Prime Minister Affirms The Legality Of GRENLEC Buyback

PR – Prime Minister, Dr. the Right Honourable Keith Mitchell has affirmed the correctness and legality of Government’s buyback of majority shares in GRENLEC. 

Posed with a question about the legality of the action during a live interview Thursday,  Dr. Mitchell said Government did not break any laws in concluding the buyback arrangement. The Prime Minister said this will be borne out during next week’s sitting of  Parliament, which will discuss the GRENLEC issue. 

Dr. Mitchell said Government made a concerted effort to dot the I’s and cross the T’s. He  expressed satisfaction with the handling of Government’s negotiations with respect to  GRENLEC and commended Government’s lead negotiators, Honourable Gregory Bowen  and Honourable Oliver Joseph. 

The Prime Minister stated, “In the parliamentary session, we will provide details to the  nation regarding the acquisition of those shares and the basis upon which it was done. It  is unfortunate that the opposition, without attempting to ask a question, will talk about  illegal acts. We will demonstrate the correctness and legality and the beneficial aspect of  that particular acquisition which was done in the best interest of the country.” 

He reiterated that Government was forced into the buyback position because it sought to  make changes to the energy sector which led the company to initiate force majeure  proceedings against the Government. 

Dr. Mitchell is confident that reclaiming ownership of GRENLEC will translate into  significant benefits for electricity consumers and for stimulating greater activity in the  manufacturing sector. 

He said, “It is about more than reducing electricity rates. Remember, the world is moving  towards reducing the use of fossil fuel and adopting more renewable sources of energy. Under the WRB arrangement, Grenada was not able to utilise the availability of alternative  energy, which would help protect the environment.” 

The Prime Minister reaffirmed that Government does not intend to maintain possession  of the majority shares in GRENLEC for any long period.