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.
“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.
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.
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.