The House of Representatives voted Friday in favour of the motion seeking to affirm the settlement award paid to WRB Enterprises to repurchase majority shares in the Grenada Electricity Services Limited (GRENLEC).<\/p>\n
Under the negotiated settlement which was reached after the International Centre for\u00a0 Settlement of Investment Disputes ruled in favour of WRB, Government has already paid\u00a0 US $60 million, with another US $3 million due in two years.<\/p>\n
Contributing to the debate on the motion, Prime Minister, Dr. the Right Honourable Keith\u00a0 Mitchell provided historical insight into immense work done through the rural electrification\u00a0 programme between 1985 and 1990, significantly increasing the availability of electricity\u00a0 in many communities across the country, which meant that when WRB purchased the\u00a0 company, it was well poised for further development.<\/p>\n
Dr. Mitchell described it as the worst sale undertaken by any Government of a national\u00a0 asset which guides the development of the country. He also questioned the decision by\u00a0 the then Government to rush into the sale of a monopoly national security asset just\u00a0 before an election.<\/p>\n
Quoting from the Hansard, which is the official record of Parliament, Dr. Mitchell said his\u00a0 sentiments regarding the sale of GRENLEC then, and his sentiments today, are the same,\u00a0 the conditions of the sale were not in the best interest of the country.<\/p>\n
This view was shared by all parliamentary representatives of the ruling New National\u00a0 Party as they contributed to Friday\u2019s debate. They all lamented the unfortunate fact that\u00a0 the discussion about GRENLEC has become an NDC verses NNP debate, rather than\u00a0 remain a subject of national conversation as it affects all Grenadians.<\/p>\n
There is also general optimism about the future of GRENLEC and its ability to fulfil its role\u00a0 as a national asset, together with the liberalization of the energy sector to bring tremendous benefits to the people of Grenada, Carriacou and Petite Martinique.<\/p>\n
However, the parliamentary representatives also warned that persons must be\u00a0 reasonable in their expectations as the price of electricity will not decrease overnight; the\u00a0 process must be carefully managed because the company must remain viable.<\/p>\n","protected":false},"excerpt":{"rendered":"
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