ST. GEORGE’S, Grenada, March 29th 2012 – Former energy minister, Gregory Bowen, is calling upon the Tillman Thomas administration to follow up an existing OECS initiative which is aimed at liberalizing the supply of electricity, with a view toward reducing the heavy burden on home owners and businesses. 

According to Sen. Bowen during his period in office, Grenada spearheaded the sub-regional project broadly aimed at liberalizing public utilities, and that the successful de-monopolization of the telecommunications market was one of the outcomes of this scheme which brought significant benefits to the people in the form of lower costs and improved services.

Mr. Bowen, a professional and successful manager with an engineer background, is advising the general public that the cost of energy is the single most critical factor affecting the economy and businesses in Grenada and that persistent high electricity bills also place a heavy burden on home owners.

He says that the fledgling manufacturing industry and the already strained hotel industry, as well as businesses in general, are being negatively affected by high energy costs and that this threatens their viability and the level of jobs they can sustain.

Export-related businesses are put at risk since energy is a significant component of the cost of production and the existing high cost regime for electricity would make their products uncompetitive in the regional and international markets.

When the NNP was in Government it took the lead in the public utilities liberalization project  as a major strategy to lower prices and improve competitiveness of the region in attracting foreign and local direct investments. Among the objectives were to spur economic growth and create jobs, thereby increasing the standard of living of the people of the sub region. 

They acted with the conviction that more sources and players will result in a reduction in cost and increased sales for providers as well as increase competitiveness in attraction of overseas investors – the outcome being the people of Grenada, Carriacou and Petite Martinique and the rest of the sub-region reaping significant benefits as a result of lower costs and an improved environment for doing business.

Mr. Bowen, is also expressing concern with regard to the terms and conditions of the sale the electricity company by the NDC government in 1994. He said that the terms and conditions were so bad that they are haunting the people of Grenada today.

He specifically referred to the granting of 74-year monopoly, and the removal of the then-existing regulatory framework.  He says that in light of this situation very urgent action is required if the other regional territories are not to leave Grenada behind.

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