: providing opportunities for Grenadians at home and abroad to purchase shares in the company, gradually transitioning Grenlec from a diesel-powered system to renewable energy, and engaging in consultations with relevant stakeholders as part of the divestment process.

Grenada Minister of Finance Gregory Bowen… the transition to renewable energy will significantly reduce the cost of electricity and spur economic growth (File photo)

Since the repurchase of shares late last month, the Grenadian Government has cited that the opportunities that will come with such a move, including creating jobs and training people in renewable energy.

During the meeting with GTUC representatives, Minister for Finance Gregory Bowen said the transition to renewable energy will significantly reduce the cost of electricity and spur economic growth, particularly in the manufacturing and hotel sectors, which will be of substantial benefit for all Grenadians.