24 March 2020
Statement from WRB Enterprises (WRB)/Grenada Private Power (GPP) regarding International Centre for Settlement of Investment Disputes (ICSID) Award
WRB/GPP confirms that on Thursday, 19 March 2020, it received notification from ICSID of its Award in the arbitration between the Government of Grenada and WRB/GPP. While the award document itself is quite lengthy, the salient points are as follows:
- The Government is to pay the WRB/GPP Second Schedule Compensation assessed at US$58,427,962
- The Government is to reimburse the WRB/GPP for advances to ICSID in the sum of US$239,972.37
- The Government is to pay the WRB/GPP Attorneys’ Fees and Disbursements in the sum of US$6,333,142.51
- The Government is to pay pre-Award and post-Award interest on the amount listed in (i) compounded annually from 3 May 2017 until fully paid
- The Government is to pay interest on the amounts listed in (ii) and (iii) compounded annually from the date of the Award until fully paid
- WRB/GPP will reimburse Grenlec the sum of US$522,353.15 for legal and accounting services
While we regret Government’s uncollaborative approach to electricity reform, which culminated in the passage of new legislation in 2016 and which resulted in this arbitration, we are pleased that the ICSID tribunal understood our case and has upheld the terms of the contract that we had with the Government. We now expect Government to fulfil its obligations as set forth in the judgement. Until then, we will continue working with Grenlec’s management and staff to provide the people of Grenada with the top-quality electricity service that they expect and deserve.
GPP
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let’s rebuild Grenada energy system !!
Why can’t Grenadians build and maintain their own energy by investing in the people with the skills needed for running energy systems of solar and wind ?
Electricity in Grenada is highly expensive for the people of all aspects in life and Grenada’s Economy is very poor with revenues that affects the majority of the population where the big bosses of all the big businesses like the same energy business of water, electricity, communication and factors such as food shelter health clothing transportation travel and education from the past present and the future in this serious deep ditch with WRB . Unemployment is high with no development in engineering technology and no universities also no programs with plans to improve our society with skills ,knowledge freedom of rights to develop our energy with a solid ten year plan of great production starting with agriculture and solar energy accommodated by local transport with solid industries .
WHAT profit is companies in the long term to a country that are privately own especially by foreigners and is it wrong to speculate on the effects companies such as WRB and others has on Grenadians . The poor class people apart from workers in the time of HA BLAZE who wanted a solution whiles the decision in the nineties to purchase the company shares was a far cry away from development with politics .
What the country needs to do is to fight for the development of a university of equal opportunity to the people of Grenada and train local engineers to build tools equipment energy and how to put all Grenada ‘s natural resources into use and rights of the people and can start now with the estates to mass produce organic food and medication with WRB in the middle of Grenada economy . Build ten universities and get scientist from all over the world to train people . Grenada’s water , food ,health and energy should of have thousands of local scientist to maintain the means and needs of the society .Time to invest in the people with the ambition to save the economic structure in all ares and save cost by training people now by the thousands in skills that the local poor people can use to highly lift Grenada from economic problems that leads to the help of foreign bosses to reap the benefits of profits the locals needs to survive.
What in God’s name is going on?
If I remember correctly, in 2013 WRB/GPP had offered to sell their shares in Grenlec to the Gov’t of Grenada.
My understanding is that the offered price was significantly lower than this award of US$58.4 M.
My people (yes I sound like the nation’s father or mother) note the huge sums we have to pay out, including arbitration and legal fees.
And all this could have been avoided.
But perhaps our Government already knows where these substantial sums of monies are coming from.
I don’t want to lay a wager.
They, our Government lost on every argument save one, and that was of little moment.
No comment on their legal representation.
Now we wait to hear from the people’s government our Government as to the way forward. Covid-19 concerns should not stand in the way, as life, in this context a reliable electricity supply, is essential. Just reflect, ventilators etc. in the hospital for the Covid-19 patients …
And thank you to the majority shareholders of Grenlec for their assurance that the sure supply of electricity will continue in the interim, that is, until the judgment is satisfied. Whew!
No one seems to want to answer my questions: why was this done and how are we going to benefit from this?
What is the cost of development of developing the minds skills and needs of the people to my understanding is to be blindfold without vision of the sight to see the needs of what is important and belongs to the people of Grenada and should bee for Grenadians alone.
With a young civilisation as Grenada our Government is swamp and blamed for problem of the world that people on the island need to know that Grenada energy should be belonging to Grenadians 100% .
Another sad situation, sad because it could have all been avoided. As stated, This Government will now have to draw on its rather empty coffers to meet this payment. On the other hand, maybe it had already considered this and is waiting for the preferred Generator/Supplier of Electricity on the island to assist with funding this payment by the granting of a loan, interest of which will be payable through higher electricity cost..
For those among us of the opinion the Government had won the case, please read and digest the information provided, alternatively you all can download and read the 146+ pages of the report.
Why can’t Grenadians build and maintain their own energy by investing in the people with the skills needed for running energy systems of solar and wind ?
What a sad situation and once again the people of Grenada Carricacou and Peiti Martinique is again left holding and having to repay all these monies as a result of the bloody mindedness and vindictivness of a government who pledge during the last few elections to look after the interest of the people of the tri islands states but alasl they serve to only heap more misery on our already burdened people of Grenada Carricacou and Peiti Martinique,